5 Essential Qualities of a Rental Property Management Company

5 Essential Qualities of a Rental Property Management Company

rental property management

While some property and homeowners may believe that all residential property management companies are created equal, this is not the case. Any owner that has had a bad experience with property management can attest to this. It may seem like an owner may save money by employing the management company with the lowest rates, but they risk losing so much more in the long run. That’s why it’s important to put your rental property management in the best hands from the beginning. At Wolfnest, we believe in transparency and exceeding expectations. So, we’ve compiled the top five qualities you should look for when hiring a rental property management company.

Qualities to Look for in Rental Property Management

There are a lot of different factors to consider when choosing who will handle your rental property. While all are important, we have narrowed down the top five that we consider the most important and that will make the biggest difference in your property management experience.

Good Communication Skills

This may not seem that important, but good communication is very important in property management. A great property management company should be able to articulate what is happening with your property at any given time. The property manager interacts with many different people, including tenants, owners, and maintenance partners. So, the manager must be able to keep all parties on the same page. This is especially critical since many times these individuals might be frustrated or angry about something happening at the property. When dealing with these types of situations, it is imperative that the property manager remains calm and respond in a professional manner. If you feel like you can’t talk to your manager, why would you want to put them in charge of the day-to-day of your property? Open and easy communication is the first attribute to look for in a rental property management company.

Honest and Ethical

Since the property management company is collecting rent, security deposits, and other expenses, owners have to put a great deal of trust that the manager will always look out for their best interest. When the management company is hired, they are agreeing to uphold their fiduciary duty and perform the job with the highest level of integrity. This is why it is crucial that the property manager you hire will always consider your needs when making a decision about your property. With good communication skills, you should be able to establish the level of trust needed between you and your rental property management company.

Excellent Follow-Up Skills

In business, it’s extremely important to stay true to your word and do what you say you will. Unfortunately, this is not always the case. If a property manager says they will look into a maintenance issue and get back to you later that day, you expect them to follow-up. When you’re putting your property into the hands of someone else, you expect to be kept in the loop. It can be difficult to let go of control of your property, but sometimes it’s necessary when you have a busy schedule. So, always determine how efficient the company’s follow-up skills are before hiring them. This way, you’ll know what you’re getting into and can find the best property management company for your rental.

Valuable Maintenance Partner Relationships

Unfortunately, something will break and inevitably need to be fixed with every rental property. As an owner, you should have peace of mind knowing your property management company has relationships in place to have these issues resolved correctly and in a timely manner. You should also feel confident enough in the property management company to keep existing relationships you may already have. Maintenance is simply a part of owning any rental property, and part of hiring a management company is transferring the responsibility to them. So, just as you should trust your manager to be honest and ethical, you should also trust them when it comes to valuable maintenance partner relationships.

Knowledgeable on Rules and Regulations

Many owners may not realize there are many local, state, and federal regulations you must adhere to when renting a property. If these are not compiled within the leasing agreement, an owner may be opening themselves up to future lawsuits. One of the perks of hiring a rental property management company is they have knowledge of these regulations. At least, they should. This is an important factor to consider when choosing your property management company. They should already know about these regulations, and how to adhere to them. So, in order to protect yourself in the long run, find a property management company that knows all the ins and outs of the different renting regulations.

Rental Property Management Company

Finding the Right Rental Property Management

While these are the top five qualities to look for, these aren’t the only things to consider. The most important part of finding the right property management is doing your research. It is critical to know what you’re getting into before going into business with a property management company. However, keep these top five qualities in mind:

  • Good communication skills
  • Honest and ethical
  • Excellent follow-up skills
  • Valuable maintenance partner relationships
  • Knowledgeable on rules and regulations

These are a great starting point for anyone looking for a property management company for the first time or reevaluating your current management. So, if these qualities do not describe your current property manager, Wolfnest is here to help. Download our free information packet to find out how we can improve the performance of your rental property.

Remodeling Your Rental Property in Utah

Remodeling Your Rental Property in Utah

remodeling rental property

“You have to spend money to make money.” This is an old, common phrase you have probably heard several times. While this can apply to a variety of different businesses and ventures, it is especially true when you begin investing in rental properties. Prospective renters are looking for reasonable rent, especially in Utah, but that doesn’t mean they want to sacrifice amenities like new appliances or hardwood floors. Before you start listing your property for rent, you may want to consider how you can improve your rental.

