Property management serves a vital function and while you can do it yourself and save a noticeable amount of fees, here are some questions to ask yourself, in order to see if it’s something you want to do on your own:
- PAPERWORK – With all of the laws in place (and more coming) most will require more paperwork and proper notice to tenants. Unfortunately, with a relationship between tenant and landlord that is growing more adversarial, you’ll need to understand what you are required to do and deliver notice tenants in a legally acceptable way. Do you keep up with the rules and regulations constantly?
- TIME – It does take time and effort to pay bills, deliver notices, respond to maintenance items and make a plan on growing your NOI. You’d be the most motivated individual for your property, but are you willing to invest the time from your other activities?
- CONTRACTING – Some management companies have services like maintenance and billing in house. In any case, you need to understand whats required to keep a property in good shape (which attracts good tenants) and just doing the day-to-day things (e.g. paying bills and collecting rents). Do you have the organizational skills to manage this?
- TENANT MANAGEMENT – You’re striving to keep a cast of tenants that live well together and respect your property and other tenants. This requires a lot of observation and then learning how to deal with bad actors. Some properties require a major amount of effort to stabilize and get a good population in if things have gone sideways. Again, do you have the time and experience to do this?
- PLANNING – While the state requires fee managers to give you a full and complete accounting of funds, on a small property, this can be a daunting stack of paper. An ongoing conversation with your property manager should be on how to separate signal from noise, for example asking: “What are the 3 measurable things we’re going to do this month to increase NOI?”
If you’re new to apartment ownership or deal with low-income housing, hiring an experienced manager can be cheap tuition and train you on what to do or understanding what needs to be done running an apartment.
Steve Morris | Vice-President
IMG Northwest
1234 SW 18th, Suite 102
Portland, OR 97205
Phone: 503.970.4593
steve@imgnorthwest.com | www.imgnorthwest.com
OR License # 200202054 | WA License # 24512
For the Oregon Real Estate Agency Pamphlet click here.
For the Washington Real Estate Agency Pamphlet click here.
To download the individual sales report, right-click the link below and “Save As”:
Highlights:
- Gross sales dollars July 17 YTD = $728M is a 32% DECREASE over July 16 YTD = $1067M
- $/unit July 17 YTD = $166K is a 22% INCREASE over July 16 YTD = $136K.
- $/SqFt July 17 YTD = $192.86 is a 22% INCREASE over July 16 YTD = $158.34
Inventory is starting to grow. However, properties priced at a premium to market are sitting. If you’d like a financial analysis / valuation using real numbers contact me.
If you’d like more information on:
– Free financial analysis of your property, eMail me for a SAMPLE report. It will be very helpful if you’re making decisions about futures or operations.
– Details/background on individual sales in the report or a breakdown by neighborhood
– Free copy of our 80-page book – Buying, Selling and Operating Apartments Using Financial Analysis
– A very useful financial analysis of your property, call. It will include I&E comparison to neighboring properties along with recent sales and rent comparables.
Please contact me:
Steve Morris | Vice-President
IMG Northwest
1234 SW 18th, Suite 102
Portland, OR 97205
Phone: 503.970.4593
steve@imgnorthwest.com | www.imgnorthwest.com
OR License # 200202054 | WA License # 24512
For the Oregon Real Estate Agency Pamphlet click here.
For the Washington Real Estate Agency Pamphlet click here.
Unsolicited offers sometimes work out for a seller. However, what can you ask yourself to rate if it is a GOOD and SOLID offer worth your time to proceed? Here are some questions to ask yourself, in order:
- PRICING – A breath-taking price may be not that high if you haven’t done an analysis on your property lately. In 2013, the average sale was $88,934/unit in 2017 YTD = $161,131/unit or a 16% per year increase. While we don’t anticipate this continuing, do a valuation / financial analysis. Actively marketing the property will get you the best price 99% of the time – Unsolicited offers are seeking opportunities.
- EARNEST MONEY – CASH OR NOTE? If you accept a note, a buyer may be able to tie your property up until closing with no cash out of their pocket. Worse, they may be able to tie up multiple properties (as in a 1031 search) this way. Without his cash at risk, the buyer loses a lot of motivation to negotiate with a seller.
- EXPOSURE/RESUME – Has the buyer seen your property? Does he own property in town? Does he have a financing reference?
- WHEREWITHAL – Is the buyer willing to show proof of funds for a down payment? If he is expecting to get a property for less than 25% down (or a LTV > 75%) that is probably unrealistic.
- NEGOTIATION – Assume the first number is not the best offer from a buyer on an unsolicited offer. It may be a good test to see how they react to a counter.
We can do a very thorough financial analysis on your property which will point out how to increase your Net Operating Income. We compare your rents and expenses to neighboring properties to address your priorities. In addition, we provide a valuation with comparable sales to correlate value. eMail me if you’d like a sample report to examine.
