Hiring a Property Management for Your Salem Oregon Rental Real Estate?
The explosion of single family rental houses bought by real estate investors and rented to a single tenant is creating a new category of property management companies to serve them. Though many small investors manage their Salem Oregon rental real estate themselves, a growing number are turning to professional property management companies, many of them new and small, who charge about 6 to 10 percent of gross rents or a flat fee.
For investors who are pressed for time or who are out-of-town landlords, property management firms are becoming more and more appealing. A property management company acts in the best interests of the you, the owner of the Salem Oregon real estate. They maintain the property and keep it occupied. Not only that, but they also collect rent and store records. There are four areas of service that you should expect from such a firm: expenses, marketing, occupancy, and facility and administration. In short, property managers help you make the most from your rental property and they can save you time.
What are the advantages of hiring a property manager?
- Property Managers are up to date on state and federal rules and regulations in respect to tenant/landlord requirements and responsibilities.
- Property Management will establish the current market rental rate for your property. The company will be able to assess the rents at the end of each contract to ensure you are getting the highest rent possible based on real estate markers.
- Property Managers will do all the communication for you with the tenant. This includes the interview process and managing any complaints or emergencies that may arise day or night.
- Property Management companies will find the best tenants. A quality company has developed a process of screening out risky tenants to ensure a steady monthly income on your property.
- Property Management companies have connections. If you want maintenance services, such as lawn care, property managers can contract with service companies, usually at discounted prices.
- Property Managers handle the transitions of one tenant moving out and another moving in. This includes walk-through inspections, security deposits and or returns, and new applications.
One disadvantage to retaining a property management company is cost. The average company will require the first month's rent as its first payment and then 6 to 10 percent of each month's rent after that.
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