Property Management – What does that even mean?

Half of the appeal of investing in rental property is the passive income it yields. Maximum financial reward for minimum effort. Most everyone has the time to be a landlord for one property, even two. When it comes to property management, you might think you’re saving money by skipping this expense. You can handle all these tasks—right?

Owning real estate shouldn’t be a job; it should allow you to live life on your terms, give you the freedom to enjoy life when and wherever you wish. But you can’t do that if you’re spending all your time managing your properties. Hiring a property management company allows for your investment to be just that, an investment. Not a time-suck.

Here are some things a property management company should be doing to help you increase your ROI while minimizing risk.

1. Setting the right rates: Pricing your property competitively is vital for every landlord. Too high, and you won’t fill the space. Too low? Good luck being profitable. A property manager knows the micro market, local area, and current rental rates, enabling them to correctly value your [property’s worth and price the units accordingly.

2. Marketing and advertising: You lose money every day your property is empty. Your property manager helps you find tenants and can help you create a coherent marketing strategy.

3. Complying with housing regulations: State and federal laws around housing and evictions can be rather confusing. A professional property manager can walk you through everything, from paying taxes, discrimination laws, and needed certificates. Don’t try to figure this out on your own; its a mistake you can’t afford to make.

4. Finding good tenants: Property management companies find higher-quality tenants for filling vacancies because of their rigorous screening processes. These people often sign longer-term leases, inflict less wear and tear, and cause fewer problems.

5. Collecting and depositing rent payments: Strict rent collection is crucial to financial success. A property manager acts as a buffer between you and your tenants so you don’t have to chase up late payments or listen to complaints.

6. Providing customer service: If you’re not a people person, it may be best to have someone else deal directly with tenant complaints. A positive, smiley, helpful property manager will build up a rapport with your tenants and solve problems with ease.

7. Handling maintenance and repair: Let’s be honest—no one wants to be woken at three in the morning because a pipe burst in a rental unit across town. When things inevitably go wrong, your property manager brings a set of management skills that help quickly and efficiently handles any problem.

Wasatch Homes and Land Property Management can bring you peace and assurity that your property is managed efficiently. Give us a call today for a free estimate.