Today we’re talking about the way professional property managers handle many of the situations that can occur throughout a tenancy. A lot of rental property owners talk to us about the services Residential Property Management in Portland can provide, and most of their questions seem to start with “what if.”
These are some of the questions you might have as well:
What if my tenant doesn’t pay rent?
What if the tenants damage my property?
What if the tenants move a pet into my home when I don’t allow pets?
What if the tenants move other residents into the home without my knowledge?
What if the tenants vacate in the middle of the lease term?
The Answer: Strong Rental Agreements
All of these questions, and the additional what-if scenarios that we didn’t mention, should be addressed with one document: the rental agreement. When you have a thorough, properly worded and correctly executed rental agreement, you will have a written guide that tells you what to do when a violation occurs. This will solve nearly all of your tenant challenges and it will be your first point of reference if something unexpected happens.
Make sure your lease agreement has been approved by your legal counsel or someone who is experienced in landlord tenant law. It should be specific to the requirements of Oregon law. Read through it carefully so you understand it and can answer any of the questions your tenants may have before they sign it.
Many landlords create problems for themselves when they don’t have a well-written rental agreement. You can also get into trouble if you don’t know what you’re signing and you’re confused about what you can and cannot do if a violation occurs.
At Residential Property Management, our average rental agreement is 14 pages. It can get longer when we include some of the specific addendums that are necessary to fully protect your property. Our landlord lawyers review these agreements regularly and they have always stood the test of time.
If you’re managing your own rental property and you’re worried about all the “what-if” scenarios, the best place to start is with a good rental agreement. This will lay the foundation for a successful landlord experience.
Please contact us at Residential Property Management if you have any questions about this blog, or you’d like more information about creating a solid rental agreement.