How To Maximize Tenant Retention

How To Maximize Tenant Retention

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Getting new clients isn’t very easy and each month your property stays vacant is a month you’ve lost income. Did you know improving your tenant retention rates by approximately 5% increases your profits by between 25%-95%? Crazy, right?

But how does a landlord or property owner make their tenants more inclined to stay in their properties? Here are a few ideas that could help you maximize tenant retention.

 

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Begin at Tenant Screening

Tenant screening is the first step to improving your customer retention rate. Finding great tenants means that you’ll avoid many of the issues that sour the relationship between landlords and tenants. 

 

While screening your tenants, make sure to find out a bit of the following:

  • The nature of their employment 
  • How long they plan to stay
  • If they have a family or live alone
  • Their criminal records
  • Credit score

 

These are important factors that will help you know whether or not they are going to become long-term tenants. For better tenant retention rates, go for tenants who have a great history with their past landlords, and are planning to stay for a longer period.

 

Develop a Good Relationship With the Tenants

From the get-go, it’s very easy for tenants to dislike their landlord. But you can develop a great relationship with your tenants to improve the quality of their stay. Tenants who have a great relationship with their landlords will want to stay for a longer period.

 

One of the easiest ways to develop a great relationship with your tenants is by being understanding. Try talking with them as though they are on the same level as you and even when they are late on their rent payment approach them with an understanding tone. 

 

Conduct Research on Why Tenants Are Leaving

This is one of the best ways to learn why tenants are not staying. Finding out why they are leaving gives you very valuable information on how you can improve your tenant retention rates.

 

You can survey the existing tenants by asking them what would make them want to leave. Additionally, you can have exit interviews with tenants who are already vacating to find out their reasons. If it’s something you can fix, try reasoning with them as this might make them stay. 

Continue To Rent The Property Below Market Value

Many owners and property management companies feel that a rent increase should happen every year in order to maximize cash flow. If you are willing to make a small concession to your excellent tenant, it will make them feel valued and will not give them a reason to find a new place to live.

 

Become More Personal

At the end of the day, your tenants are just human, becoming personal lets them see a different version of you. This helps them realize that you are not that different from them. Letting them learn more about your personal life helps deepen the relationship you have with your tenants. 

 

You can become more personal with your tenants by:

  • Sending out holiday and gift cards 
  • Holding regular personal conversations with them
  • Remembering important details about your tenants like their birthdays
  • Letting them know that they can reach out to you at anytime
  • Hosting annual parties where you invite all the tenants 

 

These steps are very important as they’ll help you become closer to your tenants. They will develop a sense of loyalty towards you, making it very hard for them to leave. 

 

Provide Great Incentives

Providing great incentives will improve your tenant retention rates and also attract new tenants. For instance, handle maintenance issues effectively and regularly. You can also go the extra mile to improving your tenants’ living conditions such as installing better insulation in the houses. 

You can also give your tenants gifts just before it’s time for them to renew their lease. Go for something personal that lets them know you are grateful for all the time they have stayed. This will make them feel appreciated and improve the chance of them staying. 

 

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Providing great incentives will improve your tenant retention rates and also attract new tenants. For instance, handle maintenance issues effectively and regularly. You can also go the extra mile to improving your tenants’ living conditions such as installing better insulation in the houses. 

 

You can also give your tenants gifts just before it’s time for them to renew their lease. Go for something personal that lets them know you are grateful for all the time they have stayed. This will make them feel appreciated and improve the chance of them staying. 

 

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10 Tips for First-Time Landlords Who Want Better Relationships With Tenants

10 Tips for First-Time Landlords Who Want Better Relationships With Tenants

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A sky scraper building managed by a first time landlord.
A positive landlord-tenant relationship can reduce many of the problems associated with property management. Tenants who maintain positive relations with their landlord throughout their tenancy are more likely to renew contracts and pay rent on time. Whether you’re a first-time landlord or a seasoned expert, all landlords need a guide to renting their multifamily housing units or investment properties at some point. Here are 10 landlord tips to help develop a better relationship with future and current tenants so that you can get the best experience when renting out your property.

