How to Select a Property Management Portland Company?

Categories: Property Management
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Published on: October 6, 2014

A lot of real estate investors find it convenient to manage their properties on their own. However, there are many owners and investors who prefer to hire a Property Management Portland company to get their properties managed in a much effective manner. These investors don’t wish to handle the responsibilities related to their properties single-handedly. The decision to hire a management firm can be a good one, but it is also a major one that can have great financial ramifications. There are a lot of factors to consider when making the decision of hiring a property management company in Portland.

  • First, you should see what fee is the company quoting for its services, and compare it to other companies fee structures. At least interview three Portland Property Management companies and ask as many questions as possible to find out more about the company and its policies. While a lot of companies may offer you a comprehensive property management package, others offer leasing services only and other services like maintenance, tenant selection, security and alike for an additional fee. You should also check the employee ratio in the company because if a company is managing hundreds of properties and there are only three people managing it, then you should not consider working with such a firm.Portland Property Management

 

  • Once you have shortlisted a few property management companies, it is important for you to verify the services and know company whereabouts. What could be better than talking to the previous clients of the company as they can give you hands on experience about dealing with the property management firm? You can even ask questions like how was it working with the company, what did they charge for the services, and did they find any difficulty in communicating with Portland Property Management Find out if there are any criminal cases registered against the firm; if yes, then simply don’t work with it.

 

  • Talk to a few tenants that the company is presently managing. If the tenants are satisfied with the company’s services, the likelihood is that the property management company is really good. And it also states that the company is genuine and professionally managed.

 

  • When interviewing the Portland Property Management firm, have a list of questions prepared well in advance that you wish to ask. Ask about their plan of action for handling properties and how they take care of maintenance and repairs. Write down the answers of property managers and analyze them later. Give a thoughtful consideration before selecting a particular firm.

 

  • If you have decided about selecting a company for your property, it is best that you don’t make the offer on the spot. However sure you might be of your decision, but it is always beneficial to make a deal later only.

 

  • Evaluate your decision one last time and consider various factors like the reputation of the company in the market, services it is offering, and for the price that it has quoted. Apart from this, give major attention to tenant relations with Portland Property Management company, and then take the decision.

Reasons Why Small Property Management Portland Companies Fail

Categories: Property Management
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Published on: September 25, 2014

If you have started a Property Management Portland company recently and are not able to generate enough revenue from it, you must read this write-up. The future of your property management company can be at stake because of a few reasons that investors overlook:Portland Property Management

  • You’ve Not been charging Much Money

If you are an investor who has started property management as a side business and are not getting much profit, it is probably because you are not charging as much as you should charge. Your end goal needs to be minimized expenses and increasing income. However, as an investor, one is usually looking for best Property Management Portland deals, which in turn means lesser management fee. If you charge less fees for your services, that means lesser profits. And if your profits won’t be much, you wouldn’t be able to hire competent staff for your company. Lesser staff in turn means either fewer properties to manage or more people managing too many properties, which ultimately hampers the quality.

  • Not Much Experienced

A company that starts from scratch has to traverse a long route to attain a holding in the industry. Such companies might have a little experience units in its own local area, but running a full-fledged property management company in Portland!

All businesses have to deal with a number of a number of areas, for which they need expertise to come out successful. They should have a proper process for various domains, including marketing, sales, accounting, finance, sales, and alike. They should know their niche market segment and where to place ads to get their attention.

However, it takes time for anyone to learn the skills and handle all these fields deftly. They are dependent too much on their staff members in all these areas and when they leave the company, the property managers are left scrambling. In short, they cannot do anything alone and fail to make the entire process repeatable.

  • Numerous Distributed Units

With lack of experience, small property management firms’ end up signing multiple contracts for properties located in different areas. Say, what would be better, managing 50 single family homes or a multi-unit with 50 units. Small scale property managers find major business opportunities in managing 50 single homes; however, what they neglect is the amount of pressure and workload that comes with management of 50 single units. If they would have considered managing one multi-unit with 50 single units, they would just have had to take the stairs and see how things are going on.

  • No Bookkeeper

So in small Property Management Portland companies, the property manager tries to do the bookkeeping on their own. However, they aren’t quite trained in accounting. So there can be a lot of problems that can arise without a dedicated bookkeeper such as missing income, incorrect rental money tracked, or wrong expenses data.

Without financial records, a property management company cannot work effectively. This majorly hamper tracking the cash flow and it becomes one of major problems leading to business failure of small Property Management Portland companies.

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