Top 5 Reasons to Use Property Management in Utah
Some of the main reasons why investors in St. George, avoid becoming a buy and hold landlord is because they do not want the responsibility of rentals. Some of the important aspects of being an effective landlord include making repairs, dealing with vacancies, and interviewing tenants. And these are just some of the responsibilities that come with having homes for rent. While some landlords attempt to handle these tasks by themselves, there are several reasons why others choose to hire a company for property management in Utah.
1. Make More Money
People often make the mistake of thinking that the costs involved with hiring a management company will cut into their rental profits. Actually, the opposite is true. Landlords who are not a part of a large leasing corporation usually charge rents that are below the market rent levels. Sometimes this is done to rent the property out quickly, other times it is done in hopes that tenants will stay longer. In either case, the landlord could still stand to increase their rent and not lose out on the extra money nor sacrifice the quality or longevity of their tenants. Management companies typically raise the rents above the landlords rate. This allows landlords to pay for their management services and still collect the same amount they would without a management company, if not more.
2. Get Decades of experience
Landlords typically have full-time jobs and are not professional landlords. They do not know the intricate details about the rental business and do not have the time to give their rental portfolio their undivided attention. Management companies are considered professionals in the rental market. Leasing properties and interviewing tenants is what property managers do for a living. This not only means that they know all of the intricate details, but that they have connections with resources that assist them in being the most efficient in their profession.
With multiple years of experience, management companies not only have the experience to handle your rental property, they also have the extensive expertise needed to manage all of you rental properties. Landlords do not have to hire separate companies to manage each of their properties individually. Once an owner chooses the project management company that they are comfortable with, they can feel confident about having that company manage their entire rental portfolio. This makes the process of overseeing the management simple and easy, and the job of the management company is more efficient and effective.
3. Benefit from Real-Time Management
One of the most popular concerns of landlords when considering a management company is how often they will make reports about the condition of the property and if they will receive notice of any potential problems. Management companies issue monthly reports, as well as quarterly and semi-annual inspection reports that include photos. This way you can keep track of any damages that are done to the property, and keep proper documentation in case you need to withhold a portion of the security deposit to cover the cost of repairs. You property will not be destroyed, and the destruction will not be ongoing without your knowledge. You will know the status of your property at all times, and you will be involved every step of the way as if you were managing the properties yourself.
Property managers usually have a 24-hour hotline available so that a representative of the company can be reached at all hours of the day and night. This is not only for the convenience of the landlord but for the tenant as well. If there is an emergency, the tenant can call the management company, instead of you, and get the problem addressed quickly.
4. Receive Very Strong Marketing
Since management companies are in the business of managing rentals, their services not only include maintenance and repairs but marketing your property to keep it occupied. The most expensive thing in a landlord’s portfolio is a vacant unit. The landlord must still cover the mortgage payments on the property, even when there is no rent to be collected to cover that cost. Since landlords lose more and more money the longer a property is vacant, management companies work hard to market the properties and get a tenant in them as quick as possible. In order to attract a pool of applicants looking for homes for rent, management companies use a long list of websites to advertise your rentals. They use the most efficient websites that have thousands of visitors each day. It would take a landlord weeks to establish a strong marketing campaign and filter through all of the applicants. But management companies streamline the process so that not only are your marketing efforts effective, they are done in an organized and efficient manner.
5. Find More Qualified Tenants
Because management companies are usually responsible for finding tenants for multiple clients, they often have an established waiting list of potential tenants who are looking for homes for rent. This one thing alone could speed up the process of placing tenants in your rental. These rental companies help landlords retain low vacancy rates, as they not only have renters on their list to call immediately, they also know how to attract highly qualified tenants towards your property.
Management companies use a very intensive screening process to filter out the tenants who may not be a good fit for your property. Not only will they call references and inquire about their rental history with previous landlords, they also check into the background of each applicant. Management companies evaluate applicants thoroughly, to determine their credit history, criminal background, OFAC (Office of Foreign Assets Control) compliance, and even ensures that the applicants are not on the sex offender registry. Applicants who do not meet their strict criteria are rejected, so you never have to worry about your property being inhibited by a known drug dealer or child molester. You will always feel comfortable working with the management company because they work hard to have your best interest in mind while delivering their services.
As you can see, hiring a property management company in St. George, Utah makes the task of being a landlord easier and hassle free. Property managers help make you more money, have years of experience, offer timely service, provide strong marketing services, and can locate the most qualified tenants in the market. Without assistance, landlords are left with the day to day management of their rental portfolio. By allowing a management company to handle those tasks, you can still collect the same amount of money each month but enjoy the security of knowing that all of the hard work is being taken cared of.