Managing your own Portland rental property may seem like something that’s easy to do. But if you want to maximize the amount you earn on your rental property, hire a Portland property manager. Smart investors know that professional management helps you earn more on your investment and protects you from liability and expensive legal mistakes.
Many landlords quickly learn that expert property management is invaluable.
Portland Properties: Legal and Regulatory Compliance
If you don’t follow the federal, state, and local tenancy and real estate laws, you could find yourself involved in a dispute, a claim, or even a lawsuit. There are a lot of new laws that govern how you lease, manage, and maintain homes. We see a lot of self-managing landlords get into trouble with fair housing claims, security deposit disputes, and habitability issues.
When you don’t know what the laws are, it’s easy to violate them unintentionally. You have to understand fair housing and be able to distinguish between a pet and a service animal. Even the wrong terminology in an advertisement can get you in trouble.
Experienced property managers know the laws and stay up to date on all the changes to those laws. This protects you from liability and risk, and ensures you remain in compliance throughout the tenancy.
Placing Better Portland Tenants
Finding, screening, and placing the right resident requires a deep understanding of the local market as well as experience working with high quality tenants. You want to avoid renting to unqualified tenants; it will only cost you money and cause problems. You could end up spending tens of thousands of dollars to collect overdue rent and pay for property damage.
A qualified tenant will pay rent on time, follow the requirements of your lease, and help you maintain your investment. Professional property managers can do a better, more thorough job of screening potential renters.
Evictions are rare when a good property manager selects your tenant. A good management company has years of experience enforcing leases and establishing good tenant relationships.
Avoiding Vacancy and Turnover Costs
Many self-managing landlords simply don’t want to pay a management fee. That’s understandable when you’re trying to earn as much as possible on your investment property. But, the service and the value you receive from an excellent property manager more than pays for itself.
For example, property management can lead to reduced vacancies. With better marketing, screening, and leasing, you’ll have a highly qualified tenant paying top rental values. If you lose a month of rental income because you cannot find a tenant, you’re never going to earn that money back. Good property managers focus on tenant retention as well, ensuring turnovers are infrequent and leases are renewed.
When you’re trying to decide whether you want to manage on your own or hire a professional, consider what your time is worth. You can spend your time collecting rent, showing a vacant home, and scheduling maintenance, or you can spend your time pursuing your career, enjoying your family, or relaxing with your recreational pursuits.