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What is Oregon’s H.B. 2001 Bill?
Learn more about Oregon’s H.B.2001 bill and how it will affect rent pricing. Why is this an attractive opportunity for entrepreneurial investors?
Portland's F.A.I.R Requirements for Security Deposits
Learn a much-needed real legal advice regarding the requirements and changes in security deposits and how landlords in Portland can collect, hold, and return deposits.
How to Succeed as a Portland Real Estate Investor
Learn about the best strategy for Portland real estate investors to employ in order to enjoy long term investment success in the Oregon real estate market. Some of these tips include understanding the political landscape of a market and the local laws and regulations.
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Unless it's a legitimate threat to the safety or health of the tenant, the landlord is not obligated to replace the carpet at rental properties in the state of Oregon.
Additionally, the tenant is responsible for any damage to the carpet that exceeds regular wear and tear. However, given how resource-intensive carpet cleaning is, replacing carpet with a different type of flooring is one way to speed up rental property turnover.
SB 608 stipulates that, as of February 2019, that Oregon must maintain a website that shows the maximum permitted yearly rent increase by the end of September.
The punishment for exceeding the maximum permitted rent increase is relatively severe, including three months’ rent, damages sustained by the tenant, attorney fees, and legal costs.
The exemptions to this rule are properties with a certificate of occupancy less than 15 years old and anyone who is paying reduced rent thanks to a government program or subsidy. Some laws are unique to Oregon’s localities and cities, such as Portland.
Here are just some of the rules you’d have to know if you decided not to hand off property management services to Mynd.
It depends on the type of tenancy. Within the first year of a month-to-month tenancy, no cause is necessary to terminate a lease, and a 30-day notice must be provided. After the first year of a month-to-month tenancy, termination is only possible if the cause satisfies Oregon law.
If a landlord wants to terminate a lease agreement before its term ends or after the first year of tenancy, a cause must be provided that satisfies Oregon law. This includes violating the rental agreement or committing a crime on the rental property.
If the tenant fails to pay rent after eight days have passed, the landlord can give notice that if rent isn't paid within 72 hours, the lease will be terminated. The notice must include the exact amount of rent owed and when it must be paid.
A similar notice can be made on the fifth day after rent is due, informing the tenant that they have 144 hours' written notice to pay rent.
Mynd believes that we’re the best Oregon property management service, but don’t take our word for it! Due diligence is necessary to find the best property management company.
- Ask for references.
- Consult the Department of Consumer Affairs
- Have in-depth talks with prospective residential property managers.
- Check out online reviews from multiple sources.
- Request internal client satisfaction scores.
If a property management service has complaints against it that the company resolves, then that’s a sign of humility and a commitment to professionalism. Nobody’s perfect, and that includes property management companies.
The simplest estimate is that every rental property requires a property manager’s attention four to six hours per month per unit, which adds up to 48-72 hours of daily management and operations throughout the year. Assuming a yearly lease, most of that time is spent on maintenance and upkeep, finding a prospective tenant, leasing, and rental property turnover.
However, if you’re your own property manager, you may spend more than 48-72 hours per year, depending on how experienced you are in property management. It may take over 48-72 hours for a beginner. Plus, there’s all the time you might spend worrying about your property if you’re a worrier.
Tenant screening begins by writing a great ad that clearly outlines what the rental property offers and the criteria one must meet to be a renter.
Next, Mynd confirms all the information provided by the prospective tenant by running a credit history check, consulting references, and verifying income. Additionally, a security deposit and the first month’s rent is a hurdle to clear for many applicants, which helps us choose a quality tenant.
The number one responsibility of an Oregon property manager is protecting the investment of the real estate investor. Everything residential property managers do can be traced back to this singular commitment to the property owner-- from placing a quality tenant to routine maintenance and upkeep.
Leave it to Mynd!
With Mynd, we can handle a nationwide rental property investment portfolio. You monitor everything using our client portal. Here are just a few of the tasks Mynd will manage for you.
There are three commandments that a property manager must follow above all else.
- Represent the property owner’s best interest: A property manager must ensure the investor’s best interest. That means property maintenance and repair, placing qualified tenants, following the law, and maximizing tax deductions.
- Represent the tenant’s best interest: To earn lease renewals, minimize vacancies, and reduce the risk of legal liability, property managers must be respectful and responsive. That means responding to maintenance issues ASAP, respecting tenants’ privacy and schedules, and getting tenant input. The priority is to make tenants feel valued!
- Respect and know the law: By keeping up to date with local, state, and federal regulations, investors are less likely to face financial penalties, legal liabilities are reduced, tenant safety is prioritized, and you get the full benefit of tax deductions.
Definitely! Here are just five of the many roles filled by property managers in Oregon.
- Financial Reporting: Property managers document the income that’s entering and leaving your rental property investment business, your funds in reserve and can help you maximize tax deductions.
- Project Managers: Property managers delegate maintenance and repair tasks. Since you're legally liable for what an employee does to your tenant or their rental home, building a network of trusted contractors is an essential professional real estate activity.
- Emergency Contact: If your toilet backs up and sewage starts spewing, you contact us!
- Legal Counsel: Oregon property managers keep up with all local, state, and federal laws, so your rental real estate is legally copasetic, your legal liability is minimized, and the law protects you, your tenants, and your investment property.
- Tenant Relationship: Tenants are screened, placed, retained, and evicted by rental real estate managers.
For just 6% to 12% of collected monthly rent OR a flat fee ranging from $99 to $199+, you can hand over 100% of the property management activity to an experienced property manager. In addition to their many skills, experienced property managers have extensive networks and can employ economies of scale, which is when you leverage the large size of your project to negotiate a lower cost for materials and labor.
Here's just some of the property management activity you can leave to Mynd.
- 24/7 Emergency Support
- Finding prospective tenants
- Potential tenant screening
- Dedicated portfolio manager
- Digital leasing
- Provide legal advice
- Follow fair housing laws
- Interact with your homeowner association if there is one
- Electronic security deposit and rent collection
- Financial reporting
- Legal and compliance
- Online portal
- Qualified Tenant placement
- Handling repairs, property inspections, and every maintenance request
- And more