Investing in a rental property in Portland, OR, can be a lucrative undertaking thanks to the city's low vacancy rates and high rent prices. Managing a home with tenants in it can also be time-consuming and stressful.
The best way to avoid these negatives is by hiring a property management firm to help you cope. These companies offer a range of services to ensure you succeed as a landlord.
Eviction protection plans are one of the extras offered by these companies to help reduce landlord stress and ensure ongoing profits for your rental business. Read on to find out more about this offering.
About Evictions in Portland, OR
About 90% of evictions in Portland occur due to non-payment of rent, but landlords can evict their tenants for several other reasons, including:
- Serious lease infringements
- Unreasonable property damages
- Illegal activity
Landlords must provide tenants with the correct notice before beginning eviction proceedings. These notices usually give the tenant several days to rectify their actions or face eviction.
A landlord cannot ask a tenant to vacate the property without following the correct legal procedure, and this can become a long, costly process.
Tenant screening is the best way for landlords to avoid the stress associated with tenant evictions.
Tenant Screening in Portland, Oregon
Tenant screening involves checking prospective tenants' background information before signing a lease agreement with them. These checks usually include investigating:
- Landlord references
- Credit history
- Employment details
- Affordability factors
It's best to familiarize yourself with the latest laws and restrictions on tenant screening before commencing with these background checks.
While tenant screening can help you avoid future evictions, property managers also offer additional landlord protection plans to relieve some of the losses associated with evictions.
What are Eviction Protection Plans?
Hiring a property manager is one way to protect your Portland property. These professionals offer tenant screening, property inspections, and maintenance coordination services that help preserve your home's value and appeal.
Many of them also offer eviction protection plans as an extra safeguard. In most cases, you must sign up for this protection when you sign your initial management contract.
Eviction protection services usually include a financial contribution toward the cost of an eviction, plus assistance with the eviction process. These benefits apply only when the property management company has placed the tenants in your property.
These plans do not include the following:
- Property damage
- Legal fees
- Lost rent
- Court-ordered fines or penalties
- Move-out costs
Some property management companies may offer eviction protection for existing tenants after a specified time frame, but all landlords should invest in rental property insurance to reduce the risks associated with renting their properties.
Sign Up for Assistance With Your Portland Property
Eviction protection plans are just one of the ways a property management company can help you avoid the risks and stress associated with owning rental properties.
PMI Bridgetown is a leading Portland property management company, offering a full bouquet of services for investment property owners. Our services include tenant screening, eviction protection solutions, and personalized, friendly service.
We understand that our success depends on you thriving as a landlord. Discover how we can work together to ensure your profitability as a Portland property owner.
