How to Choose a Property Management Company

Portland Real Estate and Property Management

There are many kinds of real estate investments: single or multi-family homes, apartments, office buildings, retail buildings, mobile home parks, and marinas, to name a few. Each one of these properties needs care and attention. You can manage your investment property yourself, or you can hire a property manager to take care of it for you.
Property managers do more than collect the rent checks. They can take care of tenant calls regarding complaints and repairs, and are on top of the latest laws and regulations. They will even show up in court if it's necessary. They take care of all the nasty details that can take you away from enjoying your life.
Before interviewing property managers, decide what you expect. Your list might include:

  • Keep the property rented.
  • Manage major or small repairs.
  • Prepare an annual budget.
  • Annually inspect the property and send you a report.
  • Send you a monthly financial report.

Some property managers will provide a leasing service where they advertise the property, show it to prospective applicants, and screen the tenant. You could pick up the management from that point.
Other questions you may want to ask include:

  • How long have you been in business? (You are looking for long-term stability.)
  • How much insurance do you carry?
  • Do you have experience in the kind of property I want you to manage? How much experience?
  • Is your staff bonded?
  • What does the bonding and your insurance cover?
  • Are you accredited by a national organization?
  • How do you collect the rents?
  • If a tenant does not pay what do you do?
  • How do you select tenants for my property?
  • How will you staff my investment?
  • Can I meet the property manager who will be directly managing my property?
  • How much do you charge monthly? Are there additional charges?
  • What service do I get from you?
  • Do you send me monthly reports?
  • What is included in my monthly reports?
  • How do you handle property maintenance?
  • How much could the maintenance cost?
  • How do you advertise vacancies?
  • Can I visit your office?
  • How do you handle property emergencies?
  • Can you give me some example of your attention to detail?
  • What sets you apart from your competition?
  • Tell me about some of your success stories?
  • Tell me specifically how you will take care of my investment?
  • Do you have references I can call?

These answers should give you a good idea of how the company is run, and how well your property will be taken care of.
Once you have selected your property management company, have confidence in your selection. If you have done your homework, you should have a team of qualified professionals caring for your property. You can be confident they will follow the law and abide by a code of ethics.

Property Managers I Recommend:

Mainlander Property Management
Bette Durham, Broker, Operations Manager
503-635-4300 ext. 121.

Sleep Sound Property Management
Nicholas Cook, Property Manager

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Roberta Williams-Lock

Principal Broker
PO Box 80883
Portland OR, 97280