PORTLAND, Ore. – Are you just getting started with owning Portland Oregon Rental Properties? If so, you’ve come to the right place!
Although there are many articles out there that will provide you with tips on the things that you should do to grow your portfolio of rental properties, few articles actually provide you with information on mistakes that you don’t want to make as an owner, that’s why in this article we will provide you with 7 mistakes you don’t want to make when owning Portland Oregon Rentals.
Mistake #1 – Poor Communication
Communication is essential when you own rental properties in Portland Oregon, or elsewhere in the United States, because as an owner problems can easily occur due to possible misunderstandings with your tenants.
Besides communicating properly, in general, every owner should keep an open line of communication with their renters or tenants so that they can communicate with them anytime when needed via text, phone or email.
Another important thing every owner should do to insure proper communication with their tenants is to document conversations with tenants via a CRM or other method so that information is available on what was promised or said after the conversation is finished.
Mistake #2 – Having a Bad Lease Agreement
Yes, there are many mistakes you can make as an owner and another mistake that you don’t want to make is to have a bad or flawed lease agreement.
Having an excellent lease agreement is important because some tenants may want to take advantage of owners especially if they know how to spot flaws in the lease, and they will keep violating the lease until the owner takes them to court, so it’s better to get your lease drawn up or reviewed by a lawyer before you rent your Portland Oregon Rental Property.
Mistake #3 – Not Holding Your Tenants Accountable
Besides the mistakes already mentioned in this article, another mistake that you don’t want to make is to not hold your tenants accountable for their actions.
As an owner, It’s imperative that you hold your tenants accountable for their actions and make sure that they do things like pay their rent on time, and follow the rules of your lease agreement.
If your tenants are not held accountable, they will bend the rules from time to time like having guests stay longer for two weeks at a time, or paying their rent late, and it will be harder to make them comply with your rules and regulations the longer they rent from you.
Mistake #4 – Neglecting Safety Precautions
Never neglect safety at your Portland Oregon Rental property.
Safety precautions should be one of the most important standards that you set for all of your Portland Oregon Rental Properties, this means that each rental property will have smoke alarms, carbon monoxide detectors, fire extinguisher, well-maintained staircases and maintenance of these safety precautions should be scheduled to ensure that each of these safety precautions are regularly checked throughout the year.
Mistake #5 – Not Following the Laws
As an owner, you should never try to wing it when it comes to legal issues, especially when it comes to the eviction process, because failing to follow the laws could lead to the tenant taking you to court and the judge ruling in the tenant’s favor.
If you face a potential legal issue with your tenant you shouldn’t hesitate to pay for an attorney now rather than risk having to pay more later.
Mistake #6 – Providing Poor Maintenance
You absolutely do you have many responsibilities as an owner, especially the responsibility of offering your tenants excellent maintenance at their rental properties.
Many Owners fail at maintenance by making promises that they cannot keep or not showing up on time to fix things and make repairs when needed so if maintenance is not your strong suit, you should consider creating a list of contractors and vendors that you can trust so you won’t have to make repairs yourself or scramble and search for qualified people to help you at a moment’s notice.
Mistake #7 – Selling Your Rental Property Short
Last of all another mistake that you don’t want to make as the owner of the Portland Oregon rental property is to sell your rental property short.
Many owners sell their rental properties short these days, especially if they own an older single family home, condo or town home and this should never be the case because in today’s rental market as long as a rental property has been maintained well over the years, the owner shouldn’t hesitate to rent that property for what it’s worth.
Save Time and Money with Property Management
Want to enjoy more time and money while owning Portland Oregon Rental Properties? If so, then you should consider investing in Portland Oregon property management by hiring our company, Property Management Systems.
At Property Management Systems managing rental properties is our specialty so that when it comes to things like maintenance, customer service or the other wide variety of property management tasks owners can rest easy knowing that a professional property management team is managing every aspect of the rental property for that.
If you are serious about growing your portfolio of rental properties while reducing the stress that comes from being an owner, contact us today to learn more about the Professional Property Management Services that we can offer you.
Get started by calling us at (503) 515-3170 or click here to connect with us online.