Hi, this is Tanya with Envy Property Management, whether you’ve recently become a landlord or you’ve been renting out properties for years, enlisting the services of a professional property management company is highly recommended and in the long run, will actually save you money. You may be asking yourself, “how will a fixed monthly expense save me money on my investment?” Today I’ll answer this question with 5 reasons Northern Utah landlords should hire a property management company today!
#1: Northern Utah Property Management Companies Have Faster Rates of Occupancy
Before you even place a tenant and start collecting rent, you can count on management companies, like Envy Property Management to completely prepare your home for the rental market. This includes all rent-ready items like repairs, upgrades, cleaning, and landscaping. Having your home completely rent-ready is vital to attracting the best tenants and ensuring a faster occupancy rate.
Once your home is completely rent-ready, your property management company will then list your home on their many popular letting websites so as many prospective tenants as possible will see your listing. At Envy PM, we advertise our vacancies on over 35 websites for full exposure to as many leads as possible.
With the use of streamlined processes and technologies, your property management company can have a prospective tenant screened, approved, and moved into your property in no time.
#2: More Thorough Screening of Prospective Tenants
Screening tenants can be extremely challenging, and – if you are an inexperienced landlord – you could unknowingly select an unqualified tenant. The biggest concern with unqualified tenants is, they might not want to leave your property, once you decide it’s time to replace them. Established property management companies use thorough screening processes that have stood the test of time. This allows them to choose highly qualified tenants who are more likely to pay their rent on time, maintain the home, and be good long term tenants.
Property management companies will have processed countless numbers of tenant applications. As a result, they can analyze data about prospective tenants quickly, effectively, and spot warning signs. Using a professional management company to deal with tenant screening also protects you from the multiple rental scams out there designed to defraud landlords.
#3: Property Maintenance and Management
Having the benefit of expertise and relationships when it comes to maintenance is priceless in this industry. Your property manager will handle all routine, emergency, and preventative maintenance on your property. Not only are we on call for you 24/7 we will also be able to ensure the work is done professionally and cost-effectively. At Envy PM, we have a team of professional maintenance staff to attend to your property maintenance needs quickly and more cost-effectively than using a third-party vendor. When work needs to be done that is out of our area of expertise, we work with only the best vendors and contractors in Northern Utah.
Communication is also a critical part of what you get from professional management. Your property manager will share important information and discuss strategies with you. You’ll have a designated manager who deals specifically with your property and handles any conflicts or concerns. There are a lot of moving parts in the professional management of your investment, and your property manager handles all of them.
#4: Less Paperwork More Convenience
Your property management company will provide some financial services to you as a landlord. This could include things like insurance payments, mortgage payments, utility payments, and monthly HOA dues. They will also produce the vital end of the year 1099 reporting and reports detailing a rental property’s expenditure and income that landlords can use for their tax returns. Hiring a good management company that does an excellent job with their bookkeeping and reporting will minimize the chance that you will get something wrong and leave yourself exposed to legal action.
#5: Property Managers Run Your Business For You
With a professional Northern Utah property manager, you can leave the running of your business in capable and experienced hands. You’ll be working with professionals who have established policies, procedures, and structured systems and processes in place. Your property manager is ensuring the revenue of your business is strong.
There’s also valuable protection when you work with a management company. One out of three landlords are involved in a lawsuit every year, you can expect your property manager will keep you safe from claims and lawsuits. These lawsuits may concern things like fair housing violations, mistakes with the Fair Credit Reporting Act, evictions, and discrimination. If you’re not operating your investment like a business, you’re putting yourself at risk.
There is a lot of value available to investors who use property managers, most importantly, your property manager is a part of your team. There’s a lot of advantages when it comes to managing your business if you have a good property manager working with you. At Envy PM we are here to do the things that you don’t need or want to be doing yourself. As an investor, you are likely buying real estate as an end goal. You’re not investing in properties to have a second or third job. You use a property management company for the same reason you use an attorney, a CPA, or an auto mechanic. The expertise of a professional property management company is worth more than the actual tasks that are handled for you.
Sophisticated investors want a property manager who will take care of every aspect involved in the leasing and management of an investment property so you can go and live your life while your property manager takes complete and total care of your asset. If you want to talk more about the value of a Northern Utah property management company, please contact us at Envy Property Management. Whether Envy is managing your property or not, we love educating investors and talking through how to have a better rental experience. Give us a call today at, 801-337-4337, or visit our website for more valuable information at evypm.com.