Do You Need a Property Manager in Portland?
Every property investor is going to be somewhat different. As much as we’d like to tell you that property investment is a completely logical process, the truth is that people invest in property—at least partially—for emotional reasons. Due to these emotional factors, balanced with a logical view of your local marketplace, you may or may not need or desire a property manager at this moment.
We’ve put together a few questions you can ask yourself as you consider:
What Is Your Proximity to Your Properties?
It may be easy enough to zip over to your investment properties if they are in the same neighborhood that you’re living in, but if you have properties all the way across town, scattered here and there, or out of state, it becomes much more of an ordeal to answer maintenance calls in the middle of the night.
A key consideration when thinking about hiring a property manager in Portland is how much time you will have to spend commuting from property to property for both regular and emergency maintenance scenarios.
How Do You Handle Sudden Excitation?
Being a savvy property manager is not just about finding properties with strong value and cashflow, it’s equally important that a good PM knows how to keep calm and think rationally when emotions are high.
It’s easy to be a property manager when everything is going well but becomes exponentially more difficult when an angry tenant is ringing your phone five times a day.
How do you handle surprises? How did you react the last time you got bad news? If these kinds of things make you uncomfortable, you might want to consider hiring a property manager as a buffer between you and your tenants. Great property managers are skilled in taking the brunt of any confrontation, properly processing it through a pre-determined and highly effective system of questions and action items, and once they have a clear snapshot of the problem and a list of potential solutions, only then will you receive a phone call.
This can be a much softer way to receive news about your properties and is easier on your nervous system in the long run because you know you’re working with an expert who has already handled many similar property management scenarios with success in the past.
Are You Experienced with Home Maintenance and Repairs?
We all like to think that we’re more handy that we might actually be. The 90s show, Home Improvement, and “Tim the Toolman Taylor’s” laughable antics come to mind. However, just because you could fix something, doesn’t always mean it’s the best use of your time and energy.
When it comes to home repair, a good property manager has a maintenance team who is out making repairs and improvements on a regular, daily basis. They have a certain momentum to their work and know-how because it’s all they do.
Should something go wrong at your own home that needed a repair, would you want to hire the guy who’s never done the repair but read an article about it online, or the guy/girl who does the repair every single day.
There’s value in hiring an expert and it allows you as a property investor to focus on growing your portfolio and other tasks that are equal to the high-dollar per hour your time is worth.
Hiring a Great Property Manager in Portland
In the end, whether you hire a property manager will come down to how much pain you’re finding in your property portfolio. If you only have one or two properties, then that pain may be very small, right now. As you grow your portfolio larger and larger, that pain begins to grow because your current resources get spread too thin.
We want to help you avoid the pain that can often sneak up on property investors in Portland. We’d love to invite you into our office or jump on the phone for a complimentary phone call about your property portfolio and how our team might be able to add value to it.
One of our property management experts would love to speak with you on the phone to help you work it out. Call us, today: (503) 256-2323