How has COVID impacted the property management and real estate worlds?
An Interview with Marie Pettie, Manager, Safe Harbor Property Manager
Marie Pettie, the owner of Safe Harbor Property Management, was interviewed regarding how COVID has changed the Real Estate and Real Estate Management world recently. Here are some of the key thoughts.
COVID has been a massive event for the rental world. The initial fear was that rents would not be paid or rents would have to be cut. But, Safe Harbor Property Management has only experienced a five percent delinquency rate! One of Safe Harbor’s fundamental beliefs is to communicate regularly. So, when COVID hit, they told their renters that they would be open to helping them navigate this crisis with payment options if needed. They also stopped late-fees, and that has benefited everyone involved. Also, rental properties are being shown without an agent present to keep social distancing in place.
Marie believes the additional unemployment cash has helped keep rents paid and rentals full! At this point, since Safe Harbor’s rentals are full, Marie has been busy helping people to sell and buy homes.
Governor Inslee has updated the ‘Eviction Moratorium’ so that owners can move back into their property or sell the property with a 60-day notice. The moratorium is extended to August first.
In the Real Estate world, because inventory is so low, multiple offers are being made on every home listed for sale. Homes are now showed more via video than live showings, but these showings are less walk-through and more allowing potential buyers to go in on their own. Masks and gloves are also being used to keep everyone safe.
Low Housing Inventory
The home prices that were sky-high before COVID did level off a bit, but are starting to increase with the lack of inventory. Plus, developers have begun building more homes as time goes on. King County still has a crazy real estate market because of the desirability of the area. The tech industry didn’t have a considerable change during COVID, so the job market remains hot.
Get Help with Rental Management
People who want to rent out a property or are debating getting into the industry can still get assistance or advice with a quick call to Safe Harbor. They will even go look at properties with potential buyers to help them get some value-based advice. “We don’t advise our investors to spend too much on the remodel.”
So, what is the biggest surprise during COVID? “With all this craziness…its been business at usual!’
Marie and her staff at Safe Harbor Property Management are ready to help you rent a home, buy a home or turn your home into rentals…all with a quick phone call: 253-302-3079.