In 2021, rental properties continue to be one of the best investments in the United States for landlords, but becoming a landlord is another story.
The road to becoming a profitable landlord can be filled with ups and downs especially if you don’t know “how to be” a landlord if you’ve never owned a rental property before.
Thankfully, there are thousands of landlords that have come before you how have successfully owned rental properties. This is why in this article we’re going to share with you our tips for New Portland Oregon Landlords.
Tip #1 – Treat Your Rental Property Like a Business
Owning rental properties in Portland Oregon will help you to build long-term wealth and excellent monthly cash flow but you have to first treat your rental properties as a business if you want to enjoy consistent profits from them every month.
Tip #2 – Invest In Systems
One of the great things about owning rental properties in 2021 is that there are a lot of systems that can be used to make managing rental properties efficient.
Some of the best systems that landlords can use for managing their rental properties include Rently, Buildium, AppFolio, and Propertyware.
Tip #3 – Take Good Care Of Your Tenants
Even though they know that their rental property is bringing in cash flow every month, some landlords make the mistake of mistreating or completely ignoring their tenants.
Don’t let this happen to you! Take the time to take good care of your tenants, show them that you care about their business and they will want to stay with you for more than 12 months.
Tip #4 – Enforce Your Lease
Leases are made for one reason, to present a tenant with an agreement of rules that they should expect to follow but landlords must also be willing to enforce their leases or they are just a piece of paper.
When a landlord takes the time to enforce their lease, their tenant will respect the landlord’s best wishes and realize that the lease sets boundaries that cannot be crossed.
Tip #5 – Form A Good Relationship With Your Vendors
Last of all, but most important, another important tip that every new Portland Oregon landlord must follow is to form a good relationship with their tenants.
From the moment that you hire a vendor, make sure that you hold them accountable to do that the job that you’re paying them to do and once it’s done, pay them on time.
Doing this will enable you to build a relationship of respect with your vendors and make them want to continue working for you for years to come.
To learn more about the property management services that we can offer you, contact us today by clicking here!