3 Secrets To Utah Property Management
Whether you’re operating a property management company or choosing one to manage your real estate, these 3 secrets will help you make wise decisions.
We worked with our resident industry experts and professionals to help put this list together to help you with the 3 most-important, little-known secrets that will help you succeed in property management in Utah:
Secret #1 To Utah Property Management
- In Utah property management, exposure counts. This may seem obvious to the those just starting in property management or for those who have been around for years, but the fact is, most Utah property management companies fail to advertise their name on rental properties. We found many property managers in Utah don’t even put a sign on the property. The thought process is, tenants like dealing with a person rather than a property management company. This is a myth and keeps many companies from receiving additional leads from people or companies looking to relocate to Utah.
Secret #2 To Utah Property Management
- Get your policies and procedures in place before renting. The most common mistakes that take place in Utah property management occur when you run into a situation that you don’t have a policy for. Suddenly, you are cutting your price, making adjustments to your contract or making promises that you really have no way of keeping. Do yourself a favor, and make these key decisions before you end up managing 50 different rental homes in Utah, with 50 different owners who do not live in Utah, with a different set of expectations for everyone. Property management is as much about consistency and dependability as it is about getting your name out there.
Secret #3 To Utah Property Management
- We’ve saved the most important secret to Utah property management for last. Surround yourself with a staff that you can count on. Period. This is not the cheapest secret to take advantage of, but it definitely pays off big time when it counts. As a Utah property manager, you will be dealing with clients that may get a water leak, have a fire, lose a job, and it seems this always happens on Christmas Eve or Easter morning. If you want to continue as a property manager in Utah for an extended amount of time, and have a family or any type of social life, then you must surround yourself with dependable contractors and office support so you can go on the occasional vacation or have someone else fix the water leak for a client at 3 in the morning. Many Utah property management companies make the mistake of thinking the property owner would prefer to save money by having the property management company do the work or repairs. In most cases, property owners want to know that a professional is taking care of the problem and that it will be fixed properly. Don’t be afraid to turn to subcontractors. Stick to what you know best. You don’t want to become a jack of all trades and master of none.
Utah property management is a great service and industry. Use these secrets to help ensure you’re working with a reputable property management company. These secrets are just the tip of the iceberg. To get more tips and tricks on how to better manage your properties and clients, give us a call at (801) 621-2121
Avoiding Winter Pitfalls In Utah Property Management
Utah property management has its challenges…
…continually changing weather conditions is a major issue that makes having a quality property management company a necessity for the Utah area. Frozen pipes, flooding basements, and ice dams on the roof are just a few of the many things to look out for.
As winter approaches it is important to stay ahead of the weather and be prepared for the upcoming drop in temperature. A property management company in Utah will be aware of what steps to take to ensure your home is well cared for – whether the home is vacant or has a tenant occupying it. There are some basic steps for treacherous winter pitfalls that should be carefully considered with your property:
- Coordinate an annual winter HVAC system check up with your Utah property manager. To many, this may seem unnecessary, however, preventative maintenance when it comes to property management in an area with different seasons and very dramatic ups and downs in temperature, can have a lasting effect on the time that a furnace will last, which can translate into thousands of dollars being spent much earlier than is necessary.
- Have your Utah property manager verify that heat tape is in place and functioning. Heat tape can prevent ice dams from forming and forcing ice under your roof shingles. It can also prevent damage to rain gutters as well as ice build up on the ground where down spouts meet the ground. A qualified Utah property management company will be able to get you bids on installation or for repairs if necessary on the heat tape for your home. Your property manager will also be able to give you insights on where the most effective placement would be for the heat tape.
- Schedule timely walk-through inspections on a vacant home by your property manager. If you are not in the area, it is especially important to have someone who is going through your home on a regular basis while vacant. During the winter months if a furnace stopped working, or a pipe near a wall isn’t getting sufficient heat, the sooner someone sees the problem and can get it fixed the less damage will occur. Your property manager will keep you informed of potential problems and can maintain the heat in your property at a level that can prevent costly damage.
Many of these items may seem like common sense, but they are often times overlooked when properties are rented out or vacant. Your property management company is the best resource you can have to help protect your investment and ensure it will provide a source of income for you and your family for the future.
Buying Real Estate?