#1. Screen tenants

Tenant screening is one of the most important things you can do before renting out your property. It lets you check the following information about a prospective tenant:

  • Background
  • Reference history
  • Credit history
    • Excellent credit — 750 and above
    • Good credit — 700 to 749
    • Fair credit — 650 to 699
    • Poor credit — 600 to 649
    • Bad credit — anything below 600
  • Employment information

All of this information lets you determine the perfect tenant for your property and mitigate risk. You will able to better understand a prospective tenant’s financial situation and prevent non-payment of rent and even eviction. Although tenant screening might requite an outlay, it should provide you with a good investment return.

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#2. Handle security deposits properly

You don’t need to collect a security deposit by law, but a deposit provides you with a financial safeguard in the event a tenant damages your property or doesn’t pay rent. Here are some security deposit tips:

  • Tell your tenants how you will be collecting, holding, and returning their security deposits. 
  • Inspect and document the condition of your property before the tenant moves in. This will avoid any disputes when the tenant moves out. 
  • Make sure your tenant understands the conditions for obtaining the security deposit at the end of the tenancy. 
  • Keep a tenant’s deposit in a safe place. 
  • Carry out an inspection of your property before you return the deposit. You might want to deduct any cleaning charges or damages from the deposit.

#3. Write a lease or agreement

A written lease or month-to-month agreement provides you and your tenant with peace of mind. You should establish what kind of relationship you have with your tenant, as well as the following information:

  • How you will handle tenant complaints.
  • How you will handle repair problems.
  • When you expect the rent.
  • Late penalties for non-payment of rent.
  • Rules about pets and guests.
  • Fire safety information.
  • Other important information about the tenancy. 

Using a property management service such as Wolfnest will take the stress out of tenant leases and agreements.

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#4. Provide secure premises

There are up to 2.6 million robberies in the United States every year, so you need to protect your property from would-be intruders. Here’s how to do it:

  • Install lighting.
  • Set up security cameras and alarms.
  • Trim landscapes. (This lets criminals know that someone is living in your property).
  • Ask your tenants to take the appropriate steps for safeguarding your property, such as locking doors and closing windows when they leave your home.

#5. Perform Repairs

As a landlord, you need to perform some essential repairs by law. Not making repairs on time can often lead to a breakdown in your relationship with a tenant, so it’s important to stay on top of any maintenance commitments. 

Lawsuits can sometimes arise because of injuries caused by defective conditions in properties. Keep your property in good condition to prevent the chances of this happening. This includes fixing any broken fixtures and fittings at the end of the tenancy. 

A property management service can take care of repairs for you, which will save you time.

#6. Give tenants notice before you enter the property

If tenants are living in your property, you need to provide 48 hours written notice before you enter the unit and 24 hours notice if you are showing the unit to a new tenant or purchaser. Not giving enough notice can lead to a strained relationship with tenants.

This shouldn’t stop you from wanting to enter your property, however. It is important you inspect your unit on a regular basis for damages and to make sure your tenants have all the services they require.

#7. Manage property managers

A property manager can take care of many of the tasks associated with the maintenance of your property, including tenant placement, listings management, and inspections. However, not all property managers are the same.

It’s essential that you carry out a full background check on any potential property manager as they will have full access to your unit at all times. In addition, you may be held financially responsible if a property manager is incompetent, negligent, or carries out a criminal offense.

#8. Disclose environmental hazards

You should tell tenants immediately about any environmental hazards on your property, such as mold or lead-based paint. You could be held responsible for a tenant’s health if a problem arises because of exposure to toxic environments. 

Maintaining your property will reduce any environmental hazards, and a property management service can do all the hard work for you.

#9. Resolve disputes

A home managed by a first time landlord.
There are many disputes that can arise over the course of a tenancy, and you should always try to resolve any problems as quickly as you can. Here are some quick tips:

  • Try to work out disputes without involving a lawyer, if you can. 
  • Talk to your tenant about disputes over rent, repairs, deposits, noise, building access, or issues that don’t require immediate eviction. 
  • Try to solve these problems by meeting your tenant face-to-face without hiring a third party.

