Tenant Screening to Protect Your Property

Tenant Screening to Protect Your Property

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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, find renters who will pay their rent, and protect current renters. As a Salt Lake City property management company, you should have a proper application just for screening tenants. Here are some must-have questions on your application:

1. Name, address, driver’s license, and phone number

2. Current and past landlords with contact information

3. Social security number and date of birth

4. Current and past employers and contact information

5. Release of information signature

6. Have they ever been evicted or broken a lease

Other questions to also consider in your tenant screening process/application:

  •      Total household income
  •      Requested move in date
  •      Any felonies
  •      Any reasons why they would be unable to pay rent
  •      Credit Score
  •      How did you hear about the listings
  •      How many people will be living here
  •      Number and types of pets

As a Salt Lake City property management company, having a proper tenant screening application will help you find the perfect tenant to fill your rental properties.For questions or more information, contact us.

What Your Future Tenants Might Want

What Your Future Tenants Might Want

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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 space can really attract a stream of eager tenants or keep your current tenant satisfied. Increasing the square footage of your rental house might not be a possible solution, but there are other ways to get around this problem with out disrupting your tenants, and not end up being to costly at the same time. Here is one way you may make your rental house look more spacious without renovations. Create an illusion of spaciousness by staging a setting, which will inspire your future tenant. A minor adjustment to the architecture is another great way to enhance the space. Even a small step or an elevated table can create an impression that the apartment space is larger then it actually is. Subtle changes can make a drastic impact on the rental house living space.

Community Spaces

Community spaces is becoming one of those things that most tenants are looking for while searching for an apartment or a rental unit, because this allows the tenants to hold gatherings and parties without worrying about the lack of space. Having community space allows the tenant to have source of freedom and ownership in the apartment or rental unit, it also gives them a chance to mingle with the neighbors. Some of the more popular community would be: lounges, pools, community gardens, grilling stations, or dog parks anything that will give a tenant a place to call home.

Extras

Tenants are always looking for the best deals, throwing in some extra bonus can be what sets your rental house apart from the other competitors, but beware if you do decided to add some extra services for your tenant you are responsible for any problems or complaint that may occur. For example if you decided to give all your tenant internet access be sure to roll the cost into the price of the rent, and be prepared for complainants if some internet problems were to occur you are the one responsible to resolving the issue. Having a gym is another bonus that you may add into your rental house or apartment, your tenants will save time and money from traveling back and forth from the gym. Your gym doesn’t have to be world class but keep in mind that you want to have the basic equipment available for your tenants. Future tenants might also be looking for if the rental house is furnished, or has appliances included. If you decide to include appliances, don’t always get the cheapest appliances because they could end up being more work or cost you more in the long run, rather then skimping out for a cheap appliances go for a decent to higher end product that will last for a while. Spend your money wisely, a little more money can go a long way.

These are just a few things to keep in mind when trying to rent out an apartment or a house. For more information or help you can visit our website at http://wolfnest.com/

 

What Options Do I Have if My Tenant Needs to Break Their Lease?

What Options Do I Have if My Tenant Needs to Break Their Lease?

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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 these contingencies that will ensure the long-term profitability of your Utah rental property.

 

One of these inevitabilities is when your “perfect tenant” needs to move out early. Unfortunately, this situation is not uncommon, and you need to protect your investment. Here is a list of options available to you:

 

1) Include a lease buy-out clause – One easy solution is to include a lease buy-out clause in your rental agreement. This clause is essentially a dollar amount you set to allow the tenant to exit their current lease with no further obligations. This figure is typically set between one and three months rent. This strategy is a bit risky though, since you are basically wagering that it will not take you very long to re-rent the property. If you end up with a prolonged vacancy however, your buy-out amount may not cover your losses in rental income.

 

2) Allow them to find a replacement tenant – This is where you allow them to find someone else to move in and take over the lease. This can be a good option, but be careful. You must provide them with your rental criteria and inform them anyone they find will be measured against it. Also, be sure to receive a signed lease and deposit from the replacement tenant before allowing your existing renter out of their lease. The upside here is your renter will do much of the work, but make sure they know you are in control.

 

3) Charge your tenant the cost of re-renting – In this option, you can simply charge your tenant the costs you incur while trying to re-rent. These include unpaid rent, marketing expenses, cleaning and labor costs, as well as any damages. However, you must actively try to re-rent your property because you are legally obligated to minimize these expenses to your former tenant.

 

Whichever option you choose is up to you, and there is no “correct” answer. Each option will have its pros and cons, but what’s important is that you have a plan. Planning ahead and remaining flexible will always help you adjust to whatever challenges may be thrown at you.

Is it time to hire a property management company?

Is it time to hire a property management company?

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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

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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.