Where Smart Portland Landlords and Property Managers Invest Their Time
Is owning an investment or rental property in Portland worth the hassle? Talk to ten different real estate investors and you’ll get ten different answers ranging from, “Absolutely!” to “I wouldn’t do it again.” The difference in the two ends of that spectrum has a lot to do with proper time management and outsourcing of various property management needs.
Many of our clients loved managing their own properties but reached a point where they were looking for more time freedom. Other clients simply grew their real estate portfolios too large to manage on their own and sought professional property management assistance from our team of experts at InterWest properties.
Regardless of whether you’re looking into hiring a property manager or handle it all yourself. We’ve identified three main categories of attention that a great property manager in Portland must address on a regular basis.
Ongoing Property Management Administrative Work
Owning rental properties means that you own a business. With any business, there is going to be a certain level of mandatory paperwork, in addition to administrative chores that simply allow the business to run more smoothly.
A smart property manager has systems in place for all of the following:
- Paying the bills each month for each property
- Maintaining all necessary accounting for taxes
- Scheduling regular maintenance for each property
- Understanding shifts in the Portland rental marketplace
- Keeping up to date with new legislation that affects your properties
- Collecting and filing all tenant paperwork and notices
Doing this yourself can be done, but many of our clients discover that turning these tasks over to our team at InterWest Properties is a worthy investment.
Move-in / Move-out Maintenance and Turnover
If you’ve chosen your tenants properly, then turning your units won’t be the nightmare that some property owners experience with bad tenants. You might be surprised at how much work has to go into getting the apartment cleaned and in good shape to show to the rental market. Not to mention the marketing and paperwork required to attract a new tenant each year to each property.
With each new vacancy (when old tenants move out), a great property manager in Portland must think about the following:
- Scheduling cleaning for the unit (or doing them yourself)
- Scheduling repairs and maintenance for the unit (or doing them yourself)
- Taking new photos of the property
- Listing the property in any number of publications (online & traditional) for lease
- Fielding prospective inquires about the property via phone and in-person
- Taking applications from prospective tenants
- Running background checks
- Scheduling move-in time and handling any additional needs of your new tenant
When you’re first starting in real estate investment and management, these things can take a lot of your time, but putting together good systems and checklists will allow you to move faster in the future. Many of our clients have chosen us because we turn units every single month and when your property is a part of that momentum, things can happen quickly.
Unexpected or Emergency Maintenance Requests
No property manager wants to get that phone call at 2:00am in the morning telling them that the water heater exploded, but it is in the realm of possibility. Therefore, great property managers always have a contingency planned lined up for when a property has unexpected problems that arise.
A great property manager in Portland knows that they must deal with trouble issues like air conditioners or heaters going out, toilets flooding a room, roofs leaking, etcetera, immediately. That means that whatever you’re doing in your personal life has to be put on hold so that the tenant’s home can be returned to working order.
If you have a great team of handymen, plumbers, electricians, and more, than these emergencies aren’t nearly as alarming as when you’re having to handle it all yourself. If you’re currently experiencing an emergency maintenance situation at one of your properties and don’t know how to handle it, please give our team a call right away. We’re happy to assist: (503) 256-2323
Ultimately, owning investment rental properties in Portland can be a real joy when you have the proper systems and team in place. At InterWest Properties, we’ve been helping property owners and real estate investors create better processes and systems for over 30 years. We’d love to have the opportunity to speak with you about your property or real estate portfolio.