10 Reasons & FAQ
10 reasons why you need to use Performance Properties for your property management needs:
- So you don’t have to show the property to potential tenants.
- So you don’t have to do background or credit checks.
- So you don’t have to tell the applicant they have been denied.
- So you don’t have to collect the rent every month.
- So you don’t have to handle any evictions.
- So you don’t have to get your hands dirty fixing the toilet or making other repairs.
- So you aren’t woken up in the middle of the night with an emergency call.
- So you don’t have to do walkthroughs (we do annual inspections).
- So you don’t have to know all the current real estate laws and stay on top of all the changes.
- Because you need to find something to do with the extra time and money you’re going to save. Like acquiring new properties – not managing them.
Frequently Asked Questions:
Q: What kinds of properties make good monthly rentals?
A: Most requests are for homes that have between 2 and 4 bedrooms. We also have a lot of requests for two to three bedroom units in small plexes that have a garage.
Q: What kind of vacancy factor can I expect?
A: It really depends on the competitive price of the rental, the location, and the market. The average vacancy factor in Portland for a single family home is usually 5 to 6 percent.
Q: How long does it take to rent a home?
A: It really depends on the time of year as well as price, location and market. We usually tell our clients to expect it to take 6 to 8 weeks to find a tenant in the winter months and 2 to 4 weeks in the summer months.
Q: How do we set a rental price for the home?
A: We compare your home with others we have in our inventory with the same amenities. We also look at what homes are available now which are comparable to yours and we look at market conditions to determine a rental price.
Q: When do we receive our rental proceeds?
A: We deposit or mail your rental proceeds so that you receive them no later than the 25th of each month.
Q: How much security deposit does PPI collect?
A: Our normal security deposit is equal to one month’s rent plus two hundred dollars. We also collect a refundable cleaning deposit based on the square footage of the home.
Q: What is PPI’s pet policy?
A: That depends on the owners wishes. Most of our properties do allow pets as about 70-80% of the population owns a pet. We take an additional security deposit the amount of which varies with different types of pets. We take liability into consideration and do not allow certain breeds of dogs that could potentially be vicious. If you do not wish to allow a pet we do want you to be aware that your vacancy time will increase by several weeks.
Q: Who does the maintenance on my property? Can I use my own contractor?
A: Our tenants contact us to report any repairs that are needed. We have a staff of skilled maintenance technicians who can handle most of the repairs necessary on a home. However, if the repair is outside our scope of capability we have a list of vendors who specialize in different maintenance areas whom we can call for repairs. You can certainly choose to use your own contractor if you are more comfortable with that.
Q: What happens if you have to evict a tenant?
A: We file the necessary court paperwork, attend court to obtain the eviction, and follow through with removal of the tenant if necessary.