Best practices for your rental
Whether it is your first house and you are turning it into a rental property or if you already have several residential properties as an investment, these tips will help you be more successful and stress-free!
Landlord Insurance Policy
Make sure you have a landlord insurance policy. Besides a bunch of other important items, homeowner policies cover your personal possessions while a landlord policy covers loss of rents in the case of a claim. Work with your insurance agent to find the best policy that fits your needs and level of protection.
HOA Rules and Regulations
If you have an HOA, take into consideration that there may be limits on how many properties are allowed to be rentals in that community. Make sure to read your HOA bylaws and request approval for your rental property prior to renting it out. Some HOA’s have move-in or move-out fees or require tenant information, so make sure you review their process.
Optimizing Property Condition
Keeping your property in the best shape possible will attract quality tenants and be much easier to rent. You may need to have repairs and/or upgrades done to your property to accomplish this. The best thing to do is to make sure it’s exceptionally clean and freshly painted with neutral colors.
Understanding Fair Housing Laws
Read the Fair Housing Laws for Landlords. It is very important you thoroughly screen applicants equally and without any discrimination to prevent a lawsuit. It is best to have a third-party expert screen your applicants to reduce liability.
Managing a rental property can be overwhelming and challenging. Hiring a property management company to take care of it for you will save you the headache! From screening applicants, coordinating repairs, fielding tenant issues, and staying up to date with all legal requirements we make your life better. In addition, since property managers are paid a percentage of the rent they usually do a much better job than private landlords of keeping up with the market ultimately making you more money.
Holland Properties is here for you.
Give yourself a break, it is time to work with a great team !
If you invested in residential property in Oregon but then got relocated, or if your family grew and you are looking for a bigger space, or you want to start growing your wealth and want your home to be an investment, consider hiring a property management company to step in to help you.
Holland Properties
503-533-2121 ─ ext. 51