#10. Obtain insurance

Insurance provides you with a financial safeguard in case a tenant tries to take you to court for alleged discrimination or injuries. You can also take out insurance to cover any costs associated with burglary, vandalism, fire, or storms. 

There are various insurers that will provide you with the financial protection you need, but shop around for the best cover. Comparing insurers online will help you get the best deals on property and liability insurance. 

These are a few tips for new landlords and a refresher for industry experts. Nonetheless, working with a property management company can help you develop deeper relationships with your tenants. Learn more about Wolfnest’s services or call 801-523-4230.

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Things to Consider When Renting Out Your Property

Things to Consider When Renting Out Your Property

A person's handing over keys to rent out their property.

There are many things to consider when renting out your property. It may seem exciting to get some extra cash flow by turning your home into a rental opportunity, but you need to know what to expect. Have you done this before? Are you familiar with the pros and cons? Do you know what you want in the lease?  Before you decide to go for it and turn your house into a rental property, make sure you know exactly what you are getting yourself into.

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Finding Good Tenants

Becoming a landlord is a big deal. Finding good tenants can be a long, difficult waiting game. You don’t just want any tenant, you want a good one. You need someone who will not only take care of your house, but will pay their rent on time. To market your rental and find the best tenant, you will most likely use some kind of out source services that will make your listing easily accessible to potential tenants. There is sure to be a monthly fee until your house gets rented. However long you decided to continue listing, you will continue to pay.

Although a person can be well mannered, seem normal, and have a steady job, for many unassuming landlords they just may become your worst nightmare. It is best to do some further investigation on whether or not you want that person to occupy your house. 

Some basic procedures that you can do to avoid nightmare tenants are:

  • Credit Check – Make sure their credit is up to par and they are able to pay their rent. If their credit is low, they may not be responsible enough for you to take a chance on.
  • Interview – Have questions lined up to interview your tenant. Meet them face to face and see if this is someone that you would like to be your tenant. Ask them what they would do in different rental problem scenarios.
  • Referrals – Request referrals from past landlords, bosses, and/or past neighbors. They can give you a great insight to who this potential tenant really is.
  • Google them – These are the times we live in! Google them, check out their social media. Get a feel for who they are. Performing a background check isn’t a bad idea either.
  • Use a Rental Agent – The benefits of using a rental agent are plentiful. They take care of the leg work, and you get a great tenant.

Benefits of A Rental Agent

Although you may think you are ready to tackle this new idea of having a rental property, it’s really not for everyone. Getting the best tenants can be hard. Maintaining and managing the property can be hard. If it’s something that you would really like to do – but could go without the headache that can come along with it, use a rental agent to list your rental and check out Wolfnest for your property management needs.

A rental agent can take care of marketing your rental, determining the best price, and help you decide what should go in the lease to best protect you. You don’t have to go at this alone. Use professionals for the best experience.

What to Include in a Rental Lease

Tenancy agreements can vary, but do follow a general template. Keep in mind that it is still your house and you are entitled to adjust your terms and conditions accordingly. Besides rent price and payment dates, there are many other things to consider before renting out your property.  Will you allow pets? Does the tenant have use of the yard? Do they have access to the basement and garage? Will you allow them to paint? Is this lease for 1 year, month to month, or minimum of 2 years? You can customize your property requests, but try to stick to the basics. Otherwise, it will be hard to find a tenant willing to jump through all your hoops.

You may see the benefits of a rental agent if you need some help with this part. They will know what’s standard in your area and what a reasonable price is compared to others nearby. A rental agent will also be able to get your listing seen by many, and rented out quickly.

Cost For Maintenance Work

Normal wear and tear is bound to happen, regardless of the tenant. There will be some kind of upkeep or maintenance that you will be required to do. This should also be clear in the lease terms. Are you going to take care of the lawn maintenance, or is the tenant expected to? Are they required to keep paint colors neutral or repaint before they leave? If these are not clear from the beginning, you could end up taking on a lot of extra work.

