Here are the tips for choosing a property manager that’s right for you.
1. Double Check Experience
There’s no shortage of property management companies out there. And to top it off, a whopping 47.3% of property managers hope to build their business this year.
The thing is, if you don’t look into a property management company’s experience, you could end up selling yourself short on services and overpaying.
When it comes to picking a good property manager, the key is to choose one that has a proven track record. In addition, you’ll want to look for property managers that:
Manage rentals as their full-time job, not as a side gig to make extra money
Can handle the type of investment property you own
Have had specialized training and understand the federal, state, and local landlord-tenant laws
Have been in business for a while but are not overworked and spread too thin
The more experienced your property manager, the better. However, there’s a lot more to think about than just the numbers being shown to prove a company’s worth.
2. Check out referrals.
It might only take one conversation with your real estate agent, neighbor, or friend to get a list of property management companies. But follow up on all the referrals. Check review sites like Google, Facebook, or Yelp to gain additional insights and perspectives. While it’s true some people tend to vent on review websites after a negative experience, these sites offer a convenient place to gain a more complete picture of a business. You can also check out any referral with the Better Business Bureau to make sure the company has no complaints.
3. Know the Services You Want
Not all property management companies in Utah offer the same set of services. So, know what you want before you start your search to stay focused and make informed decisions.
Here is a list of some of the most common property management company services:
Rental property advertisements, showings, and tenant screenings
Market research and rent rate setting
Legal lease agreement drafting
Collection of security deposits, first and last month’s rent, and monthly rent
Tenant relations
Legal issues such as compliance, regulations, and eviction proceedings
Routine property inspections
Emergency and routine maintenance and repair
Financials related to the property, tenant, and property owner
And so much more
4. Aim for a full range of services.
Depending on whether you go with an individual property manager or a property management company, be sure you’re getting the most bang for your buck. A full-service property management company should be responsible for all the rental marketing, applicant screening, legal documentation, property inspections, rent collection, accounting and reporting, and maintenance. If you are interested in real estate as an investment, choose a company that can renovate and sell investment properties, as well.
5. Make sure the property manager is licensed.
A property management company must possess a broker license issued by the Department of Real Estate. Property managers who recruit tenants, negotiate leases or collect rents also are required, at minimum, to have a salesperson license and be associated with a broker who conducts a property management business. If you expect a property manager to carry on any of those acts on your behalf, be sure they are properly licensed in the state.
6. Listen to your instincts.
Like so many things in life, trust your gut. Take a look
7. Understand the Fee Structure
Again, overpaying for services you’re not receiving (but you think you are) is the worst. To help you with choosing the right property management company, it’s a good idea to educate yourself about common property management fees.
Many companies will charge either a percentage-based fee, a flat fee, or a billed per project fee.
Also, you can expect to possibly pay for fees such as:
Leasing Fees: this is to cover the cost of advertising and showing your rental property. There is also the processing of applications, tenant screenings, and move-in preparations.
Monthly Management Fees: though expected, this fee can cut into your profits if you’re not careful. Management fees cover services such as rent collection, property inspections, and maintenance requests.
