Rent Resources for Owners

Visit LivingRoomRentals.com and view a copy of the Rental Screening Criteria. We use the same form for each set of tenants, for each home we manage.

The homeowner does not have a say in who rents the home. Applications are processed one at a time, in the order they were received. The first application processed will have an opportunity to meet the screening criteria before we move onto the next applicant. The first approved applicant will pay a deposit and be required to take possession within 2 weeks of their approval or on the date the home is made ready, whichever is further out. 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”. If you know someone interested in leasing the home, encourage them to apply right away to secure their place in line. Truth Bomb--A standard 3-bedroom home could be occupied by a set of 6 unrelated college roommates. A handful of those roommates may come with emotional support/service animals that we are unable to collect pet deposits for. If the possibility of this makes you nervous, professional property management may not be the route you want to take.

A homeowner can control the tenant selection process as long as they are willing to do all the marketing, touring and screening of the tenants. For liability reasons, Living Room will not place our name on any marketing or signage until the applicant has been approved for move in. Once approved, Living Room would happily draft lease documents, complete the move in inspection and process the rent payments. In this situation, the placement fee is reduced to only 25% of one month’s rent.

Pet owners make up almost 70% of the rental pool. The more restrictions you place on pets, the smaller your rental pool becomes. An additional $300 deposit will be collected for each pet. However, if you you feel strongly about this issue, we will agree not show your property to prospective tenants with 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.

Two people per legal bedroom. Children under the age of 2 are not included in the count.

The home is marketed on 36 listing sites including Zillow, HotPads, Craigslist and our Website.

The home will be marketed as soon as it is vacant and ready to tour. This will ensure prospective tenants are seeing a nice clean space and experiencing the home at it's best. Additionally, this timing eliminates confusion as it relates to the move - showing the home in a condition they can expect. 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

LRPM holds the tenant’s security deposit in a designated security deposit trust account until they move out. If we take over management of a property which is already rented, the owner must forward the security deposits to LRPM right away.

LRPM’s standard security deposit defaults to an amount equal to one month’s rent. Many condo and plex owner’s accept smaller deposits (300 - 800) to compete with the large apartment communities that offer low move in costs. Deposits are increased by 25-50% based on the tenant’s risk level. The tenant’s risk is determined by factors like income, rental history and credit. For more information, review the Rental Screening Criteria located on LivingRoomRentals.com.

No, it is no longer standard practice to accept any more than first month’s rent and a security deposit from a new tenant.

Tenant damage can be deducted from the security deposit...for the most part. Wear and tear should be expected and is not considered damage. Paint and carpet replacements/cleaning are 2 of the most costly expenses to homeowners that often fall under “wear and tear.” For more information on what can and cannot be deducted from the deposit please ask the management team for a copy of the Homeowner’s Move Out Instruction Guide

100% of the monies withheld from the tenant’s security deposit is credited to the homeowner's ledger.

We process owner payments/disbursements on the 15th of each month. You will receive an email once the payment has been processed along with an Owner’s Statement shortly thereafter. If the tenant pays all or a portion of the rent late, you may not receive the payment until the following month. The Owner’s Statement will include copies of work orders, processed invoices and a ledger of income and expenses. Please review for accuracy each month. Much of the accounting is automated....we all know how that goes. Please expect an additional 2-3 business days for the owner distribution to hit your bank account.

We set the rent with you! We’ll compare recently leased properties in your neighborhood to give you a good idea of rates. From there we can set the price based on your real estate goals. Rents will not be adjusted without the owner’s input.

It all depends on the market. You will receive a rent assessment about 4 months before your tenant’s lease expires to help you determine the appropriate amount to raise rents upon renewal should you decide to do so. Here in the city of Portland rent increases over 9.9% will be subject to Relocation Assistance Fees due to the tenants.

Pet rent is a monthly fee the landlord charges their tenants with pets. Large apartment complexes need to recoup the costs of hiring maintenance teams to pick up after pets, change out dog waste stations and regularly replace landscaping. Most single family/plex units don't have these monthly expenses and therefore there is no need to upcharge the tenants.

No. We ask each of our homeowners to include lawncare in the monthly rent. Mowing and trimming become a low priority for tenants with busy lives. The lack of attention leaves homeowners upset with the over growth and large bills for cleanup. Keep in mind, most tenants do not have lawnmowers, and providing the equipment adds liability and another item to repair. Most importantly, tenants often times have very different ideas about what is considered "reasonable" lawn maintenance. Once the home is occupied there are no weekly drive-by visits so it's difficult to monitor conditions. When a landscaper is hired, tenants are more apt to stay on top of the contractor.

No. If you are looking for direct contact with your tenants, you may not need full-service property management services. Once you’ve hired LRPM to manage your rental property we ask that all tenant communications go through our office, no direct contact. We want to ensure the homeowner is not placed in the tough position of over accommodating or over promising. We also want to make sure the tenants are going through the proper channels of communication (online work orders and forms). Documentation is the key to successful property management and something we take very seriously. We will take good care of your tenants, promise!

If there are special instructions that would help the tenant more comfortably live in the home, you might consider creating a "Tenant Manual." A simple 3 ring binder or laminated sheet on the refrigerator works great for this. I've also seen homeowners leave notes strategically placed around the home. One of the most common is a reminder to leave the front loading washer open to prevent mildew.

Let us know! If we can't change your mind in 30 days, we'll release you froim the contract at the end of the following month.

12 months. At the end of the 12 months, it automatically converts to a month-to-month agreement.

If the LLC/Trust is listed on the deed, we are happy to draw up the contract and prepare all tax documents in the LLC/Trust as well. Please note, the insurance policy must also be listed in the LLC/Trust.

If a tenant needs to break their lease, they are automatically billed a Lease Buyout Fee of 1.5x the monthly rent. This fee is delivered in full as a credit to the homeowner’s account and covers one month of lost rent along with the 50% placement fee you’ve paid Living Room to move them in. The tenant is encouraged but not required to give written notice before breaking their lease.

Here in Oregon, the earliest we can begin the collection process for late rent is the 8th of the month. If the tenant has an outstanding rent balance of $100 or more on the 8th of the month, we will issue a 72-hour rent demand notice (extended by 4 days for mailing). If they are responsive, we will work with the tenant to generate a formal payment agreement. If they are unresponsive or violate the terms of the payment agreement we will begin the eviction process. Eviction processing fees start at $150. Eviction fees are paid by the homeowner and later collected from the tenant through the security deposit or collection efforts if the tenant is unable to pay prior to moving out.

We'd encourage your neighbors to reach out to us if they are experiencing frustrations that cannot be handled with the tenant directly.

We’re happy to use your contractors as long as they are available and properly licensed/insured. Each vendor must produce a W-9, Contractor’s License and Insurance Policy before they are scheduled for any job on a Living Room Rental. If your desired contractor is unresponsive, unavailable or has not produced the proper documentation, we will default to a LRPM approved vendor.

Maintenance emergencies will be handled quickly and without homeowner approvals. To avoid bothering or pestering the homeowner, we will fill you in on emergent calls once it's been handled. The following items will be treated and handled as an emergency:

• No air conditioning (when outside temperatures are above 85 degrees and AC is provided in the home).
• No heat (when outside temperatures are below 55 degrees). Except when weather conditions prohibit service.
• No water
• Overflowing commode
• Commode not functioning (when only one in a home)
• Refrigerator/freezer not cooling
• Kitchen sink backed up
• Electrical outage/breaker
• Gas failure of any nature
• Major water problems-leaks, broken pipes, running water
• Unsecured entry points into the home
• Non functioning access gates or garages with vehicles parked inside
• Any threatening situation: fire, flood, police action

The condition of the home plays a huge part in determining the cost. If we walk into a well-maintained home in need of a standard paint job, cleaning and carpet cleaning, we'll typically ask the owner to make a $1500 - $3000 maintenance deposit. If we need to add a handyman, chimney sweep, gutter cleaning, yard clean up, etc., you may be required to place a deposit of $3000 - $5000. Capital projects that include major repairs, flooring replacements, moisture/lead/asbestos mediation, and safety improvements should be handled before hiring a property manager.

As the homeowner you have the option to request an inspection at any time. We encourage homeowners to respect the privacy of the tenant and limit inspections to no more than 2x per year. We find that annual inspections are typically sufficient. Living Room inspections reports are $95 each and will include a set of organized photos and notes. The inspection is uploaded to your Owner’s Portal for review.

In March of 2018 the City of Portland adopted a new ordinance that requires homeowners to cut a check to their tenants when issuing a no cause eviction, refusing to resign a new lease or increasing rents by 10% or more. Assistance fees range between $2800 - $4500 depending on the size of the home. Homeowners may apply for one of twelve exemptions should they desire to take possession of the home. Many of the exemptions require the homeowner to apply for and disclose their exemption prior to signing a lease with a new set of tenants. For more information, and a link to the exemption application visit the Portland Housing Bureau website.

This is a standard requirement for property managers and only applies to the general liability part of the policy. Since the owner has to indemnify the property manager for anything that could go wrong (except for professional negligence and other similar facts), having the additional insured would streamline the defense process. While Living Room carries General Liability Insurance as well as Professional Liability Insurance, which protects from a financial loss caused by a mistake or wrongful act by the property manager, those policies generally don’t provide protection against matters concerning the home itself. This leaves the property manager vulnerable to claims regarding someone injuring themselves at the property, burglary, fire, water leaks, etc. Without the additional insured endorsement, Living Room could have to defend itself and then seek reimbursement from the owner directly (or their insurance) for any losses under the indemnification clause (so the end result is the same, it’s just more streamlined when Living Room is an additional insured)