Almost every rental property requires a security deposit of some kind. A security deposit is a one-time fee that is due at lease signing and acts as a “damage deposit” for a new renter. Typically, the renter will get this money back when they move out if there is no damage to the home or […]

Owning, maintaining, and managing an apartment can be an overwhelming task, especially when it isn’t your full-time job. In addition to property upkeep, collecting rent, and finding the right tenants, there’s an additional factor you need to keep in mind: rental scams. If you’ve managed your property for years, you may be wondering, “What is […]

Do you know how much the eviction process in Utah can cost? On average, the cost of eviction can be upwards of $3,500 and takes anywhere from three to four weeks to complete. Basically, an eviction does not come cheap. Most people believe that an eviction is a fairly simple and affordable process, but the […]

Before handing over your property to be managed by a third-party, you probably have one question on your mind, “How much does property management cost?” This is a completely reasonable question and can make or break your decision to hire a property manager. While the question is simple, the answer is a little more complex, […]

If you’ve ever owned a rental property, you know that the quality of your tenants can make or break the experience. Ideally, every tenant would pay rent on time, keep the home clean, and never break anything. Unfortunately, that is not always the case. In addition to handling maintenance requests, lease agreements, and rent collection, […]

Screening tenants for a rental property is a crucial responsibility for any rental property manager. So, when interviewing property management firms to decide who will take the best care of your rental, make sure you inquire about their tenant screening process. Taking the time to thoroughly investigate the creditworthiness and rental history of prospective tenants […]

Managing your own Utah rental property can be tricky. From maintenance to tenant turnover, there are many factors to consider when managing your own property. One of the first and most important parts of successfully renting your property is a strong lease agreement. This is what sets the tone for both yours and your renter’s […]

When a tenant moves out, does it cost you anything? The answer is yes. If you have a revolving door of tenants, this could be costing you much more than you think. You may not think about these costs often, but if you have a high turnover rate, it’s time to reevaluate your property. Vacancy […]

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Posted by on May 23, 2019 in Owner Resource Articles

Succeeding in the property management industry in Utah can be difficult due to the many competitors. In order to stand out from the competition, we here at Wolfnest have to make sure both landlords and renters can find our business online. Not only do we have to ensure that our website is simple and easy […]

Hiring a property manager or company is a big investment. Property management is complicated and fast-paced. It takes talent, dedication, and a unique skill set to succeed in the industry. Because of this, you’ll want to make sure you are choosing the right manager for your properties. In order to be completely confident in your […]

Once thought to be a tool to price-gouge future residents, rental application fees have actually proven their worth. In 2006, Utah’s Rent Control Prohibition Act was amended to add a list of fees that are set by the market and cannot be regulated or prohibited by the local government. To renters and non-landlords, this change […]

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 […]

“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 […]

Finding a good property manager is a difficult task, but it may be one of the most important decisions that you will make after purchasing your rental property. Renting a property can be a significant investment, so you want to hire someone that you can trust completely. Responsibilities of a Property Manager Before you begin […]

Not every property management company is created equally and finding a good manager can be tricky. Here are three simple interview questions on which you can ask a qualified Salt Lake City property manager that most people wouldn’t think to ask. You can always add more as you continue your screening process but asking these […]

How much should you pay your Salt Lake City property management company?   This is a common question, and if you talk to 10 different managers you’ll likely get 10 different answers. Pricing structures will vary and the answer usually lies in what services they are providing. Let’s review a few common services provided by […]

Salt Lake City rental property demand projections for 2015. While predicting the future can be a humbling experience, the experts at real estate investment firm Marcus and Millichap are always willing to give it a shot. They recently released their 2015 outlook for the Salt Lake City multi-family rental market and have good news for […]

Establish long term relationships with your renters to increase the profitability of your Salt Lake City rental property. Truth be told, long-term tenants are not “attracted” but rather “created”. Tenants who renew their lease year after year do so because their current living situation suits their needs. The moment it stops doing so they will […]

