How to Hire a Property Management Company in Portland, OR
It can be a challenge managing a single rental investment property or apartment community, and investigating Property managers comes with a new set of challenges. Investors should be prepared ask certain questions to determine whether they are ready to bring on a professional property management company and if the company is the right fit for the investor.
Property management often starts off as a fun project that owners manage themselves. Yet often things escalate into a time-sucking drain that you just want to offload onto someone else so you can get back what you’ve been missing in your life.
These are a few of the questions we typically ask property owners to determine whether or not InterWest Properties, Inc. is a good fit for their investments:
1. How do you handle stressful property management situations?
Most of our property management clients pride themselves on keeping an open mind and a level head. However, the stress of running a successful rental property can often push even the most compassionate person over the edge long before they accept they’re in trouble. It can be hard for these long-time investors to trust the problem in the hands of a capable and experienced management team, but that’s what we’re here for, and we pride ourselves on being the large part of the answer.
From late night phone calls, a tenant’s missed financial or contractual obligations, to dealing with neighborhood disputes, domestic violence or fair housing rules… any of the following situations are scenarios you’re forced to engage in, often against your desire with difficult timing:
- Domestic violence, the police, and a tenant’s protections and your obligations
- Illegal drug use, manufacturing and/or dealing from your property
- Tenants fighting with other tenants/neighbors, with fair housing consequences
- Noise complaints, loud parties, tenant contracts and compliance
- Unauthorized occupants, unwelcome guests, and excessive traffic
- Bullying, professional tenants with threats of legal action
- Response plans for damages due to storms or extreme weather
- Excessive trash, rubbish or vehicles in the yard, unauthorized fire pits, high weeds
- Tenant wants to pay you online, and you want to help, but how?
While these are just a few of the scenarios that can arise with investment residential real estate, there are many challenges that are just off the horizon. Our team of property management experts has years of experience handling these situations, presenting the owner with simple decisions rather than the just the complex problem. With us, that is how you would continue to be involved in the management of your property. We enjoy hearing of our property owner’s vacations while they trust their investments rest in good hands.
2. Do you live nearby your rental investment property?
Living close to your rental property certainly makes it easier to manage, as you will no doubt have to make visits regularly for any required maintenance, inspections, rent collections, HOA inspections, complaints, etcetera. If you live far away, the commute alone can eat far too much of your personal time.
What we often see is that the further away or busier your schedule is, the greater tendency for your attention to drift away from your investment. This lack of attention due to distance or a busy schedule can result in disaster later on down the line. Unfortunately, these problems sometimes force owners to sell their property often for a discount to cut their losses. Whether it is just regular monthly visits or emergency calls for service in the middle of the night requiring immediate attention, you want to make sure getting to the property in a timely fashion is feasible for you.
Other questions to consider when deciding whether a property management company is a good fit for you and your rental property:
- Do your current properties take up too much of your time for maintenance, accounting, or tenant relations?
- Do you like being on call 24 hours a day?
- Do you have more rental properties than you can successfully oversee?
- Do you keep up with changing laws, maintenance requirements, timeline restrictions?
- How well do you really know the local market? Are you priced according to your goals?
- Do you mind calling tenants about late rental payments or other violations?
- Do you understand the current rental laws and constantly evolving tenant protections?
- How much is your free time worth? What/who are you missing out on?
As you ponder whether or not a property manager is the best next step for your rental investment property, we invite you to meet with one of our property management experts to discuss all of the possible scenarios and options. Our goal is to make sure you’re set up for success. We look forward to hearing from you!