Did you know that mom-and-pop landlords own 41% of the 50 million rental units in the US? These landlords earn $97,000 a year on average. If you're now among Portland's accidental landlords, you'll need a strategy to compete.
Otherwise, a few minor mistakes can cost you thousands in potential earnings. Not sure where to start? Read our new landlords guide today to set yourself up for success.
1. Understand Local Landlord-Tenant Laws
Before applying the rest of our landlord advice, review the latest landlord-tenant laws. These local, state, and federal laws cover:
- Required landlord disclosures
- Security deposit limits and returns
- Small claims lawsuits
- Tenant fees
- Rent rules
- Tenant rights to withhold rent
- Termination and eviction rules
- Landlord rights to access a property
- Tenant protection against retaliation
- Landlord responsibilities to disclose health hazards
- Anti-discrimination laws
Ignoring these regulations can lead to legal trouble, including lawsuits against tenants or fines. Before that happens, consult a property management company. Leverage their legal expertise to navigate these laws and procedures.
2. Invest in Rental Property Management Software
Use rental property management software to operate efficiently. You can use automation tools to save time and reduce human error. This software, including an online tenant portal, can streamline:
- Rent collection
- Late fees
- Document management
- Maintenance requests
- Tenant communication
You can consolidate messages and respond to tenants without delay. Otherwise, they may grow frustrated. This could reduce future lease renewals.
3. Market the Property Online
Improve your occupancy rate by marketing your rentals online. Effective property marketing strategies include:
- Paid advertising
- Email marketing
- Social media marketing
- Search engine optimization
- Content creation
Optimize your online listing to provide potential renters with helpful information. Make sure to include high-quality images and video tours.
4. Complete Maintenance
Complete maintenance tasks in a timely fashion to avoid frustrating renters. As a landlord, it's your responsibility to provide a habitable living environment. Renters may withhold rent if you neglect to complete these repairs.
Create a list of reliable contractors that offer competitive rates before you need help. You can prepare for this expense by creating an emergency fund for future repairs.
Otherwise, schedule routine inspections. You can spot problem areas and make cost-effective repairs before they get worse.
Research other rental properties in Portland. Consider upgrading your own rental based on current market trends.
5. Hire Professionals
Instead of applying these property management tips alone, outsource. Partner with an experienced property management company. Leverage their proven strategies and industry expertise.
A full-service property management company can handle rent collection, tenant screening, marketing, and more. Relying on their services will save you time and money.
Excel Among Accidental Landlords
Many accidental landlords make the costly mistake of operating alone. Instead, partner with the best property management company in Portland. Use their proven strategies to ensure your success in today's competitive real estate market.
Our team of experts at PMI Bridgetown has been perfecting the industry for nearly 20 years. Trust our award-winning services to maximize your profitability.
We can help you gain a competitive advantage. Contact us today for a free rental analysis.
