How To Succeed As A New Landlord In 5 Steps
Are you getting close to investing in your first Portland Oregon rental property but you’re also wondering if you have what it takes to succeed as a new landlord? If so, you’ve come to the right place!
Even though the thought of becoming a landlord may be intimidating for some people, the reality is that being a landlord is a fairly simple process, especially if you follow these steps.
Step #1 – Take The Time In Tenant Screening
One of the most important things to do as a landlord is to take the time investing screening tenants because this step of being a landlord is critical to the long-term ROI of your investment property.
When you screen tenants, focus on a full screening approach including pulling their credit report, employment history, rental history, and doing a background check because once all of this data is compiled together, you will have a clear picture of the quality of the applicant.
Step #2 – Regularly Inspect Your Property
Besides focusing on tenant screening, you should also have your rental properties regularly inspected as well since this is going to provide you with peace of mind in knowing the condition of your rentals and if they need work, or are going to need maintenance in the future.
Step #3 – Enforce Your Lease
One of the biggest mistakes that many landlords make is not following through on enforcing their leases. Don’t let this happen to you. Always take the time to enforce your lease, including collecting fees because failing to enforce your lease means that your tenants may take advantage of you.
Step #4 – Insurance Is A Must
Don’t let your new tenant start day #1 at your rental property without them having landlord insurance, and you should also have landlord insurance as well because you want to protect your best interests as a landlord.
Get Property Management In Portland Oregon
At Rent Portland Homes Professionals, we can save you the time, money, and hassle of managing your rental property yourself.
Our team of property management professionals can offer you all of the property management services that you need including rent collection, maintenance and customer service so there’s nothing that you have to do yourself.
To learn more about the services that we can offer you, contact us today by calling (503) 447-7735 or click here to connect with us online.