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
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