Tag rental properties in portland

As a landlord in Portland, Oregon, deciding whether to self-manage your rental property or hire a property manager can be a tough decision. Self-management can be rewarding, but it comes with its own set of challenges. In this article, we will explore the pros and cons of self-management for rental properties in Portland, Oregon.

Introduction to Self-Management for Rental Properties

Self-management refers to the process of managing your rental property by yourself without the help of a property management company. This means that you will be responsible for all aspects of managing your rental property, including finding tenants, collecting rent, handling maintenance requests, and dealing with any legal issues that may arise.

On the other hand, hiring a property management company means that you will delegate all these responsibilities to the company. The company will handle all aspects of managing your rental property, including finding tenants, collecting rent, handling maintenance requests, and dealing with any legal issues that may arise.

Pros of Self-Management for Rental Properties in Portland

1. Cost Savings

One of the main advantages of self-management is cost savings. When you self-manage your rental property, you do not have to pay a property management company to manage your rental property. This means that you can save money on management fees, which can be as high as 10% of your rental income.

2. More Control

Self-management also gives you more control over your rental property. You can personally screen tenants, set rental rates, and handle maintenance requests. This means that you can ensure that your rental property is well-maintained and that you are renting to responsible tenants.

3. Better Understanding of Your Property

When you self-manage your rental property, you have a better understanding of your property. You are more familiar with the property’s condition, which makes it easier to handle maintenance requests. You also have a better understanding of the rental market, which means that you can set competitive rental rates.

4. Personal Touch

Self-management also allows you to add a personal touch to your rental property. You can communicate directly with tenants and build a personal relationship with them. This can lead to better tenant retention, which can save you money in the long run.

5. Sense of Accomplishment

Self-management can also give you a sense of accomplishment. When you successfully manage your rental property, you can take pride in knowing that you have done it all by yourself.

Cons of Self-Management for Rental Properties in Portland

1. Time-Consuming

Self-management can be time-consuming. You have to handle all aspects of managing your rental property, including finding tenants, collecting rent, handling maintenance requests, and dealing with any legal issues that may arise. This means that you will have to dedicate a significant amount of time to managing your rental property.

2. Lack of Expertise

Self-management also requires expertise in different areas, including marketing, legal issues, and maintenance. If you lack expertise in any of these areas, you may find it challenging to manage your rental property effectively.

3. Emotional Attachment

When you self-manage your rental property, it can be challenging to remain objective. This is because you may have an emotional attachment to the property, which can cloud your judgment when making important decisions.

4. Legal Issues

Self-management also means that you will be responsible for handling any legal issues that may arise. This can be challenging, especially if you are not familiar with Portland Oregon rental property laws and regulations.

5. Vacancy Periods

When you self-manage your rental property, you may experience longer vacancy periods. This is because you may not have the same reach as a property management company when it comes to marketing your rental property.

Understanding Portland Oregon Rental Property Laws and Regulations

Before you decide to self-manage your rental property in Portland, Oregon, it is essential to understand the rental property laws and regulations in the state. Some of the laws and regulations that you should be familiar with include:

1. Landlord-Tenant Law

The landlord-tenant law in Oregon governs the relationship between landlords and tenants. The law outlines the rights and responsibilities of both landlords and tenants.

2. Fair Housing Laws

Fair housing laws in Oregon prohibit landlords from discriminating against tenants based on their race, color, religion, national origin, sex, familial status, or disability.

3. Habitability Standards

Landlords in Oregon are required to provide habitable rental units. This means that rental units must have adequate heating, plumbing, and electrical systems, among other things.

4. Security Deposit Laws

Oregon has specific laws that govern security deposits. For instance, landlords are required to provide tenants with a written receipt for their security deposit.

How to Manage Your Portland Investment Property Effectively

If you decide to self-manage your rental property in Portland, Oregon, there are several tips that you can follow to manage your property effectively. Some of these tips include:

1. Set Clear Expectations

Setting clear expectations with your tenants is crucial. This includes outlining the responsibilities of both landlords and tenants, including rent payment, maintenance requests, and tenant behavior.

2. Keep Accurate Records

Keeping accurate records is essential when managing a rental property. This includes keeping track of rent payments, maintenance requests, and any legal issues that may arise.

3. Be Responsive

Being responsive to tenant requests is crucial when self-managing your rental property. Tenants expect their landlord to be responsive to their needs, including maintenance requests.

4. Conduct Routine Inspections

Conducting routine inspections is essential when self-managing your rental property. This allows you to identify any maintenance issues early on and address them before they become more significant problems.

5. Stay Up to Date with Rental Property Laws and Regulations

Staying up to date with rental property laws and regulations is crucial when self-managing your rental property. This ensures that you are complying with all relevant laws and regulations and can avoid legal issues.

Tips for Finding the Right Tenants for Your Portland Rental Property

Finding the right tenants is crucial when self-managing your rental property in Portland, Oregon. Here are some tips for finding the right tenants:

1. Screen Tenants Thoroughly

Thoroughly screening tenants is essential when finding the right tenants for your rental property. This includes running a credit check and checking references.