To download the individual sales report, right-click the link below and “Save As”:
Highlights:
- Gross sales dollars June 17 YTD = $585M is a 39% DECREASE over June 16 YTD = $953M
- $/unit June 17 YTD = $161K is a 17% INCREASE over June 16 YTD = $138K.
- $/SqFt June 17 YTD = $183.20 is a 15% INCREASE over June 16 YTD = $158.83
Inventory is starting to grow. However, properties priced at a premium to market are sitting. If you’d like a financial analysis / valuation using real numbers contact me.
If you’d like more information on:
– Free financial analysis of your property, eMail me for a SAMPLE report. It will be very helpful if you’re making decisions about futures or operations.
– Details/background on individual sales in the report or a breakdown by neighborhood
– Free copy of our 80-page book – Buying, Selling and Operating Apartments Using Financial Analysis
– A very useful financial analysis of your property, call. It will include I&E comparison to neighboring properties along with recent sales and rent comparables.
Please contact me:
Steve Morris | Vice-President
IMG Northwest
1234 SW 18th, Suite 102
Portland, OR 97205
Phone: 503.970.4593
steve@imgnorthwest.com | www.imgnorthwest.com
OR License # 200202054 | WA License # 24512
For the Oregon Real Estate Agency Pamphlet click here.
For the Washington Real Estate Agency Pamphlet click here.
To download the individual sales report, right-click the link below and “Save As”:
Highlights:
- $/unit May 17 YTD = $164K is a 19% increase over May 16 YTD = $139K.
- $/SqFt May 17 YTD = $186.93 is a 16% increase over May 16 YTD = $160.57.
- May 17 YTD sales = $483M vs. May 16 YTD sales of $903M = -46.5%
The rental market is still strong, but owners are adjusting to the changing political climate and rule changes which will put a limiter on the increase in income (i.e. rents).
Inventory is starting to grow. However, properties priced at a premium to market are sitting. If you’d like a financial analysis / valuation using real numbers contact me.
If you’d like more information on:
– Free financial analysis of your property, eMail me for a SAMPLE report. It will be very helpful if you’re making decisions about futures or operations.
– Details/background on individual sales in the report or a breakdown by neighborhood
– Free copy of our 80-page book – Buying, Selling and Operating Apartments Using Financial Analysis
– A very useful financial analysis of your property, call. It will include I&E comparison to neighboring properties along with recent sales and rent comparables.
Please contact me:
Steve Morris | Vice-President
IMG Northwest
1234 SW 18th, Suite 102
Portland, OR 97205
Phone: 503.970.4593
steve@imgnorthwest.com | www.imgnorthwest.com
OR License # 200202054 | WA License # 24512
For the Oregon Real Estate Agency Pamphlet click here.
For the Washington Real Estate Agency Pamphlet click here.
To download the individual sales report, right-click the link below and “Save As”:
Highlights:
- $/unit April 17 YTD = $168K is a 22% increase over April 16 YTD = $138K.
- $/SqFt April 17 YTD = $186.76 is a 13% increase over April 16 YTD = $165.72.
- April 17 YTD sales = $405M vs. April 16 YTD sales of $669M = -40%
The rental market is still strong, but owners are adjusting to the changing political climate and rule changes which will put a limiter on the increase in income (i.e. rents).
I’ve posted a 5 year (2011-2016) Portland apartment sales history on this site. I sort sales by:
- County
- Neighborhood
- Complex Size
- Decade Built
- Largest sales per county by total sale, $/SqFt and $/Unit
If you’d like more information on:
– Details/background on individual sales in the report or a breakdown by neighborhood
– Free copy of our 80-page book – Buying, Selling and Operating Apartments Using Financial Analysis
– A very useful financial analysis of your property, call. It will include I&E comparison to neighboring properties along with recent sales and rent comparables.
Please contact me:
Steve Morris | Vice-President
IMG Northwest
1234 SW 18th, Suite 102
Portland, OR 97205
Phone: 503.970.4593
steve@imgnorthwest.com | www.imgnorthwest.com
OR License # 200202054 | WA License # 24512
For the Oregon Real Estate Agency Pamphlet click here.
For the Washington Real Estate Agency Pamphlet click here.
To download the individual sales report, right-click the link below and “Save As”:
Highlights:
- $/unit March 17 YTD is a 28% increase over March 16 YTD.
- $/SqFt March 17 YTD is a 27% increase over March 16 YTD.
- March 17 YTD sales = $382M vs. March 16 YTD sales of $571M = -33%
2017 is off to a slow start in terms of gross sales dollars at $376M (vs. $571M 2016 YTD). The rental market is still relatively strong, but owners are adjusting to the changing political climate and rule changes.