Here’s How To Make It A Great Experience
Many people are afraid to purchase real estate. There are many things to consider in today’s real estate market, as well as legalities to deal with when making a purchase. Here are some suggestions to help navigate the world of buying real estate today.
Take a Friend
Always have a trusted friend with you when looking at homes, even if you are shopping exclusively for yourself – this is someone other than an agent. By taking along someone who has no ownership interest in the property, they can look at the property from a non-biased point of view and may notice faults in the property that you may not have noticed. A second opinion might be valuable, especially when asking the realtor questions.
Compare Neighborhood Home Stats
Find out overall size and price characteristics of houses in a neighborhood where you are considering buying. This is essential, because you might not want to buy the best and biggest home there. This is because smaller homes actually lower the value of other homes in the neighborhood, and you’ll potentially lose money with a bad deal.
Get your dream home now. Many investors say not to sell your home and buy something larger, but snagging your dream home right now might actually be a good idea, because home values likely have nowhere to go but up from here.
When looking to purchase a home, make certain there is adequate parking for your vehicles. This is very important if the home you are interested in doesn’t have a driveway, you could end up walking long distances just to get to your own home.
Inspections are a Must
Always have a potential home thoroughly inspected before purchasing it. Although you’ll have to pay a fee, it’s worth it. Hire a professional home inspector to conduct the inspection so that you will have recourse if something goes wrong.
Review Rental Property Records
Do your homework on rental properties. If you are considering purchasing a rental property, you should not consider buying the property until you have completely reviewed the records for at least the past two years. You must make sure the seller is providing thorough and correct information about the possible income generation of the property. Also, your lender will probably want to see income verification before issuing the loan.
Keep the View in Perspective
If you are interested in a home with a beautiful view, don’t pay that much more because of the viewing possibilities. Although you might feel that the view adds to the value of the house, if you eventually decide to sell the house, your buyers may not agree with you. So, do not overpay for a home simply because you are entranced with the view.
Look For Additional Incentives
When making your offer on a house you are interested in, it is possible to ask the seller to help with closing costs or provide other financial incentives to you. For example, it may be to your advantage to ask for an interest rate “buy down,” which helps reduce your monthly payment. Keep in mind though, with incentives thrown into the deal, it is less likely that the seller will move on the selling price.
Utah property management is a great service and industry. Use these secrets to help ensure you’re working with a reputable property management company. These secrets are just the tip of the iceberg. To get more tips and tricks on how to better manage your properties and clients, give us a call at (801) 621-2121.
Utah Property Management – Communication Matters
When an investor is looking for a Utah property management company, they typically will look at the numbers only and wonder, “How much will this cost me?”Which is an important question to ask, but a better one is “What value will I get in return for the cost?” I can go to a burger joint and buy a hamburger for $1. Just because it’s the cheapest, it doesn’t make it a good hamburger.
No matter if you own one property or many units, as a real estate investor, it’s crucial to select a Utah property management company that has excellent communication. As you’re going through the process of choosing a company, allow some time to pass for you to get a feel for how well a property management company communicates. Keep in mind the following questions: Is it difficult it is to get in contact with your property manager? How long does it take them to respond to a voicemail? How long does it take them to respond to an email? If you’re getting poor results early on in the selection process, these red flags can spell a disaster later when it really matters.
Solid follow through to your questions and concerns is necessary, and it should be done in a timely manner. If the only time you hear from your Utah property management company is when you call them, you may want to consider another company. If you find yourself anxiously waiting for answers, this may be a red flag to switch companies as well.
What type of communication do you prefer? And does your property management company cater to your needs? Do you prefer email, text, phone calls, letters, or faxes? When selecting a Utah property management company, establish early on how you would prefer to communicate and ensure that the management company is capable and willing to work with your preferred form of communication. Getting this squared away upfront, will help eliminate potential headaches or growing pains that you may experience when you have questions or concerns with your property.
Utah tends to attract a large number of investors and owners who live out of the state, and many also live out of the country. This is due to Utah being home to several Military bases as well as a family oriented atmosphere that encourages people to leave roots here while they may move away for a time. High-value real estate in neighboring states also contributes to the high number of out-of-state investors. As a result, it’s absolutely vital for a Utah property management company to be current with technology. Especially, technology that promotes the most-convenient and quickest communication.
Communication is obviously just one facet of choosing a Utah property management company. Don’t forget to check out our other valuable property management tips and ideas.