A hole in a plaster wall, a broken window, crayon marks on the ceiling, cabinet doors torn off their hinges—those are obviously above and beyond normal wear and tear. How about a worn place in the carpet, or tiles on the kitchen floor that are cracked or missing? That is where the tenant can claim that he does not owe a dime of the security deposit because that was just “normal wear and tear” and you cannot charge him for that. Less than stellar tenants are experts in “normal wear and tear” because they have caused so much of it. So what really is considered “normal wear and tear?”
A rule of thumb to follow, whenever there is a question about who should pay for damage, the landlord should pay. In this tip, however, I will remove some of the question and possibly enable you to get a better idea of when you should deduct money from the security or cleaning deposits. (more…)
Bend, OR, May 4, 2020: The First Quarter of 2020 was shaping up to be a strong year for real estate in Central Oregon according to data from the Multiple Listing Service of Central Oregon (MLSCO). Sales for residential properties in Crook, Deschutes, Jefferson and Harney counties were up 14% in 2020 compared to 2019: (more…)
According to the American Pet Products Association, 65% of Americans have pets. This means that a large percentage of your market owns at least 1 pet. If you don’t allow them in your rental, you’re missing out on potential profit by eliminating two-thirds of prospective tenants before they even look at your vacant unit.
There are both pros and cons to allowing pets in your rental properties. They can do a lot of damage to your property and can be a disturbance to other tenants.
On the other hand, by allowing pets, you’ll have more potential applicants for your property. Considering the high percentage of pet owners and the fact that they typically lease longer, allowing pets could be very beneficial.
In this post, you’ll learn about the differences between the types of pet fees, pet deposits, and pet rent, and which ones you should charge as a property owner in Oregon and Southwest Washington. (more…)
Rental properties require continuous investment, for example, regular maintenance. If you work with a property manager, regular inspection/maintenance of your property is just one of his or her many responsibilities.
Many landlords avoid maintenance to cut costs without knowing the repercussions. Doing so will take away a large percentage of their future rental income.
Successful rental property owners have a proactive mindset. They acknowledge problems before they potentially become disasters. (more…)
Do you have a rental property in Oregon but do not know how to screen your tenants?
Tenant screening is essential. It’s like determining the right rent price or maintaining your property. Failure to focus could end up creating problems. (more…)
Every landlord dreads the thought of having a vacant rental property. Rightfully so, a vacant property can easily cost you thousands of dollars in potential income, seriously damaging your bottom line.
Besides the lost rent, you also have to look elsewhere to pay for property expenses such as mortgage costs, property taxes, and the costs of marketing the property all over again.
Keeping vacancies to a minimum is essential.
If you have been a landlord for a while, then you know that getting a good tenant isn’t necessarily that easy.
You need to do two things to be successful in the competitive world of rental properties:
A) Find a tenant of the right caliber.
B) Find such tenants quickly in order to fill your vacancies in the shortest time possible.
In this blog, you are going to learn 3 tips on how you can achieve these two crucial things quickly. (more…)
Anyone can own property in Oregon, but not everyone can manage it! Managing a property isn’t an easy walk in the park.
To have a successful rental business, you need a property manager that has the experience, skills, and industry knowledge.
The rental property business is competitive mainly because renters have such a wide range of options to choose from. For your property to stand out, you need to choose someone who understands the ins-and-outs of the business.
If you’re reading this, you probably already know what a property manager does. The next step is the find the right one to manage your rental property.
There are so many property managers out there, how do you improve your odds of landing the right one? Well, you do that by asking the right set of questions.
In today’s blog, we are going to take you through some of the best questions to ask a property manager when considering hiring them. (more…)
When it comes to single-family homes, Oregon is a prime destination for real estate investors. And rightfully so, the state is home to several vibrant cities.
Oregon is also home to breathtaking mountains, refreshing rivers, and some of the world’s most beautiful parks. All these features drive thousands of potential renters and single-family home buyers to the Beaver State every year.
Currently, Oregon’s growth rate ranks in the top 10 in the nation. With the annual rate of growth approaching 1.3%, the population is expected to reach 4.6 million in 2025. It’s worth noting that the national population growth is 0.7%.
Oregon also enjoys a strong and stable economy. The coastal state is home to technology giants in the Silicon Forest. Other key industries in Oregon include green technology, outdoor gear & apparel, food & beverages, forestry & wood products, business services, and manufacturing.
These factors along with numerous leisure opportunities, great educational facilities, and quality healthcare all contribute to making Oregon a smart call for people looking to invest in the state’s real estate sector.
The more detailed your Oregon lease agreement is, the better it is for all parties of the lease. With a properly detailed Oregon lease or rental agreement, you can avoid an abundance of conflicts and misunderstandings throughout a tenancy.
One of the most common mistakes landlords make is failing to set clear tenancy rules. Having a detailed lease agreement will help set a clear expectation for your tenants which will minimize misunderstandings and issues.
As a landlord, the following are the key items you should include in your lease or rental agreement. Having these in your rental contract will help ensure the tenancy runs as smooth as possible. (more…)