What You’ll Learn

• How to calculate the financial benefits of selling versus keeping your rental property
• How to evaluate the current market conditions in Portland, Oregon, and its surrounding areas
• How to assess the condition and potential of your rental property
• How to create a plan for either selling or renting out your property

1. Determine Your Financial Goals

Why this matters: Failing to clarify your financial goals can lead to making a decision that does not align with your overall financial strategy. To determine your financial goals, start by calculating your current annual income from the rental property, including rent and any other sources of revenue. Next, calculate your annual expenses, including mortgage payments, property taxes, insurance, and maintenance costs. You can use online resources or consult with a financial advisor to help you with these calculations. Pro tip: Consider using a spreadsheet to track your income and expenses and to forecast your future financial performance.

2. Evaluate the Current Market Conditions

Why this matters: Ignoring the current market conditions can result in selling or keeping your property at the wrong time. To evaluate the current market conditions, research the real estate market in Portland, Oregon, and its surrounding areas, such as Beaverton, Hillsboro, and Lake Oswego. Look at the current trends in housing prices, rental rates, and demand for properties in these areas. You can use online resources, such as Zillow or Redfin, to get an idea of the current market conditions. Pro tip: Consider consulting with a real estate agent or property manager who is familiar with the local market to get a more accurate assessment of the current conditions.

3. Assess the Condition and Potential of Your Rental Property

Why this matters: Failing to assess the condition and potential of your rental property can lead to making a decision that does not take into account the property’s true value. To assess the condition and potential of your rental property, start by evaluating the property’s current condition, including any needed repairs or renovations. Next, research the potential for future development or growth in the area, such as new businesses or infrastructure projects. You can use online resources, such as the City of Portland’s website, to get an idea of any upcoming developments in the area.

1. Research the property’s history, including any past renovations or upgrades
2. Evaluate the property’s current condition, including any needed repairs or renovations
3. Research the potential for future development or growth in the area

Pro tip: Consider hiring a professional inspector to evaluate the property’s condition and identify any potential issues.

4. Create a Plan for Either Selling or Renting Out Your Property

Why this matters: Failing to create a plan can lead to making a decision without a clear strategy for implementation. To create a plan, start by deciding whether you want to sell or keep your rental property based on your financial goals and the current market conditions. If you decide to sell, research the current market value of your property and develop a plan for marketing and selling the property. If you decide to keep your property, develop a plan for renting it out, including setting a rental rate, screening tenants, and managing the property. Pro tip: Consider working with a property management company, such as Top Realty Co, to help you manage your rental property and ensure that it is generating the maximum possible income.

5. Get a Professional Assessment of Your Property

Why this matters: Failing to get a professional assessment can lead to making a decision without a clear understanding of your property’s value. To get a professional assessment, contact a real estate agent or property manager who is familiar with the local market and has experience with properties similar to yours. They can provide you with a detailed assessment of your property’s value and help you develop a plan for either selling or renting it out. Pro tip: Consider getting multiple assessments from different professionals to get a more accurate understanding of your property’s value.

6. Review and Refine Your Plan

Why this matters: Failing to review and refine your plan can lead to making a decision without considering all the potential consequences. To review and refine your plan, start by evaluating the potential risks and benefits of either selling or keeping your rental property. Next, consider any potential tax implications or other financial consequences of your decision. You can use online resources or consult with a financial advisor to help you with these calculations.

1. Evaluate the potential risks and benefits of either selling or keeping your rental property
2. Consider any potential tax implications or other financial consequences of your decision
3. Refine your plan based on your evaluation and consideration of the potential consequences

Pro tip: Consider working with a financial advisor to help you evaluate the potential consequences of your decision and develop a plan that aligns with your overall financial strategy.

Quick Checklist

• Determine your financial goals and calculate your current annual income and expenses from the rental property
• Evaluate the current market conditions in Portland, Oregon, and its surrounding areas, such as Beaverton, Hillsboro, and Lake Oswego
• Assess the condition and potential of your rental property, including any needed repairs or renovations
• Create a plan for either selling or renting out your property, including setting a rental rate, screening tenants, and managing the property
• Get a professional assessment of your property from a real estate agent or property manager who is familiar with the local market
• Review and refine your plan, considering any potential risks, benefits, and financial consequences of your decision

Now go do it.

Ready to Work with Portland’s Best Property Management Company?

Contact Top Realty Co today for a free, no-obligation property assessment. Our local team serves Portland, Beaverton, Hillsboro, Gresham, Lake Oswego, Tigard, and the entire Oregon metro area — at a simple, transparent 5% flat management fee. Visit us at www.toprealtyco.com or call (971) 278-9421 to get started.