Rental Basics in Portland>Question Details

angelajohnso…, Home Owner in Portland, OR

hi I am relocating in the next 6 months and am wondering if there are pros and cons to rental property management?

Asked by angelajohnson1023, Portland, OR Mon Mar 19, 2012

I am moving from CA and have a condo that I own here, which I will be renting out. Not sure if I should be using a property mangement company or a listing off of Craigslist. I have a dog, medium size and will be looking for places around 1200-1500 a month

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Joyce Zilai’s answer
Residential Property Management is here in Portland and work with people who are looking for a rental and people who have property to rent. Give Bob Johnson at call at 503-245-8022 or check their web site. Please let them know I referred you.
Web Reference: http://www.rpmpdx.com/
0 votes Thank Flag Link Tue Mar 20, 2012
Sorry for the confusion. I own a property, which I will have managed. But, am inquiring about the use of Propery Managment Companies in the Portland area vs. Craigslist ads. Seeing if anyone has a suggestion and/ or reccommendation on a company to use. I will be visiting in April and would like to look at some potential places to rent.

Apoligze for the confusion, I was just making it clear that I am already an owner, but am looking to get back into the renting communtity in Portland.
0 votes Thank Flag Link Tue Mar 20, 2012
listing companies provide a lot of benefits....and as you are moving, they can take a lot of the worries off of you. Be sure to find a reputable company, one with a lot of experience and that will commit to periodic inspections of your property in CA
0 votes Thank Flag Link Mon Mar 19, 2012
It is a great idea, it can protect you from scams! I can't tell you how many rental scams there are on craigslist right now...
0 votes Thank Flag Link Mon Mar 19, 2012
A Pro in Property Management: Teri Clark, The Sunset Group Realtors 503-579-3000. She is extremely good and a very nice new connection for you in the Portland Metropolitan area! From my years of experience in property management, I personally would call her first!
0 votes Thank Flag Link Mon Mar 19, 2012
Hello
If your relocating from Ca to Portland and renting your current place out, I would strongly recommend a property management company. I think it would be worth the ease of moving knowing that your condo is in the hands of somebody that is local. They handle everything for you. Might offer you some peace of mind knowing that is taken care of. I imagine a move across state lines will be enough for you to handle. I hope that helps. Portland is a wonderful place to call home! Welcome!

Heather
0 votes Thank Flag Link Mon Mar 19, 2012
Marvin is right about what are you asking for help with? Finding a rental or managing your condo. Use a management company to rent your place and keep an eye on it. I think you are talking about using a management company to find a rental here in Portland. Our market is tight and depending on where you want to live the prices in the Pearl for a condo NW close to downtown Portland goes to $2 a foot so you are looking at a 1 bedroom. If you want an house you can find many in that range but out a few miles from downtown. Lana had some great points about scams on the internet. I even had one of my listings advertised for rent and I went and put a sign in the window explaining that the house was not for rent because they said on Craigslist to not worry about the RE sign it was coming down and not to call the agent. Meet the owner at the property don't mail a deposit you will never see it again. If you give me an idea of the area I can recommend some management companies that work in that area. Most all take pets you will just have to pay an extra security fee for the dog.

Tom Inglesby, Broker
RE/MAX Equity Group
http://www.equitygroup.com/tinglesby
0 votes Thank Flag Link Mon Mar 19, 2012
If you are going to be relocating outside of a 2-hour drive to your condo, I highly recommend hiring a management company for the following reasons:

-They will advertise, locate and vet potential tenants for you, meaning they will run a background check on their credit, employment and rental history. They will make recommendations, but you pick which one you like.
- If any problems arise, such as maintenance or community issues, they will take care of it. A GOOD management company will even go to court for you, if it ever becomes the case and local courts allow it. Make sure you interview at least 2-3 companies before picking one and ask a real estate agent who works with investors for a referral. Some real estate agents also manage properties, but make sure they have a team to handle management the right way.
- The fee they charge will be chicken feed compared to potential legal fees if you manage a property yourself and don't know what you are doing. Typical fees are 10% of the monthly rent or $100 minimum/month, if 10% doesn't equal $100. The cost of finding a tenant is usually the first month's rent. Out of that first month, they take a fee for the advertising, etc. and offer commission to a real estate agent to bring them a good tenant.

The bottom line is you are turning your home into an investment property, ie: someone else is paying the mortgage. So, are you more concerned with how much it cashflows (anything over and above cost of owning that becomes income for you) or do you want no headache?

Good luck!
:)
Kelly
0 votes Thank Flag Link Mon Mar 19, 2012
You will be much better off using a rental property management. The only reason I say that is because I have seen too many people scammed by the use of Craigslist. I love the site. I use it myself. I just worry because of that. Please make sure if you do use craigslist...you call and speak with the people. You meet them in person, do NOT mail checks to anyone outside the US. You will never get the keys or your money back.
0 votes Thank Flag Link Mon Mar 19, 2012
You need to elaborate. Are you talking about using a management company to take care of your home-to-be-a-rental or to help you find a place to rent here?
0 votes Thank Flag Link Mon Mar 19, 2012
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