Medford Oregon rentals are a very attractive option for Investors and Vacationers alike. The 4 seasons, gorgeous scenery and abundance of activities make property management in medford oregon an ideal place to invest in rentals for long term holding and vacationing as well. Prices for REO houses are astronomically low, in fact many people are able to have the rent pay for the mortgage and all associated costs.
The age old question: Is it worth it to pay the 8% management fee and have a Professional manage a property that you buy in Medford? Will I end up saving more or spending more? Common-place knowledge tells you that it will cost you more... but will it?
Working with a Manager that is also a real estate Investor is important, because they understand the importance of return on investment and maximizing the bottom line, especially in the Medford market which has been known to change quickly. Additionally, rental market values are very geographically dependent in the Medford area, knowledge of these dividing market lines is very important.
There are 4 main reasons why you want to use a LOCAL Professional Management Company, especially in the Medford Oregon area:
1. Since they are local they will perform routine physical inspections of the property. In my opinion, Property Managers are in the risk-avoidance business. They are paid to keep a close eye on your investment. A property can turn upside down in a very short period of time, if not properly tended after. We have seen that, due to not being inspected on a regular basis, properties were neglected and suffered long term value loss as a result. Being your eyes for the properties’ overall well being is very important in catching problems early. Additionally, a Property Manager should be an excellent communicator, and keeping in routine face to face contact with the Tenants has proven to dramatically reduce vacancy rates. Good Property Managers should be able to beat the average vacancy rate by 50%. For example in Southern Oregon, the average vacancy rate is over 5%, a good Manager should be able to maintain less than 2% vacancy rate in their rentals. Obviously the housing market is a factor in this, however even given the current challenges, less than 2% vacancy rate is achievable if the Property Management company is taking advantage of all the available resources in the industry.
2. Property Managers are excellent at weeding out potential poor performing Tenants, they do this for a living. A Manager is an expert at efficiently determining those Tenants that could cause problems down the road. The name of the game is to only allow the most prime, qualified Tenants to rent from you instead of down-grading your standards to the first applicant that has a deposit.
A good property management in medford oregon will thoroughly qualify the Tenant through income verification, calling previous Landlords, running credit, calling references, and will perform a thorough criminal and background history investigation.
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