How to treat your Salt Lake City rental property like a business How would you respond if someone asked if your Salt Lake City rental property was a business? I’m guessing you would obviously answer yes. What about if they asked if you’ve ever had a tenant who’s fallen behind on rent? If you’re like […]

Reinvesting in your Salt Lake City Rental Property | Why it’s important Being a Salt Lake City rental property owner isn’t easy. As landlords, we like to think that our properties are “good enough” and don’t need ongoing maintenance to keep them occupied. The fact of the matter is that every rental will begin to […]

First time investor | What you need to know about real estate investment Real estate property management is a huge responsibility to take on, and can be overwhelming if you’re new to investing. When you invest into real estate, your goal is to put money to work today and make it grow so you have […]

Tenant Screening to Protect Your Property As a Salt Lake City property management company, you should have already formulated a tenant screening process to help prevent any unwanted tenants from slipping through the cracks. Having a proper tenant screening process is helpful for property management companies in order to avoid any mistreatment to their properties, […]

Are you looking for tenants, but are unsure what they are looking for in an apartment. There are basic things which your future tenants will be looking for like the living space, appliances, and the atmosphere of where its located. Lets see if your rental house fits the bill. Room to Breathe A spacious living […]

Four Reasons Why Renting Could be the Better Option There are a lot of people who don’t know whether to rent or buy a house, but here are four things to think about when considering whether buying a house or renting is right for you. 1. Less Hassle- You have a roof leak? Call the […]

What is a Property Managers’ Responsibility?  You may have heard of a property manager, but do you know what it is that they do. A property manager is a third party who is hired to handle the daily operations and upkeep of a real estate investment. They manage all kinds of properties, for homes to […]

Can Ugly Properties Be Profitable? You might find your self in a situation where you find a property that is affordable, but the location and the property is ugly what do you do? Here are some questions to ask your self first: Is the property located in an unstable area that will depreciate in value […]

Tips for Saving Money on Landlord Insurance If you have a tenant who pays you rent, then you need a landlord insurance in place to protect your property. With the proper insurance policy you are covered if anything should go wrong. If you are a landlord you can be held liable for any damages or […]

1. Hire a licensed property management company Sounds like a simple thing but a lot of people don’t check to see if the person they want to hire have a license or not. The first thing that they look for is whether or not the property manager is affordable and their personality. Sometimes it is a […]

Things to Consider Before Renting Out Your Property So you have considered renting out your house, in order to obtain an extra steady amount of monthly cash flow, but have you thought about the other factors that it may come with? So before you decided whether or not to turn your house into a rental property […]

Ten Tips for Landlords Here are a few tips that landlords or property managers need to be aware of before renting out their property to a tenant. 1. Screen tenants One of the most important things you can do before renting out your property is to screen the applicant. Don’t rent to anyone before checking for […]

Property Management    How to Maximize Tenant Retention Finding quality tenant(s) can be a long, tedious process. Most owners would give anything to be guaranteed that the tenant would pay rent on time and take excellent care of their property.  Once you are able to find a great tenant, what can be done to make […]

Tips for New Rental Property Owners – Part 2   As we mentioned in part one of this article, being a new landlord for your rental property can be intimidating. There are several things that you need to learn. Below are several tips that will help you get a better understanding of the property management world: […]

Tips for New Rental Property Owners – Part 1   Becoming a landlord for the first time can be a very stressful situation. Finding a qualified tenant is probably the first thing on your mind, but it is also very important that you are complying with all the important rules and regulations that go along […]

Tips for Marketing Your Vacancies on the Web   Remember when finding a new tenant meant throwing up a sign in the yard and placing an ad in the weekend paper? Times were simpler then. With sites like KSL and Craigslist attracting tons of local traffic and allowing free classified ads, the web has become […]

