Two Big Mistakes Portland Landlords Make
The be human is to ere and the property management industry is nothing if not a hodge podge of complex human interactions. At InterWest Properties, we’re fortunate to have a team with over 30 years of property management experience in Portland. We’ve seen and assisted clients with all kinds of scenarios in the rental market.
Here are a few mistakes we see Portland landlords who come to us making:
Landlords Who Fail to Check References
More often than one might expect, the landlords who come to us with some kind of a tenant issue or needing assistance with the eviction process did not do their due diligence up front. It can be tempting, as a landlord in Portland, to go with the first or second tenant who is willing to pay your asking rental price. Just remember that an easy transaction, now, can leave to headaches down the line.
Real estate investors don’t only want someone who can pay their asking rent on month one, they want a quality tenant who will take good care of their property, while paying their rent on time for an entire year. One of the best questions a landlord can ask a potential tenant is for references of past residences they’ve had.
While a former landlord may not be able to give you specifics about the tenant, checking a reference and paying close attention to the tone in the former landlord’s voice can be all the information you need to continue digging deeper. Criminal and even motor vehicle checks can also flag potential problem tenants long before you have a personal issue with them.
There are rules that must be followed and as a landlord, you want to make your property available to anyone who is qualified to rent it at the fair rental price you’re charging. However, never underestimate the power of proper due diligence before signing a rental agreement with a tenant. You have many rights as a landlord and assuring that you get a quality tenant is within your means when you approach the rental process properly.
Exterior Aesthetics Matter to Portland Renters
Many clients come to us with multi-family units or apartment buildings they’ve recently purchased. We see, time and time, again real estate investors who have done beautiful interior renovations of older buildings. And yet, when it comes time to make improvements to the exterior of the buildings, little to no work is done.
Renting a property is an emotional decision for most tenants. We all know the old adage, “First impressions are everything,” and it certainly holds true in the real estate world. When a tenant comes to visit one of your properties for lease they begin to form opinions from the second they start pulling into the parking lot or driveway. If the exterior is outdated, or worse, in poor shape, the interior improvements will never look as nice to prospective tenants. They’ll have already formed a psychological block that says, “This apartment is dated.”
Many exterior improvements can be done for far less than you might think. Our team of property management experts are very familiar with the local marketplace and the aesthetics that tend to attract quality renters. Don’t neglect the exterior of your property, just because you’re so focused on the new interiors. It’s unfortunate, but we still live in a world where books are very much still judged by their cover.
To learn more about ways to improve the value of your investment and real estate portfolio, we’d love to jump on a phone call with you.