Is it time to hire a property management company?

Is it time to hire a property management company?

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

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.

7 Things to Look for in a Utah Property Manager

7 Things to Look for in a Utah Property Manager

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

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 property manager:

 

Aggressive Tenant Placement

Vacancy can be your largest expense. Look for a proven marketing system that locates Utah tenants quickly, experienced leasing agents who show property after hours, and technology that streamlines the placement process.

 

Strict Tenant Qualification and Screening

Choosing the wrong tenant can cost thousands of dollars in lost rental income, eviction expenses and damage to your property. Make sure your management company does nationwide eviction and criminal background screening as well as credit and financial qualification.

 

Groundbreaking Technology

Like many other industries, technology is changing the way Utah property managers do business. Make sure your property manager offers powerful features like online rental payments, 24/7 access to statements and reporting, ACH payment solutions, and web based marketing features.

 

Efficient and Cost Effective Maintenance

When maintenance issues arise, they need to be dealt with swiftly, effectively and with an eye toward keeping costs low. Make sure the Utah property management company you choose has strong relationships with local BBB approved vendors who are both licensed and insured.

 

Transparent Accounting and Reporting

You should demand to know how every dollar of your Utah rental property’s income was spent. In addition to detailed trust accounting, make sure your property management company can provide annual tax documents as well as key performance metrics such as rent rolls and a 12 month cash flow statement.

 

Easy to Understand and Fair Pricing Structure

Unfortunately, property management is a business where the consumer must watch out for hidden fees. Be sure to read the management agreement in full and make certain you understand the true costs of hiring your Utah property manager.

 

No Cancellation Fees

This should be obvious, but why would a Utah property management company charge a cancellation fee? Well, because they have an issue with people wanting to cancel! Make sure you can void your property management agreement at any time without penalty.

 

Want to learn more about what makes a good Utah property manager? Download our free owner information packet and receive a rental analysis for your property.