In 2019, roughly 29.36% of households in Utah were headed by renters.
Investing in property can be an excellent way to generate passive income. However, the task of managing rental properties is often overwhelming for landlords.
You're left with maintenance and repair costs, accounting, and choosing the right tenant. If all the headaches of renting out a property seem like too much, you might consider a property management service.
Whether you're buying your first rental property or have been a landlord for years, a property management service can take a lot off your plate.
Read on for everything you need to know about property management services!
Advertising
It's easy to overlook the cost and hassle of a rental advertisement. There are so many websites renters use to shop for homes that keeping up with all of them can be a logistical nightmare.
A property management service can handle all the details of advertising for you. This not only includes making and updating listings but also showing the home to potential tenants.
Outsourcing advertisements will save you time, but it will also get a tenant into the home more quickly. This will reduce the amount of time you're losing money on a vacant home.
Accounting
There's no way around it: renting out a property means doing a lot of paperwork and number-crunching. Using a property management service will often save you the trouble of accounting.
You can also rest assured that your profit and loss statements will be accurate when the time comes to file taxes. Trying to handle rental property accounting yourself can cause problems with your tax return if you make a mistake.
Maintenance
Renters generally expect property maintenance services to be included in their rent payment.
Additionally, your tenant can grow impatient if maintenance isn't completed promptly. Repeatedly taking too long to have maintenance done can make tenants unlikely to renew their lease.
Especially for owners who live a long way from their property, having a property manager to handle maintenance requests offers several advantages. A property management service will help you avoid spending hours on the phone with contractors trying to choose the right service.
Tenant Screening
To make a profit on your investment, it's essential to get the right tenant to rent to. This is why it's important to have a property manager that employs the best tenant screening services.
Property management services run background, credit, and employment checks to find a reliable tenant. Going through a property manager can save you time and money on the screening process.
The Bottom Line On Managing Rental Properties
Whether you live far away from your property or just don't have time for managing rental properties, we've got you covered. We offer all the services covered in this blog post and more!
If you still have questions about property management in Utah, we'll be happy to help. Contact us today to find out more about the property management services we offer!
