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Property Management Blog

5 Things You Need to Know About Salt Lake City Property Management

Utah legislation says that the owner of a property should protect the health and safety of their tenants. Failure to meet this or other standards can result in fines or invite lawsuits.

If you're unsure how to stay in compliance, hiring a Salt Lake City property management company can prevent legal troubles. 

But do you need to know how to find a property manager? What questions do you need to ask to have confidence in the service?

Find out the details anyone from Utah should know in the sections below!

What are the Tenant Screening Practices?

Ask a potential service about how they handle the complete life cycle of managing lease agreements right away! One of the crucial advantages of hiring Salt Lake City property managers involves their screening process. Begin by asking about the following:

  • Details required on the application
  • Reference check process
  • Income or employment verification
  • Credit history investigations
  • Established standards for qualifications

If they do a great job, you can have reasonable assurance that they're choosing the right tenants. Meanwhile, you can focus your attention on something other than nitty-gritty management tasks. 

Who Has the Responsibility for Maintenance?

Whether you plan to take care of maintenance tasks yourself or not, you need to clarify this with SLC property managers. 

A more full-service agreement can include coverage for small to extensive jobs that need to get completed. Tenants in this plan typically have access to 24-hour property management. This level of service comes with a significant price for owners, of course. 

How Do They Collect Rent?

Your investment into a property needs to pay off regularly and efficiently. As a result, understanding the details about rent collection couldn't be more essential to your success.

Does someone physically collect checks for payments? Or, do they provide an online portal? Don't hesitate to dig into the details and ask questions like these before signing an agreement. 

What Type of Reports Do They Give You?

Salt Lake City property management services should provide clear expectations and reports without fail. Ask if the business produces the following:

  • Income and expense statements
  • List of vacancies
  • Rent roll reporting
  • Annual budgeting
  • Delinquent accounts

Having this information at your disposal during key times of the year can help significantly. Not having to produce this information yourself frees you up to make rental property deductions and recordkeeping.

How Do Their Fees Work?

While most companies charge a percentage of the gross rent, some may only ask for a flat fee. The options tend to depend on the market and the scale of your properties. In the end, only you know what if the cost of management is reasonable and affordable for your long-term plans. 

Salt Lake City Property Management

Most people who invest in rental property hope to use it for passive income. Considering the laws and tasks that go along with Salt Lake City property management, a helping hand can help with this goal. 

Depending on your situation, you may even find that this type of service adds value in the long run. Contact the Wolfnest team today for property management tips and learn about how we can help!

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