How to Rent out Your Lake Oswego, OR Rental Property Quickly
Learn why Lake Oswego is a sought-after place to live and how you can rent your property there quickly. Being a high-end area, is this the right place for you to invest, and how it is different from other cities.
Have your lease end in the Spring/Summer cycle
Because Lake Oswego,OR has a lot of families that prefer to move during the summertime so they can finish out a school year, you are going to want your lease end to be during that period.
Make sure your investment is congruent
The Lake Oswego is one of the most expensive areas of Oregon, so your rental property needs to match the area in finishes. This is true for any city, not just Lake Oswego. If you own a property in an A class neighborhood, you need to have A class finishes. You want things like flooring to be durable for renters, but it also would also need to higher-end quality.
With higher-end property, you are going to want to have new paint and offer any features your potential renters are looking for. They want nice finishes and will pay a premium, so don’t go cheap with something that is acceptable in an average neighborhood.
First impressions are everything
Make their first impression count when they drive up to the property for the first time. Have the property in rent ready condition before you try to market it. Things you can do to make a difference include:
- Apply a fresh coat of paint inside
- Weed and plant as needed to clean up the landscaping
- Update light fixtures
- Repair or replace flooring
- Afresh coat of paint on the front door
- Clean or paint the mailbox
- Add a new layer of mulch in flower beds
- Trim hedges
- Repair or replace damaged window screens
- Clear dead plants or shrubs
- Trim trees if needed.
- Clean or replace blinds as needed.
- Check the driveway and walkways for cracks. Remove any weeds growing and reseal them.
- Power wash the home or driveway
Because the Lake Oswego area is high-end, having the landscaping manicured is important to get them excited about seeing it as they are getting out of the car.
The Lake Oswego is a desirable place to live, so rentals are typically rented quickly.You must understand that your customer wants to live in the high-end neighborhood, they can afford more, and they expect more. Making cheap choices will let them down, and your home could be sitting vacant for awhile as they drive right by.
Friction-less engagement through technology
Make sure everything is available for your potential tenant to fill out online. Time is important to them, and they want the convenience of doing the legwork quickly and easily from home. Virtual tours that help narrow their choices quickly is a convenience they will value.
Use technology to make the rental process convenient:
- Viewing property remotely or self-showings
- Applying online
- Quick screening process
- Easy online payment options – like Mynd’s app
Every step should be a quick, painless process. These are business owners or people with demanding jobs in addition to families. The more efficient and convenient a Lake Oswego property manager makes the process, the better.
What Makes for a Good Real Estate Investment Property in Lake Oswego, OR?
Lake Oswego is a city with status
Scott Muzuca, Oregon Portfolio Manager with Mynd, describes the Lake Oswego as one of the most expensive areas in Oregon. Located 10 miles south of Portland, it is an affluent residential community with attractive features like the Sparkling Oswego Lake, a thriving golf community, great school, and beautiful parks.There are many luxury, million-dollar homes in the area which overlook the lake.
Investing in this affluent area is going to be a little different.
You are going to pay a premium of 20% or more. The lake is private, so lakefront property (or properties nearby) have the additional recreational opportunities that location affords but comes with a hefty price tag. Lake Oswego offers a wonderful selection of restaurants and activities that help give it a resort-like vibe.
The schools are a big selling point
Schools in the area boast high numbers of students that goon to college. For this reason, families want their kids in these schools. You are going to want a property that has access to these good schools,
Can you expect cash flow from the property?
It is very probable that buying into a status neighborhood like Lake Oswego where you are paying a premium, you are not going to have a positive cash flow. You are going to be looking out 3 years, 5 years, and 10 years at the future potential appreciation of the home. It is possible you may be at break even or negative cash flow for the first three years, so you want to make sure this fits your plan and you have the resources to offset that.
Are there vacation rentals?
In general, these are not vacation homes. The area has high-end, single-family, residential homes people live in year-round.
Put your property in the hands of a professional
There are many benefits to having a Property Manager manage your property. Contact Scott at Mynd about Mynd’s Lake Oswego property management. If you want to know what you can expect in rent on your property, we offer a FREE rental analysis.Contact us today.
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In the meantime, learn more about ways to start with a smaller downpayment here.