Property Management Companies Tualatin Oregon

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It is no accident that RentVest PM has become the top choice for real estate property owners looking for a dependable rental property management firm in Tualatin Oregon. At the time of deciding on a firm for managing rental real estate there’re several things to analyze. While investing in real estate property can be quite valuable, purchases of this nature can be tough to handle. That’s why it’s best to work alongside a business that focuses on managing investment real estate property. The correct firm are able to conduct a variety of essential tasks for the property owner.

The correct management firm will see about an array of jobs, including portfolio management, property management and asset management. Many firms offer additional support services, including financial services, as well as an IT department.

These property management establishments also bring a lot of experience and knowledge to the table. Some firms are experts in specific varieties of property management, for example multifamily homes or luxury housing. Every company needs to have a proper comprehension of the marketplace as well as the requirements to get a sound real estate property investment.

Working with the right management company will even present you with many opportunities. You can find businesses that allow investors to group their financial resources, which could provide you with entry to investments that would have otherwise not been available to you personally. If you wish more investment options, using a company is a good choice.

Spend some time to find a company which fits all your requirements and is capable of supplying the aid you might be seeking. You’ll benefit immensely when you begin working with an investment company. Even though not a technology company per se when compared to other property management companies in Tualatin Oregon, RentVestPM.Com is light years ahead. Our commitment to technology has allowed us to grow into more than 12 cities in half the time it has taken all the national property management companies.

Reasons Behind Using a Property Management Business in Tualatin Oregon!

Make time to find a firm that fits all your requirements and is capable to giving aid you’re seeking. You’ll benefit greatly after you begin working with the investment company. Even though not a technology company per se when compared to other property management companies in Tualatin Oregon, RentVest PM is profoundly more sophisticated. Our investment in technology has allowed us to grow into more than twelve territories in just a few years.

Benefits of Utilizing a Property Management Company in Tualatin Oregon
Listing my house for rent was hard to do on my own. Getting a property manager helped considerably. Not only did it clear up my time, but it really provided me with far better returns on the rental. The company which I decided to go with managed to handle everything linked to the property rental and so they could actually choose the right renter and it would not cost me too much money to see about. Since they were already using a clear screening process, they had the ability to locate tenants which were capable of paying by the due date each month. It took lots of pressure out the entire rental process and made our house into a viable income stream which we can rely on every single month.

The need to oversea any rental home by yourself can be a significant hassle that you might want to avoid. Making the choice to spend money on employing a property management company generally is one of the best decisions you make if you are searching to rent out your property or apartment without having it turn into a full-time job for yourself. A house management company totally took over the management of our home and enhanced the efficiency in the entire process, from start to finish and we would undertake it again in a heartbeat. Something else that we want to point out that although RentVest PM is known for Property Management Companies near Waimanalo we also offer those looking to rent an awesome inventory of properties for rent in Tualatin Oregon. So, if you are a rental property owner in or near Tualatin Oregon looking for a better ROI we would like the opportunity to assemble a proposal to accomplish it. Those looking for more info about RentVest PM please check out our property management Houston blog

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How Real Estate Management Companies, Property Managers and Landlords Can Increase Rent Prices With Minimal Tenant Loss

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Notifying tenants of an increase in the monthly rent price for your rental properties is usually a touchy matter, especially since a rent increase can create vacancies that will need to be marked and filled when tenants choose to move rather than pay a higher rent monthly rent. Your rental unit pricing is a big real estate management decision. It is also a crucial factor on whether or not tenants decide to move or stay, so it’s important to tread cautiously when it comes to rent increases.

You want to offer your rental units at the fair market price, but you also want to retain the reliable tenants you have and avoid vacancies. Experience has taught us that renewing leases with great residents who’ve proven themselves to be reliable and conscientious is usually more valuable than a rent increase.

