Do you own a Salt Lake City rental? If so, you have first-hand experience of just how much time and effort can go into managing it.
For some landlords, the rigors of the job may not seem too bad. If you're used to wearing many hats and live close to your rental, the DIY approach makes sense. Otherwise, managing a rental can get overwhelming in a hurry.
The solution: hire a property management company to help you out. Here are five reasons why this approach may make sense for your situation!
1. Rent Collection
For new landlords, the rent collection process can be difficult. A property management firm has a tried-and-true system in place for this purpose. This is important if on-time payments are essential for managing your cash flow.
On top of collecting rent, your property manager can help you set the right rental rates. This involves conducting a market study that looks into what your competitors are charging for similar rentals.
2. Tenant Screening
An experienced property manager knows that finding good tenants is the most important part of running a rental. They'll focus on every part of the tenant screening process, from references to criminal checks.
A big part of this strategy is marketing to the right people. That's why most property management services involve crafting compelling advertising materials. This is also essential for avoiding long vacancies.
3. Day-to-Day Management
Maintaining tenant relationships is one of the most difficult landlord tasks. You must be on call 24/7 for both routine and emergency situations. To avoid the stress that comes with this task, have a property manager deal with it.
Day-to-day management can also include other relationships. All good property management firms have their favorite vendors, contractors, and suppliers. These connections will get you the best work for the best price.
4. Legal Compliance
Managing a rental property involves abiding by a variety of laws. These include Utah tenant rights, local laws, and federal regulations. You'll also need to keep track of fair housing regulations like ADA.
For a new landlord, getting legal help to maintain compliance can make all the difference. Your property manager will help you keep your rental up-to-date and avoid potential fines and lawsuits.
Many landlords don't believe that hiring a property manager can save money. In reality, most property managers charge a small part of your rental rate. Given all they can do for you, this is a solid deal for most landlords.
Also, as the adage goes, time is money. Having a property manager take care of your rental can free up a lot of time in your schedule. You can use this time to identify more business and investment opportunities.
Hiring a Property Management Company
One great thing about being a DIY landlord is that you get to keep all the rent money. That said, the time and effort you spend making that happen often won't be worth it. In this case, your best bet is to get professional help.
Looking to hire a property management company in Salt Lake City? At Wolfnest, we can take care of all your landlord needs! Contact us here to find out what makes us different from other management firms!