A certified property manager can save you time and make managing your rental property less stressful. You may see higher property values, more consistent income, and better tenant retention.
KUER reports that home ownership is unaffordable for 87% of Utah residents, a statistic that is driving strong demand for rental properties. If you aren't getting the returns you expect from your rental property, it may be time to consider a certified property manager. A rental property expert will evaluate your current processes and make the changes necessary to improve your income and your experience.
What Is a Certified Property Manager?
A property manager must meet several criteria to earn certification. For example, certification through the Institute of Real Estate Management requires:
- Completing training courses that cover essential skills and knowledge
- Passing an exam
- Having at least 36 months of qualifying property management experience
The state of Utah requires property managers to hold an active real estate sales agent or broker license.
What Are the Benefits of Hiring a CPM?
A certified property manager (CPM) has taken a series of classes that cover the essential skills they need to effectively manage different types of real estate and maximize their value. A CPM has expertise in areas such as:
- Budgeting, managing cash flow, and reporting
- Managing maintenance, repairs, and property risks
- Marketing and leasing strategies
- Analyzing performance and valuation of investment properties
- Leading a successful property management team
- Upholding high ethical standards
Certified management advantages for landlords include:
- More efficient rent collection
- Faster response to maintenance and repair requests
- Greater insight into financial performance
- Smoother tenant relations
These factors can lead to several other benefits, like:
- More efficient management
- Higher property values
- Greater income stability
- Improved tenant satisfaction
Efficient Management Practices
A certified property manager will establish processes that are as efficient as possible. For example, they will ensure that the leasing process minimizes downtime between residents. They can analyze the operating budget for your property to find the areas that use the most resources and suggest possible improvements.
Increased Property Value
The location of your property is only one factor affecting its value. Good management practices can increase your property value through regular maintenance, consistent occupancy, and budgetary responsibility.
Greater Income Stability
Professional property oversight can improve rent collection. Tenants benefit from a convenient payment system with consistent reminders and communication. Your certified property manager will ensure that rent payment policies are consistent and enforced fairly.
Higher Tenant Satisfaction
Good property management improves tenant satisfaction. A certified property manager will work to ensure that tenant complaints and maintenance issues are resolved as quickly as possible. Policies and procedures will be clear and organized. Communication with tenants will be professional.
What to Expect From a Property Management Company
The right property management company will save you time and lower your stress. They will oversee the daily operations of your property and be the first point of contact for any problems.
Tenant Management
One of the main reasons for choosing professional property oversight is tenant management. Your property management team will handle tasks such as:
- Marketing the property to fill vacancies as quickly as possible
- Screening prospective tenants
- Ensuring lease agreements are properly written and signed
- Collecting deposits, fees, and rent payments
- Addressing tenant requests, complaints, and emergencies
- Pursuing the eviction process when necessary
Giving your tenants a good experience is crucial for avoiding turnover. A certified property manager has the training and experience to interact with your tenants in a way that leaves a positive impression.
Maintenance and Repairs
Addressing maintenance and repairs quickly is essential for a good tenant experience and for the long-term sustainability of your property. Regular inspections of units and common areas, as well as servicing systems like HVAC, can identify potential problems before they get worse. Your property manager will make a maintenance calendar based on the features of your property.
When tenants submit repair requests, your property management team is ready to respond. Property managers typically have more than one vendor they can call for each type of repair, so the work is often completed more quickly. If your property management company is large enough, you may benefit from economies of scale and get better pricing.
Legal Compliance
Rental properties must follow many different federal, state, and local laws, including:
- Fair housing
- Landlord-tenant regulations
- Building codes
- Habitability standards
Failure to comply with any of these regulations could result in fines and other penalties. A certified property manager will stay up-to-date on the legal requirements for your property to ensure you stay in compliance.
Frequently Asked Questions
What Is the Best Property Management Certification?
The Institute of Real Estate Management offers one of the most well-known property management certifications. Property managers who specialize in a certain type of property, like apartments or affordable housing, may have a more specific certification. These include:
- Residential Management Professional, offered by the National Association of Residential Property Managers
- Certified Apartment Manager, overseen by the National Apartment Association
- National Affordable Housing Professional, administered through the National Affordable Housing Management Association
A certified property manager has demonstrated both knowledge and experience to earn their credential.
How Many Properties Can a Property Manager Handle?
The number of units a certified property manager can handle effectively depends on the level of support they get from their team. A property manager whose firm has a strong back office handling aspects of the business like accounting and marketing will be able to maintain high-quality management over more units.
Is Hiring a Property Manager Worth It?
Yes, a certified property manager is well worth the cost. You save time and stress while improving your property value, income stability, and tenant experience.
Find Trusted Property Services for Your Utah Property
A certified property manager can improve the rental experience for you and your tenants. Benefits include streamlined processes, consistent maintenance, faster repairs, and lower vacancy rates.
Utah Property Solutions is your trusted partner for real estate management in Salt Lake City and beyond. Our company is built on transparency, innovation, integrity, stewardship, and a strong work ethic. Our services are month-to-month, so you know we're always working to earn your continued business.
Schedule a consultation with Utah Property Solutions today to learn how our team can boost your returns and improve your experience.