There are a few ways you might become an accidental landlord in Oregon City. You might inherit a property that you don't want to occupy or one that already has tenants in place.
If you scooped up your dream home when interest rates were low and needed to move for work purposes, you might consider renting it out to avoid selling it. Whatever your reasons for becoming an accidental landlord, you could benefit from some guidance if you want to thrive in this role.
Learn how to manage rental property like a pro by reading our top tips for accidental landlords.
Learn About Rental Property Laws
You don't need a license to rent out your house in Oregon City, but you must ensure it complies with all prevailing building codes.
All landlord-tenant relationships are governed by laws unique to their city and state. In Oregon, most of these legalities are contained in the state's Residential Landlord and Tenant Act.
These laws cover both parties' responsibilities toward one another and help guide their expectations to prevent disagreements.
Additionally, landlords must comply with federal laws, like the Fair Housing Act and the Americans with Disabilities Act, especially regarding service animals.
Residential rental property laws do change from time to time. By staying up-to-date with local, federal, and state laws, landlords can avoid unnecessary lawsuits and misunderstandings with their tenants.
Screen Your Tenants Thoroughly
Bad tenants are a landlord's worst nightmare. They don't pay their rent on time and may damage your property.
To avoid this situation, it's imperative to screen each rental applicant carefully. A thorough background check should include investigating the following for each tenant:
- Their identity
- Employment details
- Rental references
- Affordability criteria
These checks ensure a positive relationship with your tenants, protect the value of your property, and help you avoid costly evictions.
Hire a Property Manager
Being a landlord involves many time-consuming tasks to help you limit vacancies and profit from your endeavors. Typical landlord responsibilities include:
- Effective property marketing
- Ongoing property maintenance
- Rent collection
- Precise record-keeping
- Prompt repairs
As an accidental landlord, these aspects can present a steep learning curve, leading to increased stress. A property manager has the skills and experience to ensure they're all carried out correctly.
Their local knowledge helps you avoid falling foul of the law and can help you market your property most effectively. Overall, hiring a property manager saves you time and money while preventing the stress associated with owning long-term rental properties.
More Help for Accidental Landlords
All accidental landlords need a little help with maximizing their rental properties, and working with a team of experts is the best way to ensure you make the most of renting out a home in Oregon City.
PMI Stumptown is passionate about creating a sense of connection with all our customers. We offer a broad range of Oregon City property management services for commercial buildings, HOAs, and residential properties.
When you work with us, you're assured of customer-centric services, attention to detail, and technologically-driven excellence. Browse our blog for more accidental landlord tips, or discover how we can help you thrive as an Oregon City landlord.
