Should I Hire a Property Management Company?
It’s one of the questions we get asked most. Many people who call us think they may be able to handle managing a property themselves, and they’re surprised when we tell them they might be right.
Here are a few questions to ask before deciding:
1) Do I have the time and energy to commit to the property?
Those with part-time jobs or a background in home repairs may have no trouble getting their property ready for rent or responding to tenants’ problems. People with less time and experience should consider the additions that must be made to comply to state Landlord-Tenant Law. Prospective tenants will also want to check out the property in their time. Also, expect calls from tenants any time of day, including the middle of the night.
2) Am I comfortable collecting rent?
This may sound like an easy task, but owners should be ready for any curveballs tenants can throw their way, including late payments. A disingenuous tenant may spot your inexperience and take advantage of it. You’ll need to be prepared to take legal action if a tenant makes threats or stops paying rent.
3) Do I know enough about Oregon Landlord-Tenant law?
Improper leases may make it difficult to:
- go through the eviction process
- collect from tenants
- steer away from a lawsuit
- use security deposits for repairs
In addition, very specific language is needed in advertisements and on websites. If you decide to manage your own property, make sure you carefully review Oregon Landlord-Tenant Law before writing any advertisements.
4) Will I save money managing the property myself?
Newly-built properties require little maintenance or upkeep, and often people have no trouble managing the properties themselves. But as properties age, the amount of responsibilities grows considerably. While maintenance is a big cost, it is not the only one. Factor in other costs like licensed inspections, marketing and market analysis. Property managers not only handle these problems; they’ll likely pay less because of their relationships with inspectors, lawyers and vendors. If you decide to use a property management company, make sure those savings are passed on to you.
Becoming a property manager has its obstacles and rewards. Consider all the factors that go into renting your property before making your choice. If you decide you’d prefer that someone else manage it instead, we hope you’ll choose Passadore Properties.