Portland has attracted a lot of attention from out-of-state investors. Compared to other real estate markets, the property prices in Portland are more attractive, and the potential for growth and high returns is better.
Investors who don’t live in Portland often hesitate before they purchase a rental property here. However, diversifying a real estate portfolio with investment properties from outside your home market is a great way to limit risk and increase your earnings.
As an out-of-state investor, choosing the right professional Portland property management company is critical. A successful investment experience will depend on local market expertise and innovative technology that makes communication easy.
We have those tools at Performance Properties, and we also have some good advice for investors who want to buy in Portland but live outside of the area.
Portland Property Management Technology
Communication is always important, but for out-of-state owners, it’s especially important because you want to feel connected to your investment and understand how it’s performing. You want to know immediately if a major problem occurs, and you’ll need to keep up on vacancies and repairs. Access to information is essential, and you’ll need a plan for communicating with your property managers.
The right management company for out-of-state investors will have a great online software system so you can log and see how your property and your tenants are performing. Expect access to accounting statements, repair records, leasing documents, and anything else that will demonstrate your property is in good condition.
Stay Up to Date on Portland Rental Laws
Living outside of Portland, you may not know when new security deposit laws are put into place or screening standards change. Local expertise on all state and city rental laws will keep you compliant and protected from liability.
In Portland, we have rent control laws that need to be followed and are always changing. As an out-of-state investor, it’s easy to make legal mistakes if you’re not protected. You’ll need a property manager who understands the law, stays up to date, and keeps you and your property in compliance.
Responding to Routine and Emergency Maintenance
Protecting the condition of your investment needs to be a priority. You cannot respond to maintenance issues from afar, and if they’re emergencies, you risk more expensive damages when things aren’t taken care of right away. Your management company must answer the phone 24 hours a day in case there’s a fire or a flood or some other disaster requiring an immediate response.
Maintenance concerns need to be discussed and planned. Routine maintenance can be taken care of swiftly and economically with the right property managers, and emergencies will result in immediate action.
Put some preventative plans in place so your investment remains in excellent condition. Ask for routine inspections and reviews of the property’s condition. You should receive pictures and detailed reports.
These are a few things that long-distance landlords and investors must think about when they’re investing in Portland. We have experience managing homes for investors and owners who live elsewhere. Contact us at Performance Properties to discuss your Portland property management needs.