Rental prices in Oregon rank ninth in the country, with an average monthly rental rate of $1,284. This presents a unique opportunity for those owning a rental property. However, they need to make smart financial decisions to make the most of their investment.
Working with an experienced property manager can turn a piece of real estate into a profitable rental property. From tenant screening and rent collection to financial projections and budgeting, find out how a property manager protects their client's money.
Tenant Screening
A thorough property manager will screen applicants to find the best quality tenants. In addition, they will abide by the Fair Housing Act, ensuring they don't expose the client to unnecessary expensive legal risk.
Quality tenants are more likely to pay their rent on time each month and stay for the entire lease. This reduces the vacancy time and expense of marketing and placing a new tenant in the property. It also reduces the risk of the client going through eviction to remove a problematic tenant.
Rent Collection
The goal of owning a rental property is to generate monthly rental income. To do this, your property manager must collect monthly rent. Skilled property managers know that collecting rent can be a challenge, so they make paying simple and easy for the tenants.
The tenant is more likely to pay on time by offering multiple payment options. This ensures the client gets the cash flow they expect from their property.
In addition, the property will know the lease terms. Should a tenant be late, they will also collect a late fee. This protects the client by ensuring they receive what they are owed.
Repairs and Routine Maintenance
A client's rental property is a real estate investment. In addition to the monthly income, the client expects a long-term rental property ROI. Over time, the overall value of the real estate should increase.
For this to happen, routine repairs and maintenance are a must. The property manager is responsible for making sure these things happen. They can do this by doing regular property inspections.
They can also provide tenants with a simple-to-use method for reporting repairs and maintenance requests. This encourages tenants to report issues before they become expensive problems.
Regular Budget Reporting
Clients should expect their property manager to provide them with regular reports. These reports should include the big-picture status of the rental property. Some property managers provide monthly reports, while others issue quarterly or yearly reports.
The report should include a financial statement of income and expenses for the property. It should also include financial forecasting to help you plan the future of your rental.
Work With a Great Property Manager in Portland, OR
Whether you already have a property investment or are considering buying one, consider working with a property manager in the Portland, OR, area. They can help make your real estate investment a success by protecting your money. They look out for your best interests throughout the tenant screening process, rent collection, and property maintenance.
Contact our team of experienced property managers to find out what they can do for your rental property.