2. Set Clear Rental Criteria

Setting clear rental criteria is crucial when finding the right tenants. This includes outlining the income requirements, credit score requirements, and any other relevant criteria.

3. Advertise Effectively

Advertising your rental property effectively is crucial when finding the right tenants. This includes using a variety of advertising channels, including online classifieds and social media.

4. Offer Incentives

Offering incentives, such as a move-in bonus, can help attract the right tenants to your rental property.

5. Be Transparent

Being transparent with potential tenants is crucial when finding the right tenants for your rental property. This includes being upfront about any potential issues with the rental property.

When to Consider Hiring a Property Manager in Portland Oregon

While self-management can be rewarding, there are times when it makes sense to hire a property manager in Portland, Oregon. Here are some situations when you may want to consider hiring a property manager:

1. Lack of Time

If you have a busy schedule and cannot dedicate enough time to manage your rental property effectively, hiring a property manager may be a good option.

2. Lack of Expertise

If you lack expertise in areas such as marketing, legal issues, and maintenance, hiring a property manager may be a good option.

3. Multiple Properties

If you own multiple rental properties, managing them all can be challenging. Hiring a property manager can help you manage your properties effectively.

4. Distance

If you live far away from your rental property, managing it effectively can be challenging. Hiring a property manager can help you manage your property from a distance.

5. Legal Issues

If you are not familiar with Portland Oregon rental property laws and regulations, hiring a property manager can help you avoid legal issues.

Choosing the Right Property Manager for Your Portland Rental Property

If you decide to hire a property manager in Portland, Oregon, there are several factors to consider when choosing the right property manager. These factors include:

1. Experience

Choosing a property manager with experience is crucial. An experienced property manager will have the expertise to manage your rental property effectively.

2. Reputation

Choosing a property manager with a good reputation is essential. You can check online reviews and ask for references to ensure that the property manager has a good reputation.

3. Fees

Property management fees can vary significantly. It is essential to choose a property manager with fees that are reasonable and competitive.

4. Communication

Choosing a property manager with good communication skills is crucial. You want a property manager who will keep you informed about your rental property and respond to your requests promptly.

5. Services

Choosing a property manager who offers the services you need is essential. This includes services such as tenant screening, rent collection, and maintenance.

Comparison of Self-Management vs. Hiring a Property Manager in Portland

Here is a comparison of self-management vs. hiring a property manager in Portland, Oregon:

Self-Management

Pros: – Cost savings – More control – Better understanding of your property – Personal touch – Sense of accomplishment

Cons: – Time-consuming – Lack of expertise – Emotional attachment – Legal issues – Vacancy periods

Hiring a Property Manager

Pros: – Time-saving – Expertise – Less emotional attachment – Legal compliance – Reduced vacancy periods

Cons: – Costly – Less control – The less personal touch

Conclusion: Is Self-Management Right for Your Portland Rental Property?

In conclusion, self-management can be a rewarding experience for landlords who have the time, expertise, and emotional detachment to manage their rental property effectively. However, if you lack any of these qualities, or if you own multiple properties or live far away from your rental property, hiring a property manager may be a good option. Regardless of which option you choose, it is essential to stay up to date with Portland Oregon rental property laws and regulations and to manage your rental property effectively to ensure its success.

Are you looking for a property manager in Portland, Oregon? Contact us today by calling (503) 447-7788 to learn more about our property management services or click here.

Are you planning on investing in rental property? Like most investors, you’re probably interested in learning more about landlord-tenant law in Oregon for 2022-2023.

This is understandable because the rental market has changed in the last two years and landlords have fewer rights than before.

Thankfully, we’ve compiled an updated resource on landlord rights in Oregon so that you know what to expect before investing in a rental property here.

Landlord-Tenant Law 2022-2023

Under Oregon law, landlords must disclose specific information to tenants (usually in the lease or rental agreement). The list of required disclosures is long and includes information on topics such as:

• who is the owner and manager of the property, and who is authorized to receive notices such as service of process (Or. Rev. Stat. Ann. § 90.305)
• pending legal actions (Or. Rev. Stat. Ann. § 90.310)
• responsibility for paying utility bills (Or. Rev. Stat. Ann. § 90.315)
• recycling (Or. Rev. Stat. Ann. § 90.318)
• smoking policies (Or. Rev. Stat. Ann. § 90.220)
• carbon monoxide alarms (Or. Rev. Stat. Ann. §§ 90.316, 90.317)
• smoke alarms and detectors (Or. Rev. Stat. Ann. § 479.270)
• flood zones (Or. Rev. Stat. Ann. § 90.228)
• renters’ insurance (Or. Rev. Stat. Ann. § 90.367), and
• payments for homeowner assessments (Or. Rev. Stat. Ann. § 90.302)

Federal law might require additional landlord disclosures. Nolo’s chart of State Rules on Required Landlord Disclosures contains a complete list of each state’s landlord disclosure statutes

Oregon landlords can require tenants to pay a security deposit. Under Oregon law, a last month’s rent deposit is considered to be a security deposit. Landlords must provide tenants with a receipt when they receive the deposit. Written rental agreements must include the amount of the security deposit. A security deposit can’t be increased within the first year of the tenancy. Landlords have 31 days after the tenant delivers possession to return the deposit and provide an accounting of any amount applied towards rent or damages. See Oregon Revised Statute section 90.300 for all the rules regarding security deposits.