Think about if the washer and dryer or refrigerator breaks, that’s on you as the owner. You are expected to repair or replace, and quickly. Same with plumbing and heating. Renters want a place that is low maintenance. Tenants don’t want to be responsible for fixing something that isn’t theirs. That’s part of the joy of renting. 

Having an investment opportunity is a great way to earn extra money, but there are so many things to consider before renting out your property. It can become time consuming and expensive if you get bad tenants or don’t prepare yourself ahead of time. Becoming a landlord doesn’t have to be stressful. Let Wolfnest handle the details of renting out your property. Whether it’s single family or multi family rental properties, our fully trained experts are ready to help you find the best tenants, with minimal vacancies, and increase your ROI for your new rental property. Let Wolfnest help you get started today.

Landlord Insurance Tips That Can Save You Money On Your Rental Property

Landlord Insurance Tips That Can Save You Money On Your Rental Property

A person using landlord insurance tips to save money.

As real estate investors ourselves, learning how to save money on a rental property is crucial to the game. But, sometimes it’s not all about saving money. It’s protecting yourself from any accidents that might happen to your tenants on any of your properties. The good news, with the proper insurance policy, you are covered if anything should go wrong. However, as you might already know, landlord insurance policies can be pretty pricey. Therefore, learning the right landlord insurance tips can save money as a landlord and protect your tail from any future liability issues. This can allow you to reap even more benefits as an investor. Especially when you have the right property management team to help you along the way.

First: What is the difference between Homeowners and Landlord Insurance?

If you believe your homeowner’s insurance will cover your rental property, you are mistaken. Landlords who turn their homes into rental property may be confused with the difference between homeowners and landlord insurance.  Rental agreement length and rental frequency are an important thing to consider when determining if homeowner’s insurance is a better option than landlord insurance. For example, if you have a home that you are temporarily moving out of for a short period of time, then your current homeowner’s policy may cover the tenants living there. The policy could cover certain damages such as a fire or break-in. Depending on the type of policy, some insurers won’t grant a valid homeowner’s insurance policy if you are not living in the home. A local agent or a real estate expert will be able to help you understand the type of outcomes that may or may not be covered by the insurance policy if you were renting your home to tenants. If you plan on renting the property to long-term individuals, then landlord insurance will be needed. Landlord insurance will typically cover the whole property from damages such as fire, water, wind, and/or hail. Homeowners insurance and landlord insurance are very similar but with some key differences including: 

  1. Coverage of personal property. Homeowners insurance may cover personal belongings such as furniture, clothing, and other household items like a computer. Landlord insurance will typically cover items used to service the property. These may include landscape tools to maintain the property or certain appliances. 
  2. Liability coverage on the property. Typically, landlord insurance will cover your liability related to the rented property. If a landlord is found legally responsible for an injury that happened to the tenants in the home, their insurance may help pay for the legal fees or medical expenses. 

Policies will differ depending on the insurance company. Depending on what you are looking for as the landlord, you may choose to just have a standard policy that covers basic building damages (fire, flooding, burst pipes, wind, etc.), additional structures like a shed and/or garage, and landlord liability insurance. More extensive policies are available as well with coverages for additional damages and hazards. 

Saving Money on Landlord Insurance

If you’re a new landlord in the arena or have been one for some time, you know that landlord insurance isn’t cheap. When comparing the price for landlord insurance to homeowners’ insurance, you can expect to pay up to 15% to 25% more! Luckily, there are some ways you can save money on a landlord insurance policy. 