At Wolfnest, we understand that it can be difficult to dedicate funds to improving an investment that may already be producing for you. However, this can be one of the most important decisions you can make. If you spend your money wisely and remodel your property the right way, you could cover the cost of the remodel in a few short months while increasing your cash flow.

Let’s break this down with an example. Last year, I spent $2,000 on upgrading features and overall remodeling my rental property. As a direct result of renovating the rental property, the monthly rent of my property went from $1,000 to $1,250. By increasing my monthly cash flow by $250, I was able to cover the cost of the property remodeling in eight months, and pocket an extra $1,000 for the remaining four months of the year. So, taking the time to renovate your property can pay off big in the long run.

Remodeling Your Rental Property Inexpensively

While a total overhaul may be necessary in some cases, other times simple, inexpensive upgrades can be sufficient. So, what are some ways you can upgrade your rental property and maximize your rental income?

Replace Door Handles

It’s no surprise that home trends come and go. Some can be difficult to keep up with, but others are a relatively quick fix. One of these is simply upgrading your door handles from an outdated brass to a more contemporary brushed nickel. Brass door handles are typically found in older properties but have fallen out of style and use in new homes. Since you need to change the lock from tenant to tenant anyway, replacing all the handles throughout a property is a simple additional task. Brushed nickel will automatically give the home a fresher look, and update the property overall.

Upgrade Light Fixtures

Depending on what kind of lighting your property already has, this can be a quick fix or a slightly more intensive project. However, lighting can make all the difference. Replacing dated light fixtures with a more modern look can brighten up particular areas within the home. This can help to showcase great accents that you want to be noticed, such as a breakfast nook or other architectural features. Make any property more modern with a simple light fixture upgrade.

Apply a Fresh Coat of Paint

A new paint job is one of the simplest methods of property remodeling. Whether it’s a brand new color or an upgrade of the existing paint, a fresh coat of paint can bring life to any rental property. In addition, you can install new crown molding and instantly give the property a higher-end look. Another option is simply painting the existing crown molding to brighten it up, and draw attention to this particular feature. When it’s as simple as applying some fresh paint, remodeling your rental property is a no brainer.

Completely Renovating a Rental Property

If your property needs a little more intensive remodeling, you can start with small renovations. There are two major areas of the home that we recommend renovating first: the kitchen and the bathroom. These are two areas of the home that are important to renters and can help bring your property to the next level.

The Kitchen

When you start renovating the kitchen, there are a few areas we suggest focusing on first. These include:

        • Replacing laminate flooring with tile
        • Painting the cabinets
        • Upgrading appliances to stainless steel

Upgrading and replacing a few of these things can easily transform a kitchen and make it look brand new. This is a great option for older properties that may not have other amenities available.

property remodeling

The Bathroom

The bathroom can make or break a property for some renters. Cleanliness is very important, and it’s no secret that the older some features are, the dirtier they can look. A few easy upgrades for this section of the home include:

        • Re-tiling the bathtub/shower
        • Replacing laminate countertops with granite
        • Upgrading the showerhead

There are many different things you can do to transform a bathroom, and this is just the beginning. Upgrading parts of the bathroom over a longer period of time helps lower the initial cost. However, some updates are so simple you could have them done in an afternoon.

Why Property Remodeling is Important

Spending the money to remodel a rental property may seem impractical, but I assure you it can be very beneficial if you upgrade the right areas. Whether it’s a simple upgrade or a complete overhaul, any and all updates will only benefit you in the long run. Start with seeing what other owners have done to homes in the area, so you know what is important to renters in your neighborhood. This will also give you a great starting point, and you can plan your renovations well ahead of time. Keeping your property up-to-date will also be lower maintenance requests since you’ll be getting ahead of any broken appliances or other similar issues. As your property management company, Wolfnest is happy to help you decide what to upgrade while running your day-to-day operations. Learn more about our property management services and how Wolfnest can help you transform your rental property.