If you just invested in your first Portland Oregon rental property, you’re probably looking for first-time landlord tips because you are now a first-time landlord, and congratulations are in order since you’ve made an investment that will generate passive income, even during times of economic instability.
During the process of getting started with owning your rental property, there are a variety of things that you should know that will help you earn the most passive income possible including the following:
First Time Landlord Tip #1 – Always Treat Your Rental Property as A Business
The most important thing that you can do from this point moving forward is to always treat your rental property as a business.
This means that you must develop systems for managing that rental property so that you never fall behind on maintenance, accounting, or customer service.
Thankfully, when you use online tools like AppFolio, you can easily manage your rental property and provide your tenant with a portal that they can use to send customer service requests, pay their rent, and so much more.
Tip #2 – Develop Rules and Enforce Them
Besides treating your rental property as a business, you should also develop rules and be willing to stick with them as much as possible.
The rules that you should develop must include rules for rent collection including when, and how rent is due to be paid.
This is critical because the cash flow that comes in from your rental property is going to be used for covering your mortgage and other expenses, so you must establish those rules with your tenants so that they know what’s going to happen if they pay their rent late, and what the consequences that they can expect from paying late.
Tip #3 – Don’t Neglect Maintenance or Upgrades
Sadly, in 2022, one of the biggest reasons why the property management business gets a bad rap is because there are some landlords out there that are willing to spend as little money as possible on their properties. Don’t let this happen to you.
You should always be willing to spend money on maintenance and upgrades to your rental property because, if you show your tenant that you truly care about the rental property, and are willing to invest money into fixing problems when they occur, you’ll be able to keep your tenants longer, versus having to deal with the prospect of screening and placing a new tenant in your property every 12 months.
Tip #4 – Hire A Property Manager
Last of all, another first time landlord tip is to hire a property manager.
A property manager will ensure that your rental property is rented for top dollar, well maintained, and the rent is collected on time every single month.
Although some investors may encourage you to manage your properties yourself, the reality is that you’re going to see a better return on investment from your rental properties when you hire a property manager to manage those rentals for you.
Besides having a professional manager for your property, you’re also going to have more time to spend doing the things that you love, including spending time with family, so it makes sense to make the investment in property management sooner rather than later.
Contact Rent Portland Homes
At Rent Portland homes, we specialize in managing multifamily and single-family properties across the Portland OR area.
Our property management team has decades of experience in the Portland Oregon rental market. This is a win-win for investors, especially investors who live out of state and continue owning PDX rental properties.
To learn more about the property management services that we can offer you, contact us today by clicking here.