Welcome to our one of a kind, Transparency Page. This page has been a long time coming and our team is excited to crack open our analytics and take transparency to a whole new level. Many companies claim it, but we are going to put our money where our mouth is.
On this page you will find quick access to see how we are doing online as it relates to Google and Yelp. You find analytic reports summarizing our overall communication with our owners, tenants, and vendors. A summary of our pricing, copies of our management agreement and more. We are even going to keep this page updated with anticipated management agreement changes so you can plan ahead.
Utah Property Solutions is founded on three basic principles. Integrity, Transparency and Service. This page is just one more way of us demonstrating our commitment to transparency.
In the know!
COVID-19 has changed the way all of us do things. It has changed the way we interact with our team, our families, property owners and tenants. It has changed the way we have Sunday dinner with grandparents to how we collect rent for our residence.
From an operations perspective, it has changed the way we show properties. We are finding that our properties are leasing faster with a social distancing showing method. I expect as we move into fall and winter, all our showings will be self show, opposed to agent show. For me personally, it’s hard for me to do business when I can’t shake somebody’s hand.
The other challenge that we’re currently facing is the cost of vacant property advertising. Zillow, and now Rentler are charging to have the property listed on their platforms. We are no paying more for Zillow and Rentler than we are for the rest of all our software/applications we use. For example, if we rent a property for $1,500/month at 7% management fee, we had to manage 10.66 properties just to cover Zillow and Rentler for the month of August.
This month we had windstorm with category 2 hurricane winds. You can image how busy our team has been with downed trees, residents without power for 4+ days, etc. I’m proud the team of our maintenance partners
On the horizon…
Currently, we’re working with developers to create a property advertising and onboarding dashboard. We understand that vacancy and make ready repairs is the most expensive aspect of being a real estate investor. Many aspects we have no control over, but what we can control is our communication efforts, another one of our three pillars.
The idea is when you have a vacant property, you’ll be able to access a snapshot that will tell you what stage your property is in. For our higher priced management plans, periodic videos and/or photos will be taken and uploaded for your review. You will be able to see how many people scheduled a showing and any feedback that might have been provided. These are just a snippet of the information that will be provided on the dashboard.
It is still in progress and we’re about to BETA test with a few owners this month.
A couple of changes that we see coming in the future. We are expecting this next year we’ll need to adjust our leasing commission to help absorb some of the extra fees that Zillow and Rentler are charging. We also seeing technology getting more expensive as a result of COVID. If an increase is needed, we’ll work hard to find other value add to help offset it.
Lastly, and probably most important, we going to implement a fixed rental increase formula. The industry is seeing in increase in federal regulation in all aspects of property management. Most notable is discrimination. Therefore, we’re going to operate on a fixed based percentage PLUS the most recently published CPI (consumer pricing index). The CPI is a consumer index that gauges the fluctuation of the cost of goods from a candy bar to the fuel.
We are moving to a base percentage of 2% plus the published index for the western united states for a trailing 12-month period. Currently at 1.9%. That means that upon renewal, a resident will have a $58.50/month increase. This index of course can fluctuate so we have put a floor on it of 2% and a ceiling of 5%. Research has shown us that applicants will not sign a lease not knowing how high the renewal could go. This new renewal pricing is way for it to be the same for everyone.
How are we doing?Review Us
Part of our commitment to transparency is sharing some of our Key Performance Indicators. On a regular basis we have property owners call us and one of their top 3 concerns is “how long is going to take to hear back from someone if my myself of a resident calls or emails?”. “I call my current property management company and I never hear back from them.”. Well, click the links below and see for yourself. Our email/ticketing system tracks everything from how long it takes us to open an email, reply and resolve.
HIGHLIGHTS: We are currently averaging 116 new emails per day. This is not maintenance requests, just general incoming inquiries. Our busiest day of the week is Monday. Our average first response to an email is 16.25 minutes and our average time to resolution is 4 hours 23 minutes. We average 2.3 responses to resolve a “conversation”.
See for yourself below…