Is it time to hire a property management company?

Is it time to hire a property management company?

Being a landlord can be very stressful and it requires a lot of time and energy from an owner. Many owners ask: “when is the right time to hire a property management company to manage my investment?” The answer to this question will vary from owner to owner, but below are some of the signs that it is time to hire a property manager:

How to Know When to Hire a Property Management Company

  • You are being bombarded with maintenance requests – Receiving maintenance requests are unavoidable. Things are going to break with your investment property and they will need to be fixed. If these maintenance requests are coming in faster than you can get them resolved, it may be time to consider hiring a property management company. A good property manager will have a list of qualified vendors that can usually solve any issue in a timely manner.
  • You move to a different location than your investment property – As stated earlier, in order to manage your investment property, you have to be able to be in close proximity to your property. Any time there is a showing, you need to collect rent, or there is a maintenance issue, you need to be able to get to the property quickly. If you move to a different city or state, it may be time to hire a property management company.
  • You cannot handle all of the showings – One of the most important aspects of renting your property is finding a qualified tenant to place in your investment. Without doing so, you cannot make any money on your investment. For this reason, you have to be available to show your property to prospective tenants. If you cannot find the time to do this, it may be time to consider hiring a property management company.
  • You do not know what to do once your tenant stops paying rent – No one wants to rent their property to a tenant that does not pay rent on time or does not take care of your investment. In the unfortunate event that your tenant stops paying rent, do you know the procedure for eviction? If you answered “no”, then it may be time to consider hiring a property management company. A good property management company will be well versed and should have a procedure in place in the event a tenant needs to be evicted.

If you do not think that you are able to continue managing your investment, please consider hiring FRE Property Management. We are the premier property management company in Utah and will provide you with the peace of mind knowing that your investment will be taken care of. Contact us today at 801-673-5692.

Tips for Handling Problems with Your Rental

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. 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.

 

 

 

3 Tips to Make Each Rental Property Showing Count

3 Tips to Make Each Rental Property Showing Count

You may have the best rental property in the state of Utah, but if the home doesn’t show well, you may have a difficult time finding a tenant. Not only will your home remain vacant for a longer period of time, but you could cost yourself thousands of dollars in lost rent.

 

One of the most important decisions you can ever make is to take the necessary steps to make your property as attractive as possible to all renters. Your number one goal should be to have everyone that schedules a showing to leave the property thinking one thing: I have to have that home!

 

Below are three tips that will make your Utah rental property stand out above the crowd and get your vacancy filled faster:

 

  1. Make the Home Shine – The number one thing you should do before the first showing is break out the Mr. Clean and make the home shine. It is amazing what a little elbow grease can accomplish; it will definitely make your home more appealing to potential renters. Make sure and clean all windows, vacuum the floors, and dust all furniture. This will definitely make your rental home stand out!
  2. Re-Arrange the Furniture – Before potential renters walk-through your property, you should arrange the furniture in each room to maximize the space.  You will want the furniture to help make each room appear larger than it may actually be. This is especially important if the home has a room that may be smaller than average. By arranging the furniture correctly, it will also help the “flow” of the home to be comfortable and spacious. It is always a pain to move furniture around, but it will help land a tenant.
  3. Get Rid of the Clutter – By owning a home, it always seems like you accumulate “stuff” at a very fast pace. It is really important to try and remove as much of the clutter that you can before a prospective tenant walks-through your rental property. Once again, it will make the home seem larger than it would otherwise and is more visually appealing to a renter. Depending on how cluttered your home is, it may take you some time, but I guarantee it will be worth it in the long run.

 

I know that it is always easier to show your rental property “as is”, but by putting in the work to make your home stand out, you can reap the rewards of finding a tenant to sign a lease agreement as soon as the property is listed. If you have any questions about how to make your property stand out for each showing or if you are considering hiring a property management company, please contact us at FRE Property Management. We are the premier property management company in Utah and will provide you with the peace of mind knowing that your investment is being taken care of. Contact us today at 801-673-5692.