Property Management Blog

Setting expectations for tenants in your rental property in Salem, OR

Setting the right expectations with your tenant from the beginning is very important and will help you to head off a lot of trouble down the road.  First, it is important to remember that the beginning does not start when you move them in, it begins the first time you make contact whether that is in person, via email or a telephone call.  Setting the right tone for the future landlord/tenant relationship is critical.  The tenants will sense i... read more >>

What value does a property management company deliver?

At the end of the day, a property management company is a service-based company.  You are not buying a product so to speak.  In that regards, it is a service that you can potentially do yourself.  So then, the question arises, why should I hire a property management company when I could just do it myself.  Or, if I hired a company to manage my rental property, then what value can they add to my investment?  First off, many people hire a management... read more >>

“S.M.A.R.T. Goals”

Specific, Measureable, Achievable, Realistic and Time Based.

The best way to get to where you want is to first know “where” that is.  Then it is just a matter of setting your internal GPS, charting the course and setting sail.  By that of course I mean setting goals or objectives.  And we have all heard the old cliché…until it is written down it is not a goal it is just a dream.  Well, I am a big advocate of writing down your goals.  Also,... read more >>

Property Management Industry is Highly Regulated                       

When you stop to think about all the various entities, agencies and government bodies that regulate and oversee the real estate and property management industry it can come as quite a surprise.  In one sense it is great that we have a high standard to live up to but it can be daunting and can drive up the cost of doing business and the u... read more >>

10 Signs Indicating You Need To Hire A Property Manager

Hiring a reputable professional property manager with experience and knowledge may be more valuable than you think (unless you have had a disaster in an attempt to manage yourself, you may not know you even need help). Be proactive and don’t wait for one or more of these 10 things to happen to you before you decide to hire a property manager who can alleviate these headaches, reduce ... read more >>

The 7 Rules Of A Successful Landlord

The difference between a successful rental/investment property and one that is failing, could be more of a complex fix than just raising the rents. If your goal is to minimize vacancy, minimize repair costs and increase your cash flow, then these 7 rules for success should help see where the problems are:

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What are habitability issues?

The term habitability in regards to rental property has to do with the livability of a house or apartment.  One of the laws that govern real estate that is rented out to a tenant is referred to as Landlord/Tenant law.  Many of these rules or statutes are found in the Oregon Revised Statutes chapter 90 (ORS 90).  In particular ORS 90.320(1) states that, “A Landlord shall at all times during the tenancy maintain the dwelling unit in a habitable condition.”  The list ... read more >>

How much cash reserves do I need for my rental property?

As I have mentioned many times before in previous blog posts, having a reserve set aside for future repairs is a must.  It is not a matter of if things will break and need fixing it is a matter of when.  Also, maintenance and repair items tend to be one of the bigger expense line items for a rental property.  It is very much part of the cost of doing business.  Unfortunately, many landlords are caught off guard or by surprise when things begin to go... read more >>

DO YOU EVEN NEED A PROPERTY MANAGER?

Before you go hiring a property management company, be sure you need one in the first place. If you can do the following yourself, then maybe hiring a property manager won’t be necessary.

• Do you have the resources to screen the tenants thoroughly?
• Do you... read more >>

What is the real cost of property management in Albany, OR?

When considering the cost of professional property management there are several items that you want to take into consideration.  For instance, the real cost of management is really only about half of what you are seeing – BECAUSE, half of the cost would be the same if YOU or any other person did it.  For example, not even counting how much your time is worth (soft cost or “opportunity cost”) YOU spend money on fuel to get to the property,... read more >>