Experts tell you that hiring a property manager can make investing in rental property easier and more profitable. But how can spending more money make you money? The key is to hire the right property management service.
This guide will help you find the best North Salt Lake Property Management service. You’ll learn what you should expect your property manager to do for you.
Manage the Rent
Collecting rent is the most basic responsibility that your property manager should handle. But you should look for someone who has the skills to go beyond this. A quality manager will be able to set a competitive yet profitable rental rate, collect the rent on time, and adjust the rental price accordingly.
Look for a property manager who can perform a comprehensive market study. This will enable them to set the rent at an appropriate amount for the property’s location, size, and condition.
Manage the Tenants
The second core task for a property manager is to manage your tenants. This includes finding and screening tenants, communicating during the rental agreement, and enforcing evictions should they be necessary.
Upon hiring your manager, they should go to work filling vacancies. This means knowing how to market your property to attract tenant applications. They should then have a consistent screening process so they can find the most qualified applicants.
Your manager will handle the lease signing and any complaints or emergencies the tenant has while living on the property.
Upon the expiration of the lease, your property manager will handle the move out. This includes inspecting the unit for damage and preparing it for the next tenant. Sometimes a move out isn’t a smooth one and requires an eviction. Look for a manager that can handle this process for you.
Oversee Maintenance and Repairs
You should be able to trust your property manager to maintain your property. This includes both emergency repairs and routine maintenance. Quality property managers have a schedule for performing preventative maintenance. For some, this means they check your property themselves. For others, a handyman or contractor inspects the property.
Experienced property managers will have a network of contractors that they work with. You can expect these services to cost less through the property manager than if you hired them on your own.
Follow the Law
Experienced property managers know the law inside and out. This will ensure you follow the letter of the law when it comes to all aspects of managing your property.
- Screening tenants
- Proper security deposit handling
- Lease termination
- Public safety standards
Maintain a Budget and Records
When you sign an agreement with a property manager, you’ll agree on a budget for maintaining the property. Here at PMI Legacy, we perform a property evaluation. We come to an agreement with our clients about the maintenance needs and the expect rental income.
Your property manager should be able to stay within an agreed-upon budget. They should also have the experience and ability to act quickly in an emergency situation.
It doesn’t end here, though. Your property manager should maintain detailed records. This should include maintenance performed, inspections, signed leases, and any complaints or requests made by tenants.
Hire a Reputable North Salt Lake Property Management Team
As you can see, a property manager can take over the work required when investing in rental property. Hiring an experienced and knowledgeable team means you can leverage their skills to set your rental property up for success.
To find the best manager for your property, ask them about their policies and services. They should be able to competently discuss how they’ll handle various situations. You could also ask for references to get a current client’s perspective on the manager’s performance.
Contact our team today and let us show you what a high-quality property management team can do for your rental property.