Still, you may decide that a rent increase is necessary to cover rising costs and maintain profitability. In that case, you’ll need to decide how much the increase should be, which is typically between 3-5 percent. When notifying tenants in advance, you’ll want to write a cordial rent increase letter to your residents. Keep the tone warm and include a brief explanation for the increase. Here are some examples:

• Increased costs of maintenance supplies and services needed to maintain the community’s safety and security standards, clean, inviting common areas, and landscaping and green spaces.

Other valid explanations for rent increases:

• Cost of living increases
• Bring the rent up to market value
• Property improvement costs
• Property tax hikes
• Increased utility costs
• Increased insurance premiums

Rent Increase Guidelines for Real Estate Management Companies

Every state has specific laws for rent increases by which you much abide. If you offer rent -controlled housing, your options to increase rent are much more restricted.

Some of the regulations to review in your state, county or city laws for raising rent include:

  • Rules for rent-controlled housing
  • Frequency of rent increases
  • Language requirements in your lease regarding rent increases during the term of the lease
  • Maximum limit for rent increases
  • Number of days’ notice you must provide before rent increase begins

It’s important to do your homework and make sure you understand what property managers and landlords can and can’t do when deciding to raise rent prices.  Generally, unless the lease specifies otherwise, you cannot raise rent prices before the lease expires. Real estate management companies, property managers, and landlords must also deliver a written notice of a rent increase, usually a minimum of 30 days before the increase takes effect.

In many states, unless the apartment is rent-stabilized, you can increase rent by any amount you choose—there is no limit— but you risk losing good, reliable tenants if your price hike doesn’t represent fair market value or seems unreasonable. A growing number of states are moving toward enacting rent increase limits on behalf of tenants.

Writing and sending rent increase letter that is amenable to tenants

Communication is key. A rent increase letter complies with rules for informing tenants and officially documenting it. Your rent increase letter should be pertinent, professional, and written in a polite, approachable tone. You can search for rent increase letter sample templates to use as guidelines.

When writing your rent increase notice letter, personalize it to your community’s unique identity, bearing in mind that money is a sensitive issue, communicating with tenants on a personal level helps remind them that you value them as people. This is your best approach for encouraging them to stay, despite the rent increase. Great tenants appreciate great landlords too, and a great landlord is one who makes his or her tenants feel valued.

When writing the rent increase letter’s greeting, use the tenant’s name, rather than “dear tenant.” Also, use “Change in Rent Notice” in the subject line instead of “Rent Increase Notice,” since the former doesn’t immediately elicit a defensive reaction from residents. In the letter, make it clear that tenants can contact you with questions and provide your email address and phone number. Make sure to thank them for being a valued tenant. Sign off with a personable closing phrase such as “sincerely,” “Best Regards,” or “Many thanks.”

Important information you must include in your rent increase letter:

  • Tenant’s name
  • Property address
  • Property manager or landlord’s name and contact information
  • Date the letter is written
  • Date the rent increase will take effect
  • Amount of rent increase
  • Current rent price
  • Rent price after increase takes effect

You can also structure the letter like a contract and insert a form at the bottom for the tenant to complete, sign and return. Wording on the form should read:

  • I agree to accept the new monthly rent price, effective XX-XX-XXXX date. (If selected, you can the tenant send a lease renewal letter.)
  • I do not agree to accept the new monthly rent price and will vacate by XX-XX-XXXX date according to the lease agreement.

To send the rent increase notice letters you can either hand-deliver them to tenants or mail them individually via certified class mail with a return receipt. Don’t email these notices, as you need to ensure the tenant acknowledges that they received the letter to prevent potential confusion or legal issues later. Follow up with tenants via email or regular USPS mail. Email is the most efficient follow-up method.

Make it as simple as possible

Coordinating rent increases, facilitating communication, and managing potential tenant turnover can be complex touchy. A good real estate management company is well-equipped to handle this task—they keep up-to-date on market prices, are well-versed in writing rent increase letters and lease renewals, working (and negotiating) with residents, and handling turnover.

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