Hiring a professional Portland property management company requires that you take a careful look at their experience, their reputation, and the value they offer their owners and residents. At Performance Properties, we take pride in the higher standard of service that we provide when we’re leasing, managing, and maintaining your rental property.
Choosing a property management partner is not a decision you should take lightly. Spend some time getting to know who they are and how they work.
There’s much to consider, and these five things are a great starting point for any owner or investor looking for Portland property management.
Experience in Portland Property Management
Having 20 or 30, or even 50, years of experience is something most companies are proud of – and they should be. However, when you’re looking for your property management partner, remember to explore the type of experience a management company has, not just the number of years.
If you have a portfolio of multi-family properties and buildings, for example, working with a company that specializes in single-family homes might not be the best option for you. It’s important to consider what type of experience the property managers have, and how that’s going to help you have a better investment outcome.
Understanding the Local Portland Rental Market
You also need to look for a company that understands the local Portland rental market. There are plenty of national brands offering their services for your Portland rental properties. However, a local management company staffed with people who live and work in Portland is important.
Local expertise leads to more accurate pricing and a deep understanding of the local market trends and tenants. State and local landlord/tenant laws are always changing, and your best choice is a property manager who can keep up with those.
Look for Consistent Systems and Procedures
A good property management company will have a set of systems and procedures in place that protect your investment property and keep it well-maintained. Ask for specifics. For example:
- How are tenants screened?
- When are properties inspected?
- What’s the system for accounting and tracking income and expenses?
- What are the tenant’s responsibilities?
- How is the lease enforced, and what are the rent collection policies?
You’re looking for consistency and accountability when you’re learning about the systems and processes of any Portland property management company.
Technology Leads to Better Communication and More Transparency
It’s important to work with a management company that invests in technology. Much of the work we do can be automated, and it leads to more consistency and better documentation. Technology can be used for marketing, screening, leasing, rent collection, and maintenance requests. It also allows you to stay in touch and informed.
Ask any potential property manager about whether they provide an online portal. You need to know how they’re using technology to manage your property more efficiently and effectively.
Review the Property Management Contract
Finally, ask to see a copy of the property management contract you’ll be signing. Read it thoroughly and ask any questions you might have. There should be a transparent list of fees and a structure for how those fees are collected. You’ll want to look for any guarantees, and find out if there are penalties for ending the contract early.
Professional Portland property management is a smart investment for your rental home. Make sure you’re hiring the right team. If you’d like to learn more about how we can help, please contact us at Performance Properties.