There's no denying that owning a rental property in Salt Lake City, Utah, is a sensible investment. After all, the state recently recorded some of the highest rents in America. That's great news for rental property owners.
However, unless you're a property management expert, you're likely not getting all you can out of your rental.
Many rental property owners—whether they have a lot of investment properties or are renting out the former family home—are skeptical of property management advice. Below, we explore (and debunk) these common misconceptions.
It's Too Expensive
Are you new to real estate and asking yourself, "What is property management?"
You're not alone. Many people don't understand this service, and their first thought is that it will cost them a lot of money.
While all property management companies charge a fee, you might be surprised at how affordable it actually is. Especially when you consider that effective property management will maximize your income.
They have the experience to boost your rental price to its true limit. They also know where to cut costs for more significant savings without compromising quality or safety.
A Property Manager Doesn't Care About My House
You put in the hard yards renovating your old home so you could rent it out. You invested your savings into a triplex to comfortably retire on the income. Your investment property is likely your most valuable possession.
No one could possibly care about it more than you, right?
One of the least talked about (but essential) property management tips is that it's a property manager's job to care about your property. They literally get paid to look after your home, meaning their income relies on how well they manage your investment.
Your success is their success!
They Just Collect the Rent
Any property management guide worth its salt outlines pages of tasks a property manager needs to take care of.
If you were managing your rental property, you'd have to do far more than just wait for the rent to arrive in your account every month.
You'd have to screen tenants, do inspections, deal with late-night maintenance calls, manage your books, learn Utah's landlord-tenant laws, market your property when a tenant leaves, or worse, negotiate a stressful eviction. The list only goes on!
A professional property management company takes care of all these tasks and more, so you don't have to.
Property Management Myths Busted!
You worked hard for your investment property (or properties) in Salt Lake City, Utah, and you want to ensure it's paying you what it's worth. That's why it's essential to understand the value of property management.
Working with a property management firm provides you with the freedom to pursue your interests, excel in your profession, or spend more time with your family—all while an experienced property manager has your best interests in mind.
Wolfnest utilizes the latest in real estate technologies to ensure you get the most out of your investment. Request a free rental analysis today.