  1. Shop, shop, shop like its black Friday. Getting the best deal on landlord insurance can mean spending a lot of time shopping around. It’s no surprise that policies vary from insurer to insurer. If you are currently with an insurance provider, see if getting a quote from another company lowers your current expense. If not, it may be time to find a new provider. 
  2. Look for discounts like you’re a coupon clipper. As you’re shopping around ask different providers about the discounts that may apply to you. These different discounts may include new customer discounts, multi-policy discounts, loyalty discounts, renovation discounts, referral discounts, and group discounts. Additionally, ask your current insurance provider if you may be eligible for any of these discounts and they may requote you a better deal. 
  3. Add property safety features as if you’re a mall cop. Improving the property’s safety and security may get you a better deal on landlord insurance. This is because you’ve become less of a liability in the insurer’s eyes. Updating the property’s smoke alarm and burglar alarms, adding/updating security cameras, adding motion light sensors, and installing deadbolts or sprinklers can lower your risk as a landlord and ultimately get you a better deal on insurance. 

Remember to not only ask about professional group discounts but also ask if you qualify for a discount membership.

Encourage Your Tenants to Purchase Rental Insurance

Remember, landlord insurance will not cover the tenant’s personal items and belongings. Renters insurance is a cheap and easy solution to protect your tenants from any risk of losing any personal property in an accident such as a collapsed tree or a fire. When you sign a new tenant, you should add renters insurance as a condition in the lease agreement. This may protect you from future liability issues that may happen in an accident. Not to mention your tenant’s assets as well. Encouraging your tenants to purchase a renters policy to cover their items can benefit and protect both parties in case of an emergency.

Don’t Over File Claims

There is a limit for how many claims you may file before your landlord insurance company starts charging you more or cancels your policies altogether. So, one of the best ways to save on landlord insurance is not to file unless you really have to. Filing claims can add up quickly, especially if you own a lot of properties that you rent to tenants! There are cases when filing a claim is more important to do than in other cases. For example, if a person alleges they were injured on the property then this would be a scenario where you would want to file a claim as a landlord. But, other cases like water-damage that is under $10,000 would be a claim you wouldn’t want to file. The reason being, when a property is damaged by water, uncertainties about mold developing in the future will cause some insurers to cancel your policy.  We understand that it can be tough dealing with all of the nuances as a landlord. Finding the best landlord insurance policy can be a time consuming and lengthy process. This time takes you away from investing and building up your portfolio in other properties costing you even more money! Wolfnest is a property management company that takes away the headache of dealing with all the baggage that comes with renting out your real estate investments. And get this, we save you more money than the other guys. Being real estate investors ourselves, we can help you with expert advice and great property management services. Contact us today and let us know how we can help you!

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7 Security Deposit Tips for Landlords From Utah Property Managers

7 Security Deposit Tips for Landlords From Utah Property Managers

Cash that is used to pay a security deposit to a Utah property manager.

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 unit they rented. This all sounds pretty simple, right? Unfortunately, obtaining a security deposit from renters can be more difficult than it seems. As experienced Utah property managers, we know all the ins and outs of successfully renting and managing properties. This includes understanding everything from tenant screening to rental application fees to, yes, security deposits. There are some simple things property managers can do in order to avoid any complications when it comes to security deposits for renting a house or property. Luckily, Wolfnest Property Management in Utah is here to help and take care of it for you. So, here are the top tips for landlords to consider. However, if you’re not interested in navigating this yourself, Wolfnest is happy to step in as your rental property management.

Our Tips for Effectively Obtaining a Security Deposit for a Rental Property

1. Know Your State Laws

As a Utah property manager, you need to how much your state law allows you to collect, how quickly it needs to be deposited into a bank, required reports, if there is any interest it will accrue, how should it be paid, and so on. For example, in Utah, there is no limit set for how much a landlord can ask for a deposit and nonrefundable deposits are allowed. According to Utah law, the main purpose of the security deposit is to protect the landlord or property manager from any damage the tenant may cause or any failed rent payments. Potential damage to the property this deposit covers includes:

  • Stained carpets beyond normal wear and tear
  • Broken hardware and cracked tiles
  • Dirt, grime, and dust
  • Walls that need to be painted
  • Damage from animals

2. Charge the Right Amount

Don’t be tempted to charge less for a security deposit, which you are entitled to. It might seem easier to have a lower deposit amount in order to attract more tenants, but you might run into risks and problems down the road. You should always consider what your house or property is worth and consider who your tenants might be. Setting the right amount of security deposit will not only help pay for any damages that may occur to the property, but it can also weed out the financially unstable tenants. This way you will get a tenant that you will want to let live in the rental property. The right amount can also help prevent a tenant from moving out unannounced.

