For Owners
Do you need more hours in the day? Let Living Room’s Property Management and Maintenance Team free you from the most time-consuming landlord duties. Eliminate late-night emergency calls, weekend showings, service repairs, contract drafting, and tenant negotiations. We provide a safe place for landlords and tenants to make room to live.
What’s Included In a Monthly Management Fee?
Coordination of Routine Service Requests for Occupied Units
We manage all the day to day coordination of service requests with an attempt to save money by troubleshooting solutions with your tenants before dispatching vendors.
After-Hours Emergency Maintenance Coordination
We provide 24-hour, 365-day emergency maintenance support for your tenants.
Formal & Informal Tenant Communications
We offer tenants the support and tools they need to be successful in their home. This includes disciplinary notifications, change in roommates, neighbor disputes, etc.
Mid-Tenancy Property Reporting
This includes a formatted photo and conditions report of the interior and/or exterior of the property. Reports can be ordered annually, bi-annually, in the event of damage, upon completion of a major repair, or upon a report of a disturbance/ suspicious activity.
Financial Reporting
Live, cash in and cash out reports along with formalized monthly statements of all activity.
Rent Collections
We prioratize tenant collectioins tenant collections and it shows in our results. Living Room’s proven collection processes results in less than 1% of tenant delinquency each month.
Mid-Tenancy Tenant Addenda
We will work through and formalize the items that commonly pop up directly with your tenants. Adding and removing tenants or pets are the most common.
Move Out Accounting
We will navigate the rules that surround security deposit laws to ensure tenants receive their refunds and owners are appropriately reimbursed for out of pocket expenses.
Annual Tax Reporting
CPAs love our reports! Annual 1099 and cash flow report break down your income and expenses with easy access to receipts and copies of invoices.
If you are looking for full-service management of a property that could be described as unfurnished, single-family, condo, 2- to 4-plex, townhome, or ADU, we might be a perfect fit.
Start a Conversation Today
Whether you are a professional real estate investor or an “accidental landlord,” we can help. Single-family homes, small plexes, townhomes, and privately owned condos looking for long-term renters are the perfect fit for Living Room’s portfolio. Our commitment to excellence, education, and technology, as well as our ability to respond and adapt to market forces, means we can confidently provide the highest caliber of service. Let’s talk.
Owner Resources
Living Room's Menu of Services
City of Portland Landlord Resources
Landlord-Tenant Law Resources
Preparing The Rental
Property Permit & Records Searches
Property Insurance References
Frequently Asked Questions
Tenant Selection
See our Resources to view a copy of the Rental Screening Criteria. There are 3 separate versions of the form depending on the location of the property. The City of Portland requires a special set of screening criteria including an option for additional tenants to self-select at “non-financially responsible.” We use the same set of criteria for each set of tenants, for each home we manage.
No. Unlike the process of selling your home, Fair Housing Laws prohibit us from presenting a homeowner with multiple approved applicants and choosing the “best one.” Once the home is marketed, Living Room will follow the rule of, first come first serve. Applications will be processed one at a time, in the order they were received. If a home is considered to be an accessible unit, mobility-disabled applications will be moved to the front of the line. The first applicant processed will have an opportunity to meet the screening criteria before we move on to the next applicant. If an applicant is denied and requests a personal assessment of their application, our attorney would review and make a final decision on the applicant’s approval.
Yes. If the owner has presented Living Room with a potential renter, prior to publicly marketing the rental we will process the selected application first. Once approved, Living Room will draft lease documents, complete the move-in inspection, collect security deposits and process the rent payments. In this situation, the placement fee is reduced to only 25% of one month’s rent.
82% of Living Room tenants have an animal in the home. The more restrictions you place on pets, the smaller your rental pool becomes. In the City of Portland, monthly pet rent will be charged for each approved pet. Monthly pet rent ranges from $25/pet – $50/pet. For properties outside the City of Portland, an additional $300 deposit will be collected for each pet in lieu of pet rent. If you feel strongly about this issue, we will agree to hold out for a tenant without pets. Please note: Verified service animals are not considered pets and must be accepted even in those situations where pets are prohibited. It is illegal to collect an additional deposit for service/emotional support animals.
Marketing
Your listing will syndicate on up to 50 sites through all of our marketing partners such as the Zillow Group, Apartments.com, and Rentals.com, Realtor.com. These sites are subject to change as new sites are identified and existing sites change their policies.