If you have a day, City of Portland gives a very useful annual class. I’ve included topics, class times and sign-up info here:
I’ve posted a 5 year (2011-2016) Portland apartment sales history on this site. I sort sales by:
- County
- Neighborhood
- Complex Size
- Decade Built
- Largest sales per county by total sale, $/SqFt and $/Unit
If you’d like more information on:
– Details/background on individual sales in the report or a breakdown by neighborhood
– Free copy of our 80-page book – Buying, Selling and Operating Apartments Using Financial Analysis
– A very useful financial analysis of your property, call. It will include I&E comparison to neighboring properties along with recent sales and rent comparables.
Please contact me:
Steve Morris | Vice-President
IMG Northwest
1234 SW 18th, Suite 102
Portland, OR 97205
Phone: 503.970.4593
steve@imgnorthwest.com | www.imgnorthwest.com
OR License # 200202054 | WA License # 24512
For the Oregon Real Estate Agency Pamphlet click here.
For the Washington Real Estate Agency Pamphlet click here.
I apologize for the short notice, but this is a very good training for anyone that runs properties in the Portland area. It is all day, however, very well worth it since it’ll go over rules that are in effect today.
Unfortunately, due to the changing landscape rule changes will be a way of life for landlords anywhere.
To apply go to:
http://www.PortlandOregon.gov/BDS/LandlordTraining
I’ve attached a list of topics and app form for download:
CoP_LandlordTraining_Topics_Spring17
CoP_LandlordTraining_Application_Spring17
Steve Morris | Vice-President
IMG Northwest
1234 SW 18th, Suite 102
Portland, OR 97205
Phone: 503.970.4593
steve@imgnorthwest.com | www.imgnorthwest.com
OR License # 200202054 | WA License # 24512
For the Oregon Real Estate Agency Pamphlet click here.
For the Washington Real Estate Agency Pamphlet click here.
To download the individual sales report, right-click the link below and “Save As”:
Highlights:
- $/unit Feb 17 YTD is a 35% increase over Feb 16 YTD.
- $/SqFt Feb 17 YTD is a 42% increase over Feb 16 YTD.
- Feb 17 YTD sales = $302M vs. Feb 16 YTD sales of $333M
2017 is off to a slow start in terms of gross sales dollars. Be aware $131M of $209M in sales for Feb 17 is from one portfolio (i.e. same buyer and seller) sale with 4 of the individual sales reported in the 4 county area.
There were more larger complexes sold which skews YTD averages. The market is changing with pricing (and rents) giving signs of topping out for the near term.
I’ve posted a 5 year (2011-2016) Portland apartment sales history on this site. I sort sales by:
- County
- Neighborhood
- Complex Size
- Decade Built
- Largest sales per county by total sale, $/SqFt and $/Unit
Interest rates – The threat of small increases remains, however, with lower unemployment we haven’t seen the wage and general inflation that drives large increases.
If you’d like more information on:
– Details/background on individual sales in the report or a breakdown by neighborhood
– Free copy of our 80-page book – Buying, Selling and Operating Apartments Using Financial Analysis
– A very useful financial analysis of your property, call. It will include I&E comparison to neighboring properties along with recent sales and rent comparables.
Please contact me:
Steve Morris | Vice-President
IMG Northwest
1234 SW 18th, Suite 102
Portland, OR 97205
Phone: 503.970.4593
steve@imgnorthwest.com | www.imgnorthwest.com
OR License # 200202054 | WA License # 24512
For the Oregon Real Estate Agency Pamphlet click here.
For the Washington Real Estate Agency Pamphlet click here.
Attached is the 5 year (2011-2016) Portland Apartment Market Summary:
<<<<<< IMGNW_2016-2011_PortlandApartmentHistory_March2017 >>>>
Right-click to download the report. It includes 2016 stats and 2011-2016 history of:
2016 Operating Dynamics Trends
2011-2016 5 year history overview
2016 and 2011-2016 New construction overview
2016 Sales By County
2016 and 2011-2016 Sales By Neighborhood ($/unit, $/SqFt and reported CapRate).
2016 and 2011-2016 Sales By Complex Size (<100 units vs. 100+ units)
2016 and 2011-2016 Sales By Decade Built
2016 and 2011-2016 Largest Sales by Gross $ and $/unit
2016 and 2011-2016 Largest Sales by County
If you’d like more information on:
– Details/background on individual sales in the report or a breakdown by neighborhood
– Free copy of our 80-page book – Buying, Selling and Operating Apartments Using Financial Analysis
– A very useful financial analysis of your property, call. It will include I&E comparison to neighboring properties along with recent sales and rent comparables.
Please contact me:
Steve Morris | Vice-President
IMG Northwest
1234 SW 18th, Suite 102
Portland, OR 97205
Phone: 503.970.4593
steve@imgnorthwest.com | www.imgnorthwest.com
OR License # 200202054 | WA License # 24512
For the Oregon Real Estate Agency Pamphlet click here.
For the Washington Real Estate Agency Pamphlet click here.
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Portland Apartment Sales
Buying, selling and operating apartments in Portland 