Fox Management Inc is now PURE Property Management of Oregon

Managing a Portland Investment Home: DIY versus Property Management Company

We always recommend that do-it-yourself investment property owners consider hiring a professional property management company. One of the biggest disadvantages for people who manage their own properties is risk management. A property management company is like a legal layer of protection. We act as your agent and we continually educate ourselves on the current law. We take care of service notices and handling paperwork so it’s all done correctly and legally. That’s a good layer of protection to have.

Property managers also have a more up to date understanding of the local rental market. We know what properties are renting for, and we can maximize the owner’s profit by setting a correct rental price. Lots of do-it-yourself property managers leave money on the table because they aren’t sure what to charge.

A property manager also brings a lot of professionalism and expertise to your rental home. Having a third party involved will set the tone for your tenants and provide you with established policies and procedures that are in place to protect you. Regular inspections will occur, and there will be proven systems that take care of things such as late rent, repair requests and other issues.

There is a certain temperament required to take care of a rental property. Sometimes, people are too nice or too mean. If you’re too nice, you’ll let tenants fall behind on their rent or you won’t charge the way you should for damages. If you’re too mean, you will likely find yourself in legal trouble for not doing adequate repairs or filling out notices properly.

It’s also important to think about your time. You never know how much time it’s going to take to deal with tenants and maintenance. You have better things to do and you will certainly make more money doing your own work that you do well and leaving the investment property to the care of professionals.

Vendor relationships are also important. We have been working with the same vendors for many years. We get great prices because we give them a lot of business. They do a great job for us. We also have our own in house maintenance team that can take care of things like carpet cleaning, painting and getting the place turned over between tenants. Not having the right vendors or trying to do all the repair work yourself can really ruin your cash flow.

Managing a Portland Investment Home DIY vs Property Management Company

Finally, vacancy time is a huge reason to hire a property manager. Most professionals can get a place ready in about seven days. Most owners cannot be that fast. There is a lot involved, and the faster you get that place on the market and rented out, the faster you begin earning rental income. Hiring a professional property manager doesn’t have to cost you more than $100 a month, and you’ll make a lot more money on your rental property when it’s being managed correctly. If you have any questions, or you’d like to hear about our services, please contact us at Fox Management, Inc.

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