To ensure prospective tenants experience the home at its best, we wait to market the home once it’s vacant and clean. We find that this sets appropriate expectations related to the condition they can expect to receive it upon move-in. It also eliminates the need to bother the current tenants during the chaos and clutter of moving. We’ve found that listing the home prior to vacancy results in lost momentum and more days on the market.
Security Deposits
A standard security deposit defaults to an amount equal to one month’s rent. In a competitive market, condo and plex owners may accept a smaller deposit as a way to compete with the low move-in costs offered by surrounding apartment communities. Increased deposits are offered to conditionally qualified applicants who meet the screening criteria but come with some additional risk. The tenant’s risk is determined by factors like income, rental history, and credit. For more information, review the Rental Screening Criteria in our Resources section. It’s important to note that an approved Portland applicant will never be charged a security deposit that exceeds 1.5 month’s rent as governed by the Portland Housing Bureau.
No, accepting more than first month’s rent and a security deposit from a new tenant is no longer standard practice. Requiring a tenant to pay last month’s rent also reduces the amount of a security deposit you can accept for damages.
A Unit Inventory Form should be completed and shared with the tenant prior to moving in. When this is done correctly it tallows the landlord to withhold security deposit funds for the repair or replacement of landlord-provided – fixtures, appliances, equipment, or personal property. If this form is not completed prior to the tenant’s move-in, the tenant may be billed for damages but funds cannot be withheld from the deposit.
Rents
Our team will work with you to set the rent for your rental property. We’ll compare recently leased and marketed properties in your neighborhood and offer a solid price based on your investment goals within reason of what the market will bare. While the home is vacant you can expect to work with an agent on a rental marketing plan. Rents of vacant properties will be reviewed weekly and adjusted based on current market conditions.
Management Agreement
We are looking to work with property owners who are willing to commit to a minimum term of 12 months. At the end of the 12 months, the contract will automatically convert to a month-to-month agreement. The property owners who plan to hold the home as a rental for 3+ years are our favorite!
Landscaping
No. We ask that homeowners include lawn care in the monthly rent. The scope of work varies and is difficult to enforce to the standards of most homeowners. Once the home is occupied there are no weekly drive-by visits so it is difficult to monitor conditions. When a landscaper is hired, the tenants assist in our ability to hold the landscaper responsible. We will negotiate landscaping responsibilities with tenants who show interest and have a history of abiding by the rental agreement.
Maintenance
The condition and size of the home play a major role in determining the cost. A deposit of $1,500–3,500 is standard for a well-maintained home in need of light handy work, cleaning, lock change and touch-up paint job. For additional handy services, chimney sweep, gutter cleaning, yard clean up, etc., you may be required to place a deposit of $3,500–5,500. Capital projects that include full paints, major repairs, flooring replacements, moisture/lead/asbestos mediation, and safety improvements would require prior bids and applicable deposits.
Plans To Move Back In or Sell the Home
If your rental is outside the city of Portland and you have ownership in 4 or fewer residential dwelling units, there is nothing you need to do in advance. If the rental is located in the City of Portland you will need to apply for an exemption from the Portland Housing Bureau prior to marketing your property for rent.
Property owners with rental portfolios of 5 or more rentals should also be prepared to pay relocation assistance to their tenants in the event they would like to regain possession of a property that is tenant-occupied.
Important to note that a tenant’s term lease supersedes a sale allowing them to retain possession of the property even if transferred to a new owner. The lease must expire before a current or new owner can require a tenant to vacate. If an owner with 4 or fewer properties wants to terminate the lease they must do so in the first year. After the first year of tenancy, terminating a lease for the sole purpose of selling is not allowed. If the home is in the City of Portland the owner will also need to review and apply for Exemption #12 prior to marketing the property. There are many nuances to this process and we highly recommend that property owners consult with an attorney before deciding to rent their property especially if there is a short-term goal to sell the home.
Insurance Requirements
This is a standard requirement for property managers who act as third-party agent of multiple assets. Since a property manager is exposed to the same types of liabilities as the property owner, they will also need protection against property-related legal claims. These can include: Damages tenants suffer due to fire, water, burglary, or other incidents.
Landlord or Investment insurance is different from a standard homeowner’s policy and not all insurance providers offer this coverage. Homeowner’s policies are specific to owner-occupied homes. A landlord policy is going to offer coverage specific to a tenant-occupied property and the risks that align with that situation. Obie Insurance has a great article about the difference between the 2 types of coverage and services available to clients looking for a landlord policy.
