What Should I Know About My Property Manager in Portland?
As a property investor, it can feel a little nerve-racking at first to hand-over one of your investments to someone else. At InterWest Properties, Inc. our job is to make sure that your property provides you with a good source of income, while minimizing the amount of time and red-tape you, personally, have to go through.
If you’re an owner of one or more rental properties, you understand how time-consuming it can be to maintain the property, handle all repairs and maintenance, field incoming tenant phone calls, monitor the local rental markets, etcetera.
One of our expert property managers would love to speak with you about all of the many ways that we’ve been successfully managing investment properties for over 30 years.
Before you pick up the phone or fill out our complimentary property assessment form, here are some tips and questions we recommend following and asking as you’re deciding who makes the most sense for taking care of your property investment.
Is your property manager licensed?
With such a big investment and decision, you want to make sure that you’re working with a true professional, not a buddy who helps you out from time to time, or a friend who owns a couple rentals. Our licensed experts have over 30 years of experience navigating every imaginable issue that might come up at your property in the Portland Oregon and Vancouver Washington areas.
We highly recommend that you work with someone licensed and knowledgeable about your particular local area who is working for your best interests from the start. We make time for you, and don’t do this on the side.
What do the properties they manage look like?
It may seem obvious, but many property owners take a property manager at their word. And while we at InterWest Properties, Inc. know that our word is our bond, not every property manager is the same.
When in doubt, it can be helpful for peace of mind to get a list of other properties that a property manager currently manages. This gives you an idea of the type of care that your property will be received.
Obviously, if a building managed by the firm you’re assessing is in disrepair, with overgrown grass and broken windows, you might want to think twice about handing your valuable investment over to them.
All of our properties at InterWest Properties, Inc. get the top level of care and we’re happy to provide you with a list that you can check out for yourself.
Understanding the Property Management Fee
Even though many property managers will tell you so, there is no such thing as a “standard property management fee.” Everything in this industry in negotiable, but be cautious about working with a property management firm who is only competing on price. We aren’t about gimmicks, and we’re not about flashy. We are by your side, working for you.
We see many owners who didn’t know any better, going with firms that offer a lower management rate, only to chose us later for the quality care we provide. We are often complimented for our works, and it comes with disappointment we weren’t chosen first.
Property management chop shops will dangle a low management fee in front of you to capture new business, but this lower fee means that they are unable to afford the massive amount of staff and resources needed to provide quality service—even though they often have far more properties to manage. They often have staff retention issues, miss performance objectives, or ‘over-promise’ and ‘under-deliver.’
Our fees are set to assure a fair exchange. At InterWest, you get world-class service and guidance, while we’re able to hire only the best property managers and support team members to look after your critical investment.
How are property inspections/evaluations handled?
You wouldn’t believe some of the property inspection reports we’ve seen—coffee stains, crumpled paper, incomprehensible Excel spreadsheets—they can be a mess!
At InterWest Properties, Inc., we’ve incorporated a digital property evaluation system into our routine management services. These evaluations are granular in their detail, providing an up-close look at every area of a property and its contents, including photos of room areas and items of concern. We are then able to do a comparison report at the end of a tenant’s lease term to easily determine and assess damages and determine your property’s condition.
In addition to unreported maintenance or opportunities to address preventive issues, we seek out unreported pets, unauthorized occupants, actions that are considered violations of the tenant’s terms and conditions, and so on. We also believe it is important to keep watch on the systems of a home, from the roof to the crawlspace, we get our eyes out there so you don’t have to.
We always recommend you work with a property management company who has an in-depth property evaluation process. Ask for a sample report so you can be assured that you know how you’ll be getting updates about your property.
How are repairs and maintenance issues handled?
You want to make sure that you are in the loop when it comes to property maintenance and repairs. We pride ourselves on the level of communication that we have with our clients and property owners.
We want to make sure that any repairs and maintenance fall within a budget that you are comfortable with and we will work out a system for assigning and reviewing any repairs when we onboard you and your property into our system.
You need to know what is happening with your property and what repairs are being made. We want you to feel comfortable in the review process. There will naturally be instances when emergencies call for immediate repairs, but we will go through our step-by-step process so that you understand how each type of repair scenario will be handled.
Our Commitment to You
As one of the longest standing property management companies in Portland and Vancouver, we’ve been assisting property owners and investors, successfully, for over 30 years.
We’d love to jump on a complimentary call with you to discuss your needs and go into detail about our time-tested processes for managing profitable properties. We look forward to speaking with you.