3. Remember a Deposit Isn’t Extra Rent

Security deposits are not extra rent and you shouldn’t treat them as such. Those deposits have to be returned to the departing tenant assuming there is no damage to the unit. This is an important aspect of security deposits for a rental property. Some managers forget this and run into trouble when it’s time for a tenant to move out. If you charge a deposit, you are responsible for returning it to the renter if they earned it back.

4. Establish Trust Accounts

Make sure you establish a trust or escrow account for the security deposit. It is important that your bank knows the deposit account is for security deposits only. This is to help prevent any forfeiture of those funds being accidentally spent on your behalf.

5. Don’t Mix the Account

Make sure you keep the security deposit trust account separate from your own, even though some state laws allow you to mix it with rental payments or turn it over to the rental owners. Try not to mix up the account because it is far too easy to accidentally spend the security funds. As mentioned above, this money isn’t extra rent. It’s also important to remember that the security deposit doesn’t cover any maintenance that may occur during the term of the lease. This is meant for any repairs that may occur once the tenant moves out.

6. Properly Handling Escrow Money

Even if you have been a Utah property manager for many years and have a broker’s license to legally handle escrow money like a security deposit, it doesn’t mean that you should. Get trained or hire a professional who is an expert with escrow fundings, such as Wolfnest.

7. Keep the Property Owners in the Know

When managing a property for someone else, it’s crucial to keep them informed of what you’re doing and why you’re doing it. At Wolfnest, our experienced property managers are professional and knowledgeable when it comes to managing rentals. Through every step of the process, we keep the property owners in the loop so they know exactly what is happening at their rental.

The Importance of a Utah Property Manager

It may initially seem complicated to obtain a security deposit for renting a house or property, but with a Utah property manager, this process is easy. As property managers, we know what to do and how to do it when it comes to obtaining security deposits effectively. As the prime provider of property management in Utah, we have managed many different types of rental properties. Our managers are experienced in handling: 

  • Single-Family Property Management – Our services include comprehensive tenant screening to ensure top-notch renters, move-in/move out inspections, and vacancy marketing to keep your property filled.
  • Multi-Family Property Management – No matter how many units you have, we provide full management services, detailed performance metrics, and extensive staff management. 
  • Portfolio Management for Properties – We’ll help you with strategic portfolio planning, assign you a personal portfolio manager, and include discounted management fees.

Our seven security deposit tips are a great start to understanding and establishing a solid foundation for your property. However, this is just the tip of the iceberg. There are many elements that go into effective property management and our Utah property managers are here to do the job right. Contact us today to learn how we can help you!

What to Do If Your Property is Being Used in a Rental Scam

What to Do If Your Property is Being Used in a Rental Scam

A home for rent that could be part of a rental scam.

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 a rental scam and what does that have to do with me?” Unfortunately, if you’ve listed your property online at any point, it could possibly be used for a rental property scam. This could lead people to believe they’ve rented an apartment in your building or lose their money on what they think is your property. So, how do you avoid this and where do you even start? Fortunately, Wolfnest is here to guide you. With many successful years of property management in Utah, our team has seen it all. As your property managers, we can help you navigate this difficult area of managing a rental and help you avoid being part of a rental scam, which gives you one less thing to worry about.

Signs of Rental Scams

First things first, it’s important to understand and recognize the signs of rental scams. Even though you’re not the one looking to rent, it’s crucial to understand what renters are dealing with. There are a lot of scammers that take and use a real listing from an actual rental home and claim it as their own. They will take already written listings and make a few modifications usually by changing the email address or other contact information to include their own information. The listing might even use the same name as the original poster and only change the picture and contact information just to confuse a potential renter. When you’re the one renting out a home, it’s important to recognize that this could happen to your listing and result in you appearing fraudulent later on. Here are the top three telltale signs of a fake rental ad that renters should look out for.

