Whether you’re a Minneapolis or St Paul duplex owner with a vacancy, or who had planned to sell in the spring, odds are the coronavirus has put your plans on hold indefinitely.
Tenants have lost their jobs and can’t pay rent. Landlords who are not generating income can’t pay mortgages. Those who fill vacancies in warmer months are at a loss as to how to proceed. And would-be sellers seem stuck.
Here’s the good news. In the stay-at-home order from Minnesota Governor Tim Walz’s on Wednesday, real estate was named a “Critical Sector” of the economy. Realtors, lenders, appraisers, and title services are allowed to continue working.
“So what”, you may be thinking. “My tenants are so freaked out about the virus they won’t allow me into the unit.”
First, nothing has changed about Minnesota law and the property owner’s ability to list and sell. Landlords may still enter a property at any time provided they made a reasonable attempt to notify the tenants.
Second, there are several ways to socially distance during a showing, including asking tenants to leave lights on and doors open so neither the showing agent nor buyers have to touch anything. Showing agents may also limit the number of people in a unit at a time so as to adhere to social distancing best practices.
Perhaps the best solution of all, however, is a 360-degree virtual tour. With this method, a buyer may walk through the entire property, clicking in any direction they want to look, including the ceiling and floor.
This serves to limit showings to only those who have fully watched the tour, or even submitted a purchase agreement acceptable to the seller.
If the coronavirus has changed your plans to sell, you’re not alone. Give me a call. Let’s see if we can find a way to work around it.