NAR Property Management Forum Highlights Critical Conversations on Rent Control, Tenant Protections, and Insurance Challenges

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WASHINGTON (May 7, 2024) - The annual Property Management Forum held at the Realtors® Legislative Meetings in Washington, D.C., brought together industry leaders, members of local and state associations of Realtors®, federal advocacy organizations, and professionals from across the property management spectrum to discuss pressing issues facing the sector. The event served as a platform for robust discussions on rent control, tenant protection efforts, insurance challenges, and the state of commercial real estate in the wake of the pandemic.

Mindy Gronbeck, the 2024 IREM secretary/treasurer, led a thought-provoking discussion on the challenges of insurance for professionals in the property management field. She spent time during her address stressing the importance of a comprehensive understanding of policy coverages, contract language, and regulatory compliance. Mindy highlighted the pivotal role of insurance brokers in mitigating risks, "As property managers, one thing you can do is frequent inspections. If you're not inspecting your property or having somebody inspect them regularly, you're missing opportunities to identify risks that you can control prior to an event happening." She finished her discussion by touching on managing rising insurance costs while preserving property value and sharing resources that all property owners could benefit from using.

Erin Stackley, NAR's director of commercial and policy oversight, delved into the challenges facing the commercial real estate sector, particularly in light of pandemic-related vacancies. With a focus on the high vacancy rates in the office sector, Stackley underscored the significance of collaboration with regulators and policymakers to address issues such as maturing commercial real estate debt and incentivizing office occupancy.

Stackely pointed out the work NAR has been doing around this issue, "We've been proactive in mitigating harmful regulations through litigation and advocacy efforts, ensuring protection for property rights and ownership. In the commercial property management space, we're closely monitoring the challenges posed by high vacancy rates, especially in the office sector. Our approach involves softening policies and advocating for reasonable solutions to prevent adverse impacts. Additionally, we're exploring measures to incentivize commercial conversion and encourage office occupancy." In her speech, she touched on the imperative issue of safe banking for cannabis dispensaries and shops, advocating for bipartisan support to pass the Safe Banking Act. Additionally, Stackley's discussion centered on rental housing regulations and recent government initiatives to examine the regulatory framework surrounding rental housing.

Last to speak was Taylor Oxendine, the co-executive officer of the Central Carolina Realtors® Association.

Oxendine highlighted the pressing need for more affordable housing options in Columbia, South Carolina, particularly in downtown areas. He explained his work with the "Missing Middle Project." He emphasized to the audience, "We're focused on bridging the gap between single-family homes and high-rises, creating more options like duplexes and triplexes to meet the diverse needs of renters and homebuyers, particularly in walkable areas like downtowns." Taylor emphasized the obstacles posed by current zoning laws and ordinances, which hinder the development of smaller housing units.

The Property Management Forum served as a platform for meaningful dialogue and collaboration among industry stakeholders. By addressing key challenges and advocating for proactive solutions, participants demonstrated a shared commitment to advancing the interests of property owners and tenants alike.

For more information about the Realtors® Legislative Meetings, please visit https://legislative.realtor/(link is external)

The National Association of Realtors® is America's largest trade association, representing 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.

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