While many owners struggle to find qualified tenants for their property, a distinct few may be fortunate enough to have multiple applicants willing to rent their unit. While almost all owners would agree, having multiple qualified potential tenants is a good problem to have; many owners don’t know the exact protocol to follow in order […]

What Options Do I Have if My Tenant Needs to Break Their Lease?   Some of the best property management advice you’ll ever receive is simply to plan on bad things happening. No matter how lucky you are, something will inevitably go wrong and cause you to need a backup plan.  It’s how you prepare for […]

If you asked five different investors what the best real estate investment strategy is, I am sure that you would receive 5 different answers (every one being a viable strategy). While some may prefer subdividing land or a fix and flip strategy, I prefer the buy and hold strategy, particularly with multi-family homes.   While multi-family […]

Rental Advertising Tips for your Utah Rental   Nothing puts a landlord on edge quite like a vacant unit. With no one to pay rent and expenses piling up, most want nothing more than a phone call from a qualified prospect to put their mind at ease. Sometimes renting your property is as simple as combining well […]

So you have decided that you are going to rent out your home, the next logical question you will probably ask is: How do I find a qualified tenant? There will always be quality people that are looking for a Utah rental property, but you will need to actively seek them out. Here are some […]

Why Investment Property Owners in Utah should consider refinancing through HARP? As most lenders continue to tighten mortgage requirements for investment properties, it has made it impossible for many owners to take advantage of historically low interest rates. As an investor myself, it pained me to continue to pay the mortgage on my rental property […]

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 […]

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.   […]

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 […]

Have you ever conducted an inspection of your Utah rental property after the tenant has moved out and you find that the property has been trashed? There is thousands of dollars worth of damage and the security deposit will not cover all of it. You would like to collect the money from the tenant, but […]

Have you ever heard the saying “you get what you pay for”? Unfortunately this could not be more accurate when deciding which Utah property manager you will hire. Many companies will offer to manage your property for a very low rate, but the owner ends up doing the majority of the work in the end. […]

Almost all owners have heard the horror stories of allowing tenants to have pets in their rental property – from kitty litter clogging the pipes to a dog soiling and ruining the carpet. While many owners would claim that allowing pets is more trouble than it is worth, I would argue that it is an […]

With more and more individuals choosing to rent instead of buy a home, smart Utah owners are deciding to rent their properties instead of sell them. This can be an excellent way to continue to pay down the principal amount owed on the mortgage while waiting for market conditions to improve. If you decide to […]

Unfortunately with the continued downward pressure being applied to the Utah housing market, it is becoming more and more common that homeowners can’t afford to sell their current property. This can be especially frustrating if they have outgrown their home and would like to buy a bigger house, or if a job transfer has forced […]

As the weather begins to get colder and we head into winter, it is important to remember that your rental property will need to be winterized in order to ensure maximum efficiency. You may be asking, “What does winterizing a property entail?” There are many different measures that can be taken to winterize a property, […]

Minimizing a vacancy is the single largest cost cutting move a rental property owner can make. If an owner is not able to fill a rental quickly, it can affect the bottom line and adversely impact the cash flow generated. When an owner hires a property management company, he/she expects the vacancy to be reduced […]

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 […]

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 […]

As any good real estate book will tell you, the formula for real estate investing success is some variation of the following: Maximize revenue + Minimize expenses = Maximum Profit. For example, a rent increase would obviously be a move to maximize revenue while price shopping maintenance vendors would be a cost cutting one. How […]

Selecting a property manager for your Utah rental property can be a very confusing process. Almost every management company does things a little differently and you will see a wide variety of fees charged and services offered. So where should you start? Here is a list of features to look for when choosing a Utah […]

Do I have time to be a good Utah landlord? Being a good landlord is at least a part time job, and in some cases, full time employment with unpaid overtime. A good exercise is to grab a sheet of paper and write down all your current responsibilities as well as their time commitment. Make […]