Investing in Portland, Oregon, is a great way to make passive income, but it's a lot more work than you realize. Handling day-to-day operations and managing tenant relationships are no easy tasks.
That's why you're looking for a property management company to help out. Property managers can make owning an investment property much easier and much more profitable.
Keep reading to learn how property management helps protect your investment.
Increased Cash Flow
An investment property is supposed to make you money. A property management company can help you increase your cash flow.
With an efficient rent collection strategy, landlords will have a consistent and reliable cash flow. Online rent collection through a tenant portal is one of the best ways to collect rent.
Tenants can pay rent online via different payment methods and set up automatic payments. The portal will send them rent payment reminders to prevent late payments.
Property managers maintain your residential property so that you reap the highest rental income possible. You'll receive detailed financial reports allowing you to make data-backed decisions about your rental properties.
While property managers handle your accounting and bookkeeping, you can sit back and relax. With their recordkeeping abilities, you'll reap tax benefits by maximizing your rental property deductions.
Tenant Screening
Investing in real estate is a risk because you don't know if tenants are going to pay their dues on time, or at all. A property manager will help you find high-quality tenants through tenant screening services.
High-quality tenants pay rent on time and opt for long-term leases. Keeping your best tenants can help you prevent high vacancy rates.
They will send off your applications to professional tenant screeners to check a prospective renter's:
- Eviction history
- Credit history
- Criminal history
- Employment
A property manager will work with you to establish guidelines for your ideal tenant while staying compliant with Fair Housing laws.
Tenant screening isn't foolproof, but it can mitigate your risk. If a tenant fails to pay rent or defaults on the lease, the property manager can start the legal eviction process on your behalf.
Maintenance and Routine Inspections
To protect your investment, you need to maintain it. Tenants in Portland, Oregon, have a right to a habitable dwelling, which requires landlords to make necessary repairs.
Property managers can handle repairs and maintenance coordination for you. They will complete routine inspections to monitor wear and tear, and check if tenants are abiding by their lease agreements.
Rental property inspections act as preventative maintenance. Property managers might be able to spot an issue before it turns into an expensive problem.
Hire a Property Manager for Your Investment Property
Real estate investments require a lot of work, which is why many landlords seek help from property management companies.
At PropM, Inc., we offer comprehensive and personalized property management services to Portland property owners like you. Our team is highly trained to deliver excellent investment property results.
With us, you get more value for the cost because we are open 32% more than our competitors. For unparalleled services, contact us today to learn how we can help you.
