Hi this is Tanya here at Envy Property Management. Savvy real estate investors will be sure to watch every dollar that’s spent on their rental properties to ensure they cash flow. So it’s understandable that you’d be wondering if professional property management in Northern Utah is really worth your money. This is a fixed expense that you’ll have to pay for every single month; so, is this really worth your money?
The simple answer is – absolutely!
In today’s video, I’m going to go over 4 things property managers do for you and why the management fee is well worth paying.
1: Northern Utah Property Managers Wear Many Hats
You need to understand that a good property manager will be wearing many hats. They will take care of everything for you from start to finish. This includes everything from screening prospective tenants to coordinating and scheduling property maintenance. The ultimate goal is to ensure your investment property is cash flowing consistently and earning you the money you expect it to.
Other very important tasks are rent collection and lease enforcement. Collecting rent on time is an extremely important function of property managers, and a good rent collection policy needs to be documented and enforced. If rent isn’t collected on time, your property manager will send the appropriate notices and put pressure on the tenant to show them late payments will not be tolerated.
Enforcing the lease agreement is also a critical part of what property managers do. To protect your property effectively, we need to make sure there aren’t any unauthorized tenants or pets living at the property. There isn’t any kind of emotional attachment between property managers and tenants, this is a business and we can make non-emotional business decisions that are best for you and your interests.
2: Managing the Northern Utah Leasing Process
The value of what you pay for a Northern Utah property manager starts with the leasing process.
Before you even place a resident and start collecting rent, you can count on your property management company to fully prepare your home for the rental market. We call this process our “Rent Ready” process. We take the necessary repairs, upgrades, and clean it thoroughly from top to bottom. All of your exterior yard care and landscaping will be attended to so there’s great curb appeal, attracting the best residents.
Screening prospective tenants in accordance with fair housing laws is another very important reason to pay for a professional property manager in Northern Utah. You won’t have to worry about being well versed in all the fair housing laws and regulations. Anti-Discrimination laws are constantly changing and your property manager will make sure they are always up to date with the most current anti-discrimination laws.
Another crucial item your property manager will take care of is the full leasing process. They will ensure everything is handled expertly and professionally. You pay your property manager to collect the security deposit, prepare a legal lease agreement along with all the required addendums that go along with your particular investment property. They will also ensure a pet deposit is collected if needed and that all pet leasing documents are executed and in place.
3: Northern Utah Rental Property Maintenance and Management
When paying for a property management company, you will also have the benefit of expertise and relationships when it comes to maintenance. Your property manager will take care of all routine, emergency, and preventative maintenance, and be able to ensure the work is done professionally and cost-effectively. At Envy, we work with 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 regarding your investment and discuss strategy. You’ll have someone who deals with every aspect of your investment property and handles any conflicts or concerns. When a resident is moving out, your property manager will handle every detail of the move-out process including, the inspection, repairs, security deposit reconciliation, and preparing your property for the next tenant. There are a lot of moving parts, and your property manager handles every single one of them.
4: 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’re working with someone who has proven policies, procedures, and structured systems in place. Your property manager is overseeing all moving parts of your investment property business and ensuring the revenue of this business is strong.
There’s also a lot of protection available when you work with a management company. You can expect your property manager to keep you safe from claims and lawsuits. Something a lot of landlords don’t understand is that one out of three landlords is involved in a lawsuit every year. These lawsuits range from fair housing violations, mistakes with the Fair Credit Reporting Act, evictions, and discrimination. If you’re not operating your property as a business, you’re putting yourself at risk for a costly lawsuit.
There is so much value available to investors who use property managers. Most importantly, your property manager is a part of your team. You receive a lot of leverage when it comes to managing your business if you have a good property manager working with you. We are here to do the things that you don’t need or want to be doing yourself. You’re not investing to have a second or third job. You use a property manager for the same reason you use an attorney, car mechanic, or CPA. The expertise alone is worth even more than the actual tasks that are handled for you.
Savvy investors want a property manager who will take care of every aspect involved in the leasing and full management of an investment property. Property owners should be able to trust you but also have the ability to verify the work that’s being done so you can go and live your life while your property manager takes care of your asset.
If you want to talk more about the value of a Northern Utah property management company, please contact us at 801-337-4337 or visit our website at envypm.com. Whether we’re managing your property or not, we love educating investors and talking about how to have a better rental experience.
Thanks for watching today’s video on why you should pay for a Northern Utah property management company. This is Tanya with Envy Property Management be sure to subscribe to receive more valuable information on the professional management of your investment property.