Health and Safety Measures
ERES property management teams are on the front lines of the COVID-19 crisis, providing essential services to our residents and communities. We are taking daily actions to keep our team, partners, and residents safe.
- Nonessential maintenance requests continue to be deferred, as appropriate, however emergency requests are still handled immediately.
- As good practice we have closed all public and shared amenity spaces and suspended in office resident activities.
- All transactions are being conducted electronically. Leasing activity is 100% active and leveraging all online tools and virtual touring.
- ERES continues adopting relevant guidelines regarding social distancing issued by the CDC and WHO as they become available.
In the context of these challenges, ERES continues its commitment to providing best-in-class service to our residents and owners. We know that owners rely on rent payments to pay on-site employees, as well as to pay mortgage, insurance, maintenance and operating expenses. A decrease in rental payments would cause disruption to our ability to provide some or all these on-site services at a time when peace of mind is most needed. Accordingly, we are continually analyzing new lease and renewal rates, specials, and fees in the drive to maintain and grow occupancy.
Many residents are in a position of financial hardship right now. ERES is following guidelines presented by the National Apartment Association and the local state apartment associations to mitigate these struggles while still working to collect monthly rents in a timely, efficient manner. By holding to the primary terms of the lease, while employing certain resident specific work arounds, we are pushing to mitigate Accounts Receivables and Delinquencies.
A reality of this business is that ERES utilizes a robust network of the attorneys to stay abreast of local regulations and compliance issues. We are in constant communication regarding federal, state, and local requirements for evictions and the ever-changing landscape in this area from state to state. We continue to use the most aggressive techniques to manage and enforce our leases.
2020 CARES Act
ERES is actively assisting owners in navigating the 2020 CARES Act via the programs available from the Small Business Administration (SBA), including assisting in the:
- Paycheck Protection Program (PPP)
- Economic Injury Disaster Loan (EIDL)
- Small Business Debt Relief Program
- All applicable human resource concerns and unemployment benefits
- Other Property Insurance programs: Business interruption and loss of income provisions
ERES also intends to share any forgiveness it receives from its own PPP with owners on a good-faith, pro-rata basis*.
ERES is committed to our residents, our owners, and teams – all our constituents; our primary focus is finding the balance between full operations and the safety of everyone involved. Business continuity and economic success is imperative.
In the last few weeks, we have learned a lot – above all – we have learned that the situation is rapidly changing and evolving; and we must adjust accordingly and continuously. Our core values call us to the highest standard of respect, humility, and to embrace change. And to no one’s surprise, ERES is committed to working harder, faster and more efficiently than ever!
If you have questions or concerns regarding your ERES-managed multifamily property, please contact one of our leadership team members below:
Vice President | Property Management
EVP | Property and Asset Services
*Assuming there are proceeds available, ERES will work through the distributions with owners. Distributions are based on salary costs covered by the ERES loan (to the extent ERES receives forgiveness).