A listing that shows little information and could be signs of rental scams.

1. The Listing Doesn’t Offer Information

Writing an effective rental description is half the battle of listing your available property, especially when you don’t utilize property management services who will write an enticing description for you. Despite that, real rental descriptions usually contain all the information a prospective tenant needs to know, even if it doesn’t come across as sales-focused. When a rental listing contains little to no details, mentioning an attraction that isn’t nearby or omits details on utilities, it’s probably fake. 

 2. Asking to Wire Money

A major sign that a listing is a scam is if the “landlord” requests the potential tenant to wire money. There is no need to send money, no matter what the reason may be. While some justifications for this could include paying a security deposit or application fee, that should be paid when you see the property. This is a huge red flag because once the money is wired, there is no way to get that back.

3. It Sounds Too Good to Be True

A good rule of thumb in finding a home to rent is if the deal sounds too good to be true, it probably is. Most scammers will take all of the real information for a home rental listing, but list the price below the average rental rate in the market. This is an easy sign to tell whether or not the listing could be a possible scam. It’s important to look at other rentals in the area and see what they’re being listed to determine if an ad is fraudulent.

So, how do you ensure that this doesn’t happen to your property? Luckily, our experts at Wolfnest are here to help.

A man providing property manager services.v

Utilizing Property Manager Services to Combat Rental Scams

It doesn’t matter if you own a single-family or multi-family property, our extensive and helpful property management services have you covered. Part of these services includes listing and marketing your property. Since we are actively posting and monitoring your property on a variety of platforms, we are able to keep an eye out for any possible rental scams that are using your house or building for their fraudulent posting. With an active online presence, we are able to catch and shut down these postings before any renters are taken by surprise. Our property management services include keeping an eye on your property both online and in real life. In addition to marketing your rental, utilizing property manager services gives you access to benefits such as detailed performance metrics, day-to-day management services, and a leasing coordinator to fill your rental with high-quality tenants. So, avoid being inadvertently part of a rental listing scam and hire our experienced team to manage your property in every aspect. Enjoy peace of mind and free time with Wolfnest. To learn more, contact us today and we’ll find the right property management services for your rental!

Tips for New Rental Property Owners – Part 2

Tips for New Rental Property Owners – Part 2

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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:

 

  • Respond Promptly to Maintenance Requests – Tenants will contact you as a landlord for requests that may seem ridiculous, such as a light bulb that has burned out and needs to be replaced. However, it is always a good idea to address the tenant sooner rather than later and explain why you will or will not be fixing the issue. In the event of valid emergency requests, it is good practice to have these fixed as soon as possible. If it is the middle of winter and the furnace goes out, you need to have this addressed ASAP. As a landlord, you will need to determine what is considered an emergency request and what is not, and then prioritize accordingly.
  • Conduct Regular Inspections of the Property – The best way to find out if there are potential maintenance issues with your rental home is to regularly inspect it. This will also let you know how well the tenant is taking care of your property. It is best practice to conduct a walk through inspection once a quarter and a drive by inspection every 1-2 months. You may be thinking that you do not have the time to inspect the property this often, but it could prevent a major maintenance issue and be more than worth it in the long run.
  • Learn the Rules and Regulations – Knowing all of the landlord/tenant laws for Utah can not only be tricky, but also very overwhelming. There are so many different practices that landlords must follow and the last thing that you want is to be sued by your tenant for violating these. You might be thinking, “How can I ever learn all of the landlord/tenant laws for Utah?” The state does have this information available, and while it may take some time to research this, it will more than worth it if it keeps you out of civil court.
  • Insure your Rental Property – It is always a good idea to carry sufficient insurance on your property, just in case there is ever an issue. There are many different kinds of insurance, including hazard and liability, which will cover you for different situations. Having your property covered under good insurance can save you from a lot of future troubles.
  • Employ an Eviction Attorney – If your tenant has not paid his/her rent, do you know who to call to begin eviction proceedings? It is very important to have a good eviction lawyer in place, so in the unfortunate event that you do need to evict, you can get the old tenant out of your property and a new tenant in as soon as possible. There are many laws that must be followed when evicting a tenant and it is always best to leave this to the professionals to comply with. A good eviction attorney will also provide you with your best chance in recovering the rent owed to you by your tenant.

