Why Property Management Continues to be Highly Valuable in a DIY Culture
Providing Comfort in Chaos
From an increase in tenant longevity to providing owners, realtors and tenants with options, we are extremely grateful to prosper during these unprecedented times. Despite being in a DIY culture with endless online resources, we have found a big increase in demand for North Star. Drawing from these past few months, we want to provide you with 10 reasons why Property Management has continued to flourish despite recent trends.
10 Reasons Why Property Management Remains Germane
- Protects owner liability Housing laws are changing rapidly, and without reputable, reliable and consistent information and resources, it can be difficult to navigate and keep up with the changes, which puts the owner at risk. As a property management establishment, we are privy to any and all changes. Not to mention knowing about the changes ahead of time. We also attend regular continued education courses so we are all knowledgeable and up-to-date with the latest information.
- Pro Landlord The recent changes in housing law have undoubtedly favored tenants, primarily in the city of Portland. Our loyalty to and advocacy of the owner provides a powerful position against a pro-tenant context. Knowing that we navigate each and every situation on the owner’s behalf - understanding our primary duties as the owner’s asset manager - allows peace of mind while also protection from liability.
- Latest tech With our position in the market, we have access to the latest property management resources, including ties to Multifamily NW. Multifamily NW provides legislative advocacy, business intelligence, quality education as well as access to standard legal documents that stay up to date with every change in law.
- Save time, money and stress Navigating the changes in the law and ensuring every ‘T’ is crossed and ‘I’ is dotted can be tiring and burdensome. Managing every aspect of marketing, maintenance, upkeep, billing and relationship management while also taking the legal nuances into account requires quite a bit of effort, commitment and knowledge.
- Market insight Because of the natural relationship between asset managers and realtors, a property management establishment will naturally have insight as well as foresight. With North Star’s roots deep in real estate, that insight fuels our service. Furthermore, our ability to respond to market trends quickly allows us to stay current with our clients’ needs.
- Increased Exposure We not only market on the leading online advertising sites in addition to our website, but we continuously improve our online presence to increase listing exposure. Additionally, we provide owners with the option to install a ‘For Rent' sign and feature our homes on our social media sites, e-newsletter and local magazines such as Lake Oswego Living, Real Producers and Luxury Home Magazine.
- Corporate relations & community resources We are family-owned and community-grown. Our community’s trust and resulting relationships have allowed us to blossom and gain the loyalty of various local real estate offices and relocation agencies. These mutually-beneficial partnerships not only enhance our exposure but they provide a resource of trusted clientele.
- Realistic Tenant longevity and relationship management 81% of owners would like to lease their home long-term. However, the market is in a constant state of flux and without proper resources and well-established policies, finding an ideal tenant has the potential to be an uphill battle. Taking FAIR housing ordinances, pro-tenant housing law and scammers into account, the owner is at risk at several steps along the way. Not to mention, the pool of applicants may not reflect the quality clientele gained from partnerships with realtors and relocation agents.
- Reputable, qualified vendors Once a lease is in place, the property will naturally require maintenance from time to time, as well as regular and seasonal upkeep. We focus on keeping your investment solid by doing preventative maintenance. Our vendors give us preferred pricing and understand our balance between cost and what properties need.
- Real Estate Roots North Star originated from our Real Estate business. Our clients’ portfolios needed an asset manager more than a property manager. We figured out a way to do both, and at this point feel that we do not have any competitors in our space in the market. Our thorough understanding of both markets, and their connection, is an invaluable resource for our clients.