Tips for New Rental Property Owners – Part 2

Tips for New Rental Property Owners – Part 2

Single Property Management - Wolfnest Property Management Logo - Salt Lake City Property Management

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

Single Property Management - Wolfnest Property Management Logo - Salt Lake City Property Management

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.