Responsibilities Of a Multifamily Landlord
Are you thinking about investing in multifamily rental properties in Portland Oregon?
Multifamily continues to be a smart investment because it’s always in demand, and more people are renting than ever before.
In this article, we will share with you several responsibilities of a multifamily landlord.
#1 – Screen and Place Tenants
The first responsibility that comes with being a multifamily landlord is screening and placing the most qualified tenants in the rental property.
In years past, finding tenants for the rental property was easy because all landlords had to do was place for rent sign on the property and wait for renters to show up.
These days, it’s much more complicated because landlords must market their rental properties both online and offline.
Once a landlord finds the right websites to place ads to market their rental property, the next thing that they need to do is be prepared for the influx of prospective tenants who will be interested in the property and want to fill out an application.
After a prospective tenant has filled out their rental application, the landlord should also be ready to screen those tenants by doing a complete credit and background check on them. Once the background checks are done, the landlord must have the ability to determine the most qualified tenants to live in their rental units.
#2 – Provide A Habitable Rental Property
Besides screening and placing qualified tenants in the rental property, a multifamily landlord must also be prepared to offer their tenants a habitable rental property.
This means that the rental property should be clean, pest free, and in livable condition.
Ideally, the landlord will have repainted the entire unit before showing, cleaned the flooring or carpeting, replaced broken fixtures, and ensured that the toilet, hot water/cold water, plumbing, and air conditioner/heater inside the rental unit are all in working order.
If anything is broken or needs to be replaced before the tenant moves in, the landlord should not think twice about making those improvements or changes because tenants these days are not stupid, they’ll know when something needs to be repaired or replaced and they are going to wonder what else is wrong with this rental property?
Once a rental property is in habitable condition and ready for the tenant to move in, the landlord must also make sure that the rental property is a safe place to live. This means that the rental property should have a working fire extinguisher, smoke detector, carbon monoxide detector and a strong lock on the front door.
Yes, safety and security are more important than ever before, especially in Portland, where the social and economic climate has changed, and today’s rental market barely resembles the rental market that we knew just two years ago.
The good news is that multifamily landlords can take extra precautions to make their tenants feel safe while they are living in their properties.
#3 – Offer A Reason Why a Renter Should Check the Property Out
Offering a habitable rental property is important but, offering a tenant reason to check the property out is more important.
There are a wide variety of multifamily properties in the PDX area that offer different features and amenities.
To attract the most qualified tenants possible, a landlord must create a property worth checking out that has features and amenities that tenants are looking for.
Some of the amenities that tenants want in 2022 include:
- In unit washer and dryer
- Free WIFI
- Free cable
- Pet friendly unit
- Onsite storage
- Energy saving appliances
#4 – Landlords Must Adhere to Occupancy Codes
Another important part of being a multifamily landlord is adhering to local occupancy codes.
Tenants must know that their landlord is not going to turn a blind eye to enforcing the law, especially when it comes to you how many adults are allowed to live in one rental property.
Enforcing the laws will show a tenant that their landlord cares about making the rental property as safe as possible.
Landlords who don’t enforce the laws will show a tenant that their landlord is only concerned about earning a paycheck and is doing the least amount of work possible when it comes to the care and upkeep of the rental property where they live.
#5 – A Multifamily Landlord Must Be Ready to Act Fast
Last of all, but most important, a multifamily landlord in Portland Oregon must be ready to act fast, especially when their tenant calls them in the middle of the night, during the weekend, or during the holidays to inform them that they have a leak or another issue at the rental property.
Landlords must be prepared to act quickly to resolve issues at their rental property because, handling maintenance issues, or other problems quickly will show the tenant that the landlord cares about their business and is doing everything that they can to continue providing them with a safe and habitable place to live.
At rent Portland Homes – Professionals, we specialize in multifamily and single-family property management for the Portland Oregon area.
It doesn’t matter if you plan on investing in multifamily properties for the first time, or if you currently have multifamily units in your portfolio and you’re searching for our property manager, we encourage you to contact us today for a free quote by calling (503) 791-4610 or click here to connect with us online.