We often talk with first-time rental homeowners who start out skeptical of hiring a property management company to look after their rental.
“We have family in town to help if anything goes wrong”
“I already know a great handyman”
“We found solid renters”
“How hard can it be?”
We’ve heard it all and our answer is always the same: If you choose to privately manage your rental, there will most likely come a point when you wish you would have hired a professional.
Take a few situations where doing it yourself can be costly.
Placing Renters:
Maybe you posted an ad on Craigslist or you’ve got a friend of a friend who needs a place. In Bend, finding renters is fairly easy. Finding qualified renters can take time.
Did you run a background check?
Do they have good credit?
Did you call their prior landlords and references?
Did you check criminal records?
Do they have a history of paying rent on time?
Don’t just take their word for it if they say they have employment, good credit and a clean record. We put in the time and resources to make sure they are who they say they are.
Knowing the Laws:
Unless you’ve spent a good deal of time reading and understanding them all, you may be breaking a law and not even realize it. From Federal Fair Housing laws, Oregon Residential Landlord Tenant Act, anti-discrimination laws, the American Disability Act, plus other state and county regulations, there’s a lot to know and a lot that can get you in trouble if you slip up, even if you have the best intentions.
Midnight Calls:
Suppose your renter gets locked out in the middle of the night. Or a pipe freezes and bursts. Or a circuit blew and they can’t find the breaker. Or the carbon monoxide alarm is going off. While those things may seem easy to resolve in midday, getting woken up at midnight may not be feasible for you, especially if you don’t live nearby or have to get up early for work. .
Inspections:
One of the most important parts of what a property management company should offer you is peace of mind that your investment is being protected. Inspecting the property regularly is no exception. Even the best of renters need checking-up on.
Tenants can often fail to realize where a minor repair could escalate into a major one if left untreated. Perhaps the lawn isn’t being watered or the landscaping is overgrown. Maybe you find out the renter is actually subletting and not even currently living there anymore, or they have an unauthorized pet in the home. Checking on the home regularly — both inside and out — is crucial to making sure your investment is being treated well.
Collecting Rent:
This one might seem obvious, maybe even easy. But especially for landlords who don’t live near their rental property, imagine a scenario where it’s 5th day of the month and you don’t have rent yet. You’ve called the tenants, emailed, sent a letter, and no response. What do you do? Those friends and family who live nearby and promised to help look after the place may not be so eager to run over to a house and confront a stranger about past-due rent. And don’t forget—there’s a lot of laws around late fees and evictions proceedings that you need to watch out for.
Believe it or not, managing a rental property can be a full-time job. Depending on how close you live, how much time you can afford and how involved you want to be, hiring a professional almost always pays for itself. We’ve worked with rental owners along every stage of the journey and if there’s one thing we’ve learned, you can’t put a price tag on peace of mind. Whether you plan to keep your investment property as a rental forever, sell it, or use it as a home one day for yourself, don’t shortchange your investment by skimping on something as important as managing it. Call us today and we can discuss your Central Oregon rental property, your goals and your concerns (541) 647-2251. Learn more about property management here.