Over 51% of property owners already use a property manager. 24% are looking for one.
It's no wonder that the number is so high. Managing even one property is almost like raising a child. You have to keep your eyes on it practically 24/7 to prevent disaster.
Are you still struggling to get the right help to keep your investment safe? Read on for 3 tips to find the right property management company for your Salt Lake City real estate ventures.
1. Look Into Their Reputability and Reputation
Only work with licensed property management companies to protect your investment. Their website should provide evidence of their credibility, but there are other places you can look so you don't have to take their word for it.
Contact the National Property Management Association, the Real Estate Commission, and the Better Business Bureau. They'll tell you what the requirements are in your state.
Once you know the company is reputable, try to get a sense of its reputation. Get referrals from friends, neighbors, and real estate agents. Look at review sites online to get opinions from other past clients.
2. Find Out About Their Services and Fees
A wide range of services fit under the umbrella of "property management," including:
- Rental marketing
- Tenant screening
Look at their website. It should have a complete list of their services and a brief explanation of each one, including how much they cost. Interview the company in person to find out more about what they offer.
Decide what services you need, then set up a budget to determine what you can afford. The average property management company will take 4-10% of monthly rent depending on the size and condition of the property. You may also have to pay extra fees for:
- Management tasks such as leaf and snow removal
- Tenant placement
- Tenant vacancy
- Early termination
3. Look At The Property Management Agreement
Property managers will hand you an agreement before you hire them. It's similar to the lease you give your tenants because it's a binding contract that also provides essential information.
It outlines the services the property management company provides and the fees they'll collect. It outlines your rights as a property owner. It tells you when the agreement expires and needs to be renewed. Most last for a year. It includes termination fees and deadlines.
The property management agreement can confirm or conflict with your previous research. Make sure to ask the company about anything that doesn't match up, such as services they don't offer or any unexpected fees.
Where to Find a Property Management Company in Salt Lake City
Managing a property is difficult to do independently, and research is the key to finding the right property management company.
Make sure they're licensed and use referrals and reviews to get a sense of their reputation. See if they offer the services you need for a fair price. Look at the property management agreement before you sign on the dotted line.
Contact us at Utah Property Management today to start working with an experienced, local property management company.