Did you know that about 5.6% of rental properties are unoccupied? Being a landlord requires wearing multiple hats, and no two days look the same. There is so much involved in successful property maintenance, from maintenance issues to rent payments.
Here are three property maintenance tips for new landlords in Salt Lake City.
1. Market Your Property and do Tenant Screenings
Marking your property or properties is a crucial step in securing tenants. You won't bring in any money without tenants, but your property will still have expenses.
Once you've marketed your property and prospective tenants begin to grow, it's time for tenant screenings. A tenant screening is a process by which landlords evaluate a possible tenant. This can involve everything from interviewing to criminal background and credit checks.
Finding the right tenants will make your life easier. Still, the wrong tenant can create significant problems, including nonpayment and property damage. The wrong tenant can even cause you to lose neighboring tenants.
2. Choose a Rent Collection Method
Did you know that most people shop exclusively using cards? In fact, about three in ten Americans don't use cash at all during a typical week. Knowing and understanding financial trends like the one above is crucial for making decisions that best serve both your tenants and you as a landlord.
There are several rent options out there. As a landlord, you can accept money orders, cash, checks, or virtual payments. Virtual payments are becoming much more popular with renters because it is easy, convenient, and secure. Some bill pay portals even allow renters to schedule their payments to have them drafted automatically on the first of the month.
Online payment doesn't have to be the exclusive option, but it should always be an option, just in case. Another great reason to use online payment as a landlord is that it makes it easy to collect rent from anywhere in the world.
Whatever you choose, be consistent.
3. Hire a Property Management Service
Maintaining a property as a landlord is no easy job. From marketing your property to handling rent, maintenance, and more, it can feel like you're doing ten jobs at once. Being a landlord doesn't mean you have to do everything by yourself.
Hiring a Salt Lake City property management service can take a lot off your plate, leaving you free to handle other tasks and spend time with your family. A Property management service can help you market your property, manage tenant problems, and help you in creating a much more streamlined procedure.
Property Maintenance For New Landlords in Salt Lake City, Utah
Property maintenance can be complex, but you don't have to do it alone. At Wolfnest, we have all the resources to help you become the best landlord you can be. We are here for you, from single and multifamily management to tenant placement and ROI calculations.
We also provide many free resources for landlords to help them run their businesses successfully. Request a free rental analysis today.