As of 2022, the vacancy rate of rental properties in Oregon was 4.1%, which is low. This means that landlords can easily find tenants for their rental units.
Finding tenants is a critical part of owning rental properties. But learning how to be a good landlord is also important.
Being a good landlord leads to higher tenant retention rates. As a result, you can experience higher profits.
So how can you be a good landlord when owning rental properties in Portland, OR? Keep reading to learn the top tips.
Provide Quality Units
Good landlords provide quality units for their tenants. They take pride in offering high-quality rental properties. Therefore, you must focus on good maintenance and repairs for all your real estate properties.
Providing quality units shows your tenants that you care. It provides your tenants with great places to live.
To achieve this goal, focus on routine maintenance. Routine maintenance protects real estate properties. It also improves their looks and value.
Next, fix things as needed. When something breaks, fix it quickly.
Be Attentive to Your Tenants
Becoming a landlord is a great job for some people, but only some landlords are good ones. One quality that makes for a good landlord is attentiveness. Good landlords are attentive to their tenants.
Being attentive means that you respond to tenants in a timely manner when they contact you. You take the time to listen to their concerns and needs. Additionally, show respect to them when they want to address issues.
Address Issues Quickly
One of the best landlord tips to follow is to address issues quickly. Of course, you might not have to follow up with every tenant complaint or request you receive. But you must address the necessary ones quickly.
Tenants can have many issues with their apartments. However, some issues require immediate attention.
For example, you must address a plumbing leak immediately. You must also address a furnace that is not working.
However, you might experience some issues that can wait. For example, a tenant might complain about a cracked piece of wall trim. While this is an issue you should address, it's not an emergency.
Hire a Property Manager
Another way to be a great landlord is by hiring a property manager. Hiring a property management firm provides many benefits. One benefit is that it alleviates your time and demands.
You'll have more time on your hands if you hire a manager. You can use this time to focus on building relationships with your tenants and addressing their concerns.
How to Be a Good Landlord: Follow These Tips
Managing rental properties requires dedication and hard work. Yet, learning how to be a good landlord is the key to success. You can follow these tips to become better at your job.
Contact us if you're ready to hire a property manager. At Kerr Properties, Inc, we offer full-service property management services. We operate in Portland and the surrounding areas.