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RENTAL NEWS AND TIPS

18 Apr 2022 Jeremy Raglin

How To Price Your Rental Property In A Competitive Market

Are you planning on listing your Beaverton home as a rental property for the first time but you don’t know what to rent it for?

One of the keys to success with owning a rental property is setting the correct rent because you can miss out on profits if you set it too low and you may have a difficult time keeping tenants if you set the rent too high.

In this article, we will offer you several tips on how to price your rental property correctly.

Comparable Research

The first thing to do when determining the correct rent for your Beaverton rental property is comparable research.

This means investigating similar rental properties in Beaverton Oregon to determine what stand-out features those properties have and desirable amenities that your property may not have.

Some of the most desirable amenities tenants are searching for include a washer/dryer, upgraded appliances, good parking, a finished basement, and an excellent location.

If your home doesn’t compare to similar properties in the area, consider investing in curb appeal upgrades, adding smart appliances, and allowing pets.

Learn More About The Rental Market

Another thing to do that will help you determine the correct rent for your property is to learn more about the local rental market.

Keep in mind that if demand is high, and supply is low, prices will typically increase but if demand is low and supply is high, landlords will start lowering their rents while in some cases offering concessions to tenants.

Do The Numbers

Once you learn more about the local rental market, the next thing to do is the numbers; this means coming up with the exact number that you should ask for your property every month.

How do you do this? Ideally, the amount of rent that you charge should be up to 1.1% of your home’s value.

Example: Let’s say that your home is valued at $400,000, this would mean that you should charge between $3,500 and $4,000 per month for rent.

Remember to set the correct rent based on what similar properties in the Beaverton area are renting for because if you set it too high, your property may be unaffordable for most renters.

Contact Rent Portland Homes – Professionals

At Rent Portland Homes – Professionals, we specialize in local property management for single-family and multifamily properties in the PDX area.

To learn more about the property management services that we can offer you, contact us today by calling (503) 447-7735 or click here to connect with us online.

RENTAL NEWS AND TIPS

7 Mar 2022 Jeremy Raglin

How Your Tenants Can Decorate Their Rental Properties Without Damaging Them

In today’s world, most tenants want to decorate their rental properties because they want to personalize those properties and make them feel like they are their own.

Sadly, when it comes to decorating, this often involves damage because some tenants may use screws and nails while other tenants go a little too far when it comes to personalizing their properties.

What Are The Do’s Of Decorating A Rental Property

The new time you rent to a new tenant, make sure that they are aware of the following do’s and don’t of decorating a rental property.

Do use command hooks – Thanks to command hooks, or similar products, it’s possible for tenants to decorate their rental properties without using nails or screws.

Do use area rugs – Using a few area rugs in a rental property can effectively personalize the floors of that property, make it feel more like a home, and also insulate the floors to limit heat loss during the winter.

Do use peel and stick wall coverings – Tenants who want to paint, or personalize the walls inside a property should be encouraged to use peel and stick wall coverings instead because these wall coverings offer a wide variety of patterns and are very easy to use.

Do invest in additional lighting – Another great way to personalize a rental property is lighting because adding more light can easily brighten up any dark space and make a rental property feel like home.

What Are The Don’t Of Decorating A Rental Property?

Don’t use nails or screws in walls – As we mentioned above, screws and nails are unnecessary in today’s world simply because command strips offer the same functionality and cause no damage to walls.

Don’t allow permanent fixtures without permission – If your tenant is thinking about adding a permanent fixture to the rental Oregon property, they must get your permission first. This is important because that fixture must complement the design/look of the property and be easy to remove (if needed) once the tenant moves out.

Don’t allow paint without permission – Tenants who want to paint their rental properties should be made aware that they can paint them only with your permission first.

This is important because if the tenant paints the property, they must be made aware that the property must be repainted a neutral color once they move out.

Some tenants will balk at repainting the property themselves before moving out, leaving this job to their landlords, so it’s best to make sure that they know they will be required to repaint or risk losing a portion of their security deposit due to this cost that you may incur.

Contact Rent Portland Homes – Professionals

At Rent Portland Homes – Professionals, we’re experts at local property management and our team can assist you with managing your single-family, or multifamily rental properties.

To learn more about the services we can offer you, contact us today by calling (503) 447-7735 or click here to connect with us online.

RENTAL NEWS AND TIPS

15 Dec 2021 Jeremy Raglin

Should You Rent Your Single-Family Beaverton Home?

Are you thinking about renting your single-family Beaverton home, but you’re not sure if that’s the right decision for you to make or not? If so, you’ve come to the right place.

Rental income is a great way to generate steady and consistent cash flow in the 2020s, but the reality is that there are several things that you have to do first to ensure that you can earn a consistent income from your property.

#1 – Screen And Place The Most Qualified Tenants

The key to success when it comes to renting your single-family Beaverton Home is to screen and place the most qualified tenants.

To do this, you will need to do a complete background check on applicants, be willing to call their references, and pull their credit reports, to ensure that they are working full time and earning at least three times the rent that you’re charging for your property.

#2 – Develop Standards And Stick With Them

Besides screening and placing the most qualified tenants, you also must be willing to develop standards/rules and stick with them.

This means that you will have rules that your tenants must know that they have to follow or they will face fines and possible eviction from the property, if broken,

#3 – Create A Vendor Matrix

Once you’ve rented your Beaverton home, the next thing you must do is create a vendor matrix of trusted companies that you can call at a moment’s notice to assist you with things like plumbing and routine maintenance, to more advanced maintenance issues.

Having a vendor matric is essential because the last thing that you want to do is to perform maintenance on your property yourself because at that point, the income stream becomes an active income stream, instead of a passive income stream.