Portland, Oregon's real estate landscape is blooming with opportunity, from residential homes to commercial spaces.
The home price average for the city is around $540,000. This average is lower than neighboring states like California, making Portland a desirable location for families. Thus, if you're thinking about growing a residential portfolio, Oregon is a great place to start.
The West Coast also attracts entrepreneurs and business franchises. Oregon Business recently reported a rise in commercial real estate deals, indicating more activity (and promise) in the business community.
Your next step is to choose a real estate investing model.
Buying and selling properties is one way to generate income; however, these properties may sit on the market longer, incurring fees, as you wait for the right price. On the other hand, a rental model ensures more consistent income, especially when you buy properties in desirable locations.
Learn more about growing a portfolio for maximum profit.
Partner With a Property Management Company
You can't achieve your real estate investing goals without a reliable property management company. Ideally, you want a company that offers everything you need in one easy hub. Necessary services include marketing, tenant placement, maintenance, and more.
Getting a rental valuation first will also help you price your units accordingly for Portland's rental market. Once you've set the right price, move on to the next step which is marketing.
The Importance of Marketing In Portland Real Estate
First, think about the ideal tenants for your property.
A great tenant is vital to your ROI. You spend less on property damage repairs, conflicts, and issues with rent collection. You don't have to keep marketing the property every year when you have a good tenant.
Long-term potential is the first quality. You also have to consider annual income, past rental history, and clean criminal background checks. When designing marketing material, include such expectations in your content to attract responsible tenants only.
Next, a property manager will conduct an inspection for repairs and upgrades. You must square these issues away before showing your property to leads. This step includes curb appeal like driveway paving, landscaping, and exterior elements like roofing, siding, and porch repair.
You must fix the above issues before taking photos for real estate rental listings.
Tenant Procurement
You must market your properties to the ideal rental tenant. Apply a filtering system to uncover the best applications out of the pack.
Run top applications through rigorous background checks; this step includes checking national databases and calling references directly for pertinent information like rent collection history.
Accurate and timely rent collection is critical to maintaining consistent and reliable income. For example, PropM Inc. uses an online rent collection system that helps tenants pay their rent quickly with various payment options. They can also submit maintenance requests online at any hour for quicker response.
Highly responsive maintenance protocols and easy rental payment features are a big draw for Portland renters.
Build a Profitable Portland Portfolio
Make the most out of Portland's promising real estate investing market. Keep the above tips in mind when drafting a plan for success. Start by choosing the right property management partner for your needs.
PropM Inc. is a leader in Portland's property management community. Contact us today to learn more about your possibilities for investing.
