Rental properties continue to be an excellent hedge against inflation but, several things can effectively kill your profits as a Beaverton Oregon Real Estate Investor.
In this article, we will break down some of the things that you should not be doing in your rental property business.
Tip #1 – Not Turning Over Your Vacant Units Quickly
One of the first mistakes that many owners make is taking their time to turn over their vacant units.
Moving quickly when you have a vacant unit is essential because, the longer it’s not occupied, the more you will have to face-covering your mortgage, insurance, and other costs out of pocket.
From the moment that your tenant alerts you that they are going to be moving, you should move forward with getting the property ready for your next tenant. Getting the property ready, marketing, and advertising all takes time and it’s better to start early instead of waiting too long to get that done.
Tip #2 – Not Screening Tenants Effectively
Let’s face it, tenant screening is one of the keys to success with owning rental properties that produce consistent profits because, if you screen tenants improperly, you may rent to tenants who make your life difficult.
To avoid renting to the wrong tenants, it’s important to invest the time in thoroughly screening tenants correctly each time, including asking the right questions because, investing the time in tenant screening will produce long-term, consistent rental income for you.
Tip #3 – Handling Maintenance Issues Poorly
Rental property maintenance is something that every owner should outsource immediately because, it’s easy to think that you can handle the maintenance yourself but the reality is that when maintenance is mishandled, it can be very costly.
From your first month of owning a rental property, you should focus on building a vendor matrix. Doing this will help you to effectively know who to call when you have maintenance needs at your property.
Contact Rent Portland Homes – Professionals
Ultimately, hiring a property manager is the smartest decision you can make as a landlord because it saves you the time and hassle of managing your property yourself.
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.