Recent statistics reveal that 34% of the people of Utah are renting. Furthermore, statistics show that the price of rent is rising. In 2021, the figures showed a 10% to 15% spike in the rent price in Utah.
The leading cause for the sudden rise in rent is that demand for rental properties currently exceeds supply.
It is a spectacular time to invest in real estate and be a landlord. However, being successful in real estate can be challenging if you don’t have a little help. It’s all about efficiency and collaborating with the right rental property management.
Here are three really important tips that every brilliant rental property manager will tell you.
1. Be Realistic About Your Responsibilities
When a renter moves in, the responsibilities of being a landlord start. Renting a property is about a lot more than collecting rent every month. Sometimes you will have maintenance to take care of, and things will need repairing.
You must be responsive when a renter needs maintenance and repairs. This is how to keep your tenants happy and increase the likelihood that they will want to renew their lease.
You should drive near the property to see if you spot exterior damage occasionally. You do not need to disturb your tenant to do this, but you can still scope out if you see any issues yourself. However, this can be a time-consuming burden, so you should enlist the help of a rental property management company with the experience to help.
Seeking professional help with your property management rentals is your most realistic decision. It alleviates stress, makes repairs more efficient, and leads to happier tenants than if you were to DIY.
2. Stay Organized
You must enforce the terms of the lease. Any deviation from the agreement could lead to much more significant issues, such as late rental payments. Be clear that rent is expected on time; if not, charge a late fee.
If you let a tenant out of a late fee one time, they will expect that they can always get out of it. Demanding payment can be uncomfortable for a DIY landlord. That is why working with professional rental property managers pays off.
They know how to handle late rent payments because they have a history of handling them. Property management rental companies handle the tough conversations, so you can enjoy the day and sleep well at night. Further, if it turns into a case of eviction, the right rental property manager can handle this too.
3. Keep Accurate Accounting Records
Effective property rental management can be a lot like a juggling act, so outsourcing to professionals is a brilliant decision. Paying expenses to maintain the properties, collecting rent, holding security deposits, and more means keeping a good paper trail. You must store documents in the appropriate areas, primarily to refer to them later, like at tax time.
Not only that, but you also want financial reports, including an income statement and a report on net cash flow. A basic spreadsheet might help for one property, but the more rentals you have, the more robust a system you will need. Experienced rental property managers will keep all of this for you in impeccable order.
You may even scout for more investment properties with your extra time!
Rental Property Management in Sandy, Utah
Renting in Utah is on the rise, and it’s an emerging trend. If you are a real estate investor navigating this growing market, you must partner with an organization with rental property management experience.
This is where Wolfnest comes in! With their narrow focus, unique skill set, and state-of-the-art technology, you can rest assured that they will care for your property and tenant exactly how you would want them to.
Contact Wolfnest today to learn more.