Small Claims Lawsuits in Oregon

Tenants can sue landlords in small claims court for the return of their deposit and other damages, up to a dollar amount of $10,000. (Or. Rev. Stat. Ann. § 46.405.)

Oregon Tenant Fees

Oregon landlords may not charge nonrefundable fees (Or. Rev. Stat. Ann. § 90.302). Oregon landlords may only charge fees for specified events as they arise. For example, landlords may charge fees for acts such as:

• paying rent late
• paying utility bills late
• bouncing checks
• failure to clean up garbage and trash, including pet waste
• violating parking and vehicle rules
• violating smoking rules
• damaging property, and
• tampering with smoke detectors.

Complete information about fees Oregon landlords can charge is found in Oregon Revised Statute section 90.302.

Oregon Rent Rules

Oregon has a statewide rent control law that limits the amount of rent increases, bars landlords from raising rent more than once in any 12-month period, and requires landlords to give tenants proper notice before raising rent.

During any 12-month period, landlords cannot raise the rent more than 7% plus the consumer price index above the existing rent—no matter how long the tenancy. Every September 30, the Oregon Office of Economic Analysis will publish the maximum annual rent increase percentage for the following year.

For week-to-week tenancies, landlords can raise the rent after giving seven days’ written notice. For all other tenancies, landlords cannot raise rent within the first year of a tenancy. After the first year of a tenancy, landlords must give 90 days’ written notice before raising the rent.

Landlords who illegally increase rent must pay tenants an amount equal to three months’ rent, plus any damages the tenants suffered from the increase (such as interest on money they borrowed to cover rent). (Or. Rev. Stat. Ann. § 90.323.)

Tenant Rights to Withhold Rent in Oregon

When landlords fail to comply with a term of the lease or rental agreement, or fail to maintain the premises in a habitable condition, tenants may notify their landlord of the breach and give a 30-day notice to terminate if the landlord doesn’t fix the condition within a certain amount of time. (Or. Rev. Stat. Ann. § 90.360.) Tenants also may withhold rent for some minor defects that can be reasonably repaired for not more than $300—but must follow the statute’s rules regarding notice (Or. Rev. Stat. Ann. § 90.368).

Oregon Termination and Eviction Rules

The rules on how and when landlords can terminate depend on the type of tenancy. Oregon’s laws address week-to-week, month-to-month, and fixed-term tenancies (as well as tenancies located within a landlord’s primary residence). To learn the rules that apply to your tenancy, review the full text of Oregon Revised Statute section 90.427.

Month-to-Month Tenancies

Landlords may terminate a tenancy without cause for month-to-month tenants, but only during the first year of occupancy. After that, landlords must have a reason, or “just cause,” as enumerated in the law (such as demolishing the building, moving immediate family members into the unit, or the tenant’s violation of a lease term).

Tenants With Leases

Tenants with a one-year (or shorter) lease may not have their tenancies terminated during the first year of occupancy unless the tenant has failed to pay the rent or violated another material term of the tenancy (such as having a pet in violation of a no-pet rule). Landlords may decide to not renew or extend a one-year tenant’s (or shorter) lease by giving a 30-day “termination” notice prior to the lease’s expiration date. If the landlord does not terminate and the tenant stays, the tenant has become a month-to-month tenant, but one who has the protections of “just cause” eviction rules on account of the tenant’s occupancy for more than one year (see above).

Landlord Access to Rental Property, Tenant Protection Against Retaliation, and Other State Laws in Oregon

Several other landlord-tenant laws in Oregon affect both property owners and renters, including:

• restrictions on landlord’s right to access rental property (Oregon landlords must provide 24 hours’ notice of entry in non-emergency situations) (Or. Rev. Stat. Ann. § 90.322)
• tenant protections against landlord retaliation for tenant exercising a legal right, such as complaining about an unsafe living condition (Or. Rev. Stat. Ann. § 90.385)
• special protections for tenants who are victims of domestic violence (Or. Rev. Stat. Ann. §§ 90.449, 90.453, 90.456, and 90.459)
• procedures for how landlords must handle abandoned property left behind by tenants (Or. Rev. Stat. Ann. §§ 90.425, 105.165) , and
• fair housing rights (discrimination is also prohibited by federal and, often, local law—see the Housing Discrimination section of the Nolo site for details).

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Contact Rent Portland Homes – Professionals

At Rent Portland Homes – Professionals, our team specializes in Oregon property management. This means you can count on us to be on top of the latest landlord-tenant laws so you don’t have to.

If you’re ready to invest in a rental property in Beaverton, Portland or the surrounding area, but you don’t want to manage that property yourself, contact us today by calling (503) 447-7735 or click here to connect with us online.