The average base salary for a Portland, OR landlord is a lucrative $55,303. This income is even more appealing when you consider you can earn it passively by hiring a full-service property management company.
Although there is a cost to working with these experts, their specialist services can pay for themselves many times over. Not only can this increase your profits, but it can take away the stresses that affect many landlords.
Let's look at the advantages of hiring property management firms.
Increased Occupancy Rates
Even if your property is vacant for only short periods, this can cost you significant amounts of money. Therefore, the best Portland property management services will ensure your rental home is occupied as much as possible.
This might involve using marketing campaigns to attract new clients. Or it may mean discussing lease renewals with current tenants, and possibly negotiating a rent increase for the coming year at the same time.
These approaches are key to maximizing profits as a landlord.
Proactive Repairs and Maintenance
As a landlord, you have a legal obligation to keep your property in a safe condition for your tenants. However, maintaining a property can be time-consuming and challenging, and emergency problems such as a broken heating system can require urgent repairs.
If you have a property manager working on your behalf, they'll conduct regular rental inspections. This allows them to look for issues and organize maintenance and repair work when needed.
As the first point of contact for tenants, property managers handle these responsibilities, giving landlords peace of mind.
Routine Rent Collection
There can be many reasons a tenant misses rent payments, and this can seriously impact your income. In some instances, the mistake may be genuine and easily rectified.
But sometimes, there can be disputes. If a tenant refuses to pay rent, you may even have to consider evicting them.
To reduce the chances of this arising, it's important to use successful rent collection strategies. For example, a property manager will clarify the rental fees in the contract. They'll also use a tenant portal to simplify the payment process.
Should payment problems occur, they'll try to resolve the issues amicably with tenants. This diplomatic approach can achieve the best outcomes for both parties.
Financial Reporting
Access to straightforward financial reports is another of the benefits of property management companies. These specialists will keep track of your income and expenditure. They'll then provide you with straightforward owner statements.
This means you'll always know how much you're making, and how much tax you owe.
Work With a Professional Full-Service Property Management Company
Hiring a full-service property management company could be the best decision you'll make as a landlord. You can enjoy higher occupancy rates and a regular monthly income. You'll also never have to deal with maintenance issues.
At PropM, Inc., we're open 365 days a year, even on holidays. This means we can achieve superior results for our clients while providing outstanding value for money.
Enjoy the benefits of property management in Portland, OR, and contact our expert team today.
