Oregon's rental vacancy rates have soared since 2022 amid increasing rental rates, making this market particularly competitive for the city's landlords. As a property investor, there are things you can do to increase your chances of attracting renters.
One solution is charging lower rent, but this isn't always feasible from an ROI perspective. The second option involves hiring a property management company to help you streamline your operations, limit vacancies, and preserve the value of your property.
A full-service property management team helps landlords maintain and improve the success of their rental business. Read on to discover some of the benefits of property management.
What Is Full-Service Property Management?
When you own a Portland investment property, you need to carry out several important management tasks. These efforts ensure you comply with local landlord-tenant law and limit costly vacancies.
There are three ways to do this:
- DIY property management
- Outsourced lease management
- Full-service property management
The first two options are cheaper but involve a lot more effort for you as a property owner. Undertaking all or most property management tasks yourself involves a lot of time and can lead to stress.
Full-Service Property Management Advantages
A comprehensive property management service takes care of everything associated with renting your property to tenants from start to finish. These services include:
Tenant Screening
In most cases, bad tenants are worse than no tenants at all. These individuals may damage your investment property and embroil you in costly and unpleasant eviction cases.
Property management services undertake extensive tenant screening according to the Fair Housing Act. These procedures involve checking the tenants:
- Identity
- Employment information
- Credit record and credit score
- Landlord references
- Income-to-rent ratio
- Eviction and criminal history
In Oregon, landlords must provide a reason for denying a tenant's application. Your property manager will see to this, too.
Rent Collection and Record-Keeping
Property management services use the latest technology to provide convenient payment options. They follow up with late payers and pursue legal means to collect payments.
Precise rental property accounting is vital for keeping track of your properties' performance and makes it easier to calculate your taxes correctly.
Property Maintenance Coordination and Repairs
Keeping your property in a habitable and safe condition is legally mandated across the USA. This means you must stay up-to-date with seasonal and preventive maintenance year-round.
Property managers:
- Coordinate these efforts in line with your budget
- Carry out routine property inspections to detect maintenance issues
- Attend to tenant repair requests promptly
Keeping your property well-maintained promotes lease renewals and preserves its value.
Hire an Expert Property Management Team
Hiring a reputable full-service property management service is key to maximizing profits, reducing stress, and preserving your Portland investments.
PMI Bridgetown offers a full range of top-quality Portland property management services. Our accomplished team is committed to building happy and effective relationships with every client through transparent, courteous communications.
We are problem-solvers committed to making a profound difference in the lives of our landlords and tenants. We invite you to join us in our quest for Portland property management excellence.