 

Being a rental property owner can very rewarding, but also very stressful. If you would like to discuss the best way to manage your rental 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.

 

Tips for New Rental Property Owners – Part 1

Tips for New Rental Property Owners – Part 1

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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 with rental properties.

 

So what are the most important aspects of being a landlord? Below are some tips that will give you a basic understanding of owning a rental property and what you should focus on to be the best landlord possible:

 

  • Screen Potential Tenants – In order to find the best tenant for your rental, you will have to do a little bit of research. Anytime a potential tenant fills out an application, you should run background and credit checks. It is also very important to contact all references you are provided with. This will give you a great idea of how likely the tenant will be to pay you on time each month.
  • Have a Contact List of Maintenance Partners Ready – It is always a good idea to be proactive and create the relationships with your maintenance partners before any issues arise. This way, if it is 2am and you receive a phone call that your property is flooding due to a broken pipe, you know exactly who to call. This can help to limit the damage you experience before it is too late.
  • Know the Market Rate For Your Property Although you may think that your property is near flawless, you have to look at the situation from a potential tenant(s) perspective. What are the weaknesses of the property? Does it have a good layout? Is the home located in a good location? It is always a good idea to look at other similar homes for rent that are currently on the market. This will help to give you an idea of what your property will actually rent for.
  • Customize Leases – It is very easy to find a generic lease online that you can have your tenants sign. While this will cover you on many of the basics like rent, security deposits, and tenant rights, it may not cover the more in depth issues that you would like to outline (like your pet policy, how you handle late fees, and what maintenance the tenant will be responsible for). If you are not currently
    customizing your leases, you may want to consider starting this practice.
  • Create a Property Inspection Report – By getting a property condition report signed by the tenant at move-in, you can decrease the chances of a dispute when the tenant moves-out. This will help to eliminate the excuse of “that problem was already there when I moved in” from your tenant, as it will show all of the issues the property had before the tenant moved in.

 

Being a rental property owner can be very rewarding, but also very stressful. If you would like to discuss the best way to manage your rental 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.

 

Tips for Marketing Your Vacancies on the Web

Tips for Marketing Your Vacancies on the Web

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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 your go to spot for finding quality tenants for your Utah rental property. But how can you make your rental stand out in the crowd? Following these simple steps will give your property a strong web presence and help find your next tenant faster.

 

Create visibility – Telling you to publish your vacancy to as many websites as possible may sound obvious, but do you know why? The more links available to your rental, the more likely it is to show up on your prospective tenants search results and ultimately on their radar.

 

Let your photos do the talking  – Almost anyone can write a glowing description that will make even a toolshed sound luxurious, but searchers want to see it. In fact, you should add as many pictures as the site will let you. Make sure they highlight your property’s best features and watch your lighting, because dark photos can make your top floor condo look like a basement apartment.

 

Add video – Sometimes photos just don’t tell the whole story. A virtual tour can really help people visualize the space and picture themselves living in it. Another huge advantage to using video is it will limit your showings to only truly interest parties since everyone will have already had a chance to “walk through” your property.

 

Update your information regularly – One of the biggest advantages web marketing has over print is that it’s editable. If you change your price or forget to mention a particular benefit, you can easily make the change at no additional cost.

 

Make it convenient for tenants to contact you – Not everyone does their searching during daylight hours when it’s appropriate to call, so always make sure your prospective tenants can contact you by email to ask questions. In fact, if you hire a property management company, they typically offer software that will allow tenants to schedule showings or send an application right from their computer.

 

If you aren’t already marketing your vacancies on the web, I suggest you start now. Your competitors are already showing their properties off online. The web can be very competitive, but following these simple tips will help you build a web presence and decrease your vacancy rates.

 

 

 

 

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.