Tips for Handling Problems with Your Rental

Tips for Handling Problems with Your Rental

I always advocate addressing problems proactively, especially when it comes to rental properties. However, no matter how much you plan ahead, unexpected issues will arise and require swift action. Here are some tips on how to deal with bad tenants, local government and even the police.

Respond immediately – It’s human nature to hope that problems will just go away, but ignoring most problems will only make them worse. Instead, make immediate contact with whoever brought the issue to your attention and let them know that you will deal with the problem swiftly.

Understand expectations – The same way there are two sides to every story, there can often be two versions of what “fixing the problem” means. Make sure that you understand what the other party expects of you to correct the issue and always share your concerns as well.

Communicate effectively – Problems can quickly become emotional and escalate, so it’s critical that you remain calm when addressing issues with your rental property. You will often find that the other party will adopt your calm demeanor as well, making a mutual resolution easier. Also, don’t think that a single call or email is all that is needed. Be sure to follow up and make sure your resolution is acceptable.

Be professional – This may seem obvious, but it is the single most important element in dispute resolution. Treat the other party respectfully and commit yourself to a resolution. A good way to think of professionalism is to imagine you are at work. People often handle problems in the workplace much better than those in their personal lives.

Whether you are talking with a troublesome tenant or a city inspector, it is important that you deal with every issue swiftly and respectfully. Applying these simple steps to your conflict resolution will make the problem easier to solve and will ensure the long term profitability of your income property.

Why Should I Hire a Property Management Company?

Why Should I Hire a Property Management Company?

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One of the first questions you may ask yourself once you have purchased an investment property is “Should I hire a property manager or manage the property myself?”.

While many owners may feel that the monthly management fee is just a waste of money, the truth is a great property management company can be worth their weight in gold and save the owner a substantial amount of money in the long run.

Once an owner has invested in a rental property, the responsibilities associated with managing the property can become quickly become overwhelming. Furthermore, the owner may realize that he/she just does not have the time to handle all of the issues that arise when managing a rental property.

So what can an owner expect to receive for the management fee that they pay each month? Below are some of the benefits you can expect to receive by working with a property manager:

  • The number one advantage to using a Utah property management company is the time the owner will be saving. There is a lot of work that goes into finding a tenant for a property and getting it rented out, including marketing the home, showing prospective tenants through the home, running a qualified background and credit check, following up with past references for the applicant, and signing the lease agreements. After the tenant has moved in, there is a substantial amount of work required, including: collecting rent each month, handling all maintenance issues associated with the property, and performing periodic inspections.
  • Property Management companies are also very valuable resources with regards to knowledge of the industry. A good property management company will be well versed in local, state, and federal regulations. By keeping the property in compliance with these rules and regulations, a property manager will help protect the owner from any lawsuits. In addition, a great property management company will have an expertise on rental rates within that market. If an owner has not completed the proper research, he/she may cost themselves thousands of dollars in potential rental income.

You may think that you do not need to hire a property management company and that this will not require a lot of effort, but I implore you to ask yourself these questions:

 

  1. Do I have the time the required to manage this property and dedicate the effort that this will require?
  2. Do I have an understanding of all of the rules and regulations that are associated with managing my rental?
  3. Do I know the maximum rental rates for my property?

 

If you answered “no” to any of these questions, you may consider employing a property manager. Download our free owner information packet to find out how we can help.

Is Your Property Management Company Doing Their Job?

Is Your Property Management Company Doing Their Job?

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If you have hired a property management company to handle all issues relating to your investment property, you always hope that you have employed the best company for the job. This company should handle the leasing, maintenance, and tenant issues relating to your property and always ensure that your best interests are included in every decision made.

Unfortunately, not all property management companies are created equal. Often times a property management company will promise an owner the world to lock them into a long term agreement and then proceed to neglect his/her needs.

So how can you tell if your Utah property management company is doing their job? One of the primary indicators is your tenants. If they are constantly contacting you instead of the management company with regards to paying rent or having maintenance issues resolved, your property management may not be managing your investment to the best of their ability.

You will want to have a conversation with the tenant to determine if they are contacting the management company first with these issues. If they are not, you will need to explain the process to them. If they are contacting the management company and are not receiving a response, you may want to re-evaluate the manager you are employing.

The second indicator if a property management company is doing their job is your neighbors. If they are contacting you about the lawn not being maintained or the weeds being overgrown, you may want to reach out to your manager. These are issues that would be easily discovered if the management company was performing routine inspections.

I always try to give the property management company the benefit of the doubt until they give me a reason to do otherwise. It is very prudent to communicate your issues to your property manager and always try to get his/her side of the story before jumping to conclusions. If the issues persist, never be afraid to look for another company. You pay a lot of money to have someone manage your investment and deserve to be completely satisfied.

 

Want to know if your property manager is doing a good job? Download our free owner information packet and compare the level of service we provide with that of your current management company.