Demand for rentals in Portland continues to climb. The rental vacancy rate decreased to 6% in 2022. With high demand comes higher rent prices.
These factors put you in a good position as a landlord. However, managing your rentals is complicated and time-consuming.
Good leasing management can help you get the most from your rental properties. You'll have better tenants, shorter vacancy periods, and more consistent income. Keep reading for three ways leasing management can benefit you.
1. Helps You Avoid Problems With Tenants
A leasing management company can help you avoid problems with tenants. First, the leasing manager will carefully screen potential renters. This prevents problems before they start.
Experienced property management companies in Portland see hundreds or thousands of applications. They can identify red flags and rental scams. They have a reliable process to select high-quality tenants.
Once you have renters in place, the property management company is the point of contact for maintenance issues or complaints. You don't need to handle late-night or weekend emergencies. The leasing manager will arrange for reliable service providers for any repairs.
You'll receive updates on repairs or other projects without needing to directly manage the work. Your tenants benefit from prompt attention to their service requests.
2. Improves Your Marketing and Reduces Vacancies
Portland leasing management can help you attract good tenants more quickly. You can avoid letting your property stay vacant for too long.
Property management companies know what repairs or upgrades your units need to make them more appealing. They know which renovations will give you the best return on your investment.
A leasing management company with local expertise can determine the most competitive price for your property. They'll help you balance maximizing your rental income and keeping a low vacancy rate.
A leasing management company with local expertise knows how to create ads that reach the tenants you want. Their team will take quality photos and optimize your online presence. They have experience closing the sale when prospects inquire about renting your property.
3. Ensures Your Tenants Pay Rent On Time
Your rental income depends on your tenants paying on time. A leasing management company will handle rent collection. They can make the rent payment process easier for tenants with an online tenant portal.
Late payments are inevitable with rental properties. An experienced property management company knows how to balance fairness with ensuring that the rent is paid.
A Portland leasing management team should have expertise in landlord-tenant law. If a tenant is late with the rent, following the law while handling the situation is critical. This protects you in the event that an eviction is necessary.
If late payment notices don't work, the leasing management company will handle the eviction process. Evictions can be time-consuming and complex legal matters. Having expert leasing management can help you get the best result as soon as possible.
Find the Right Leasing Management in Portland
Leasing management can reduce the stress and workload of managing your rental properties. Leasing managers help you find high-quality tenants. They'll handle maintenance requests and repairs.
A property management company will effectively market your property. Their team will help you minimize periods of vacancy. They will also handle rent collection to ensure you get paid on time.
Kerr Properties has been providing leasing management services in Portland since 1981. Our local experience will help you get the best returns from your rental properties. Contact us today to discuss how we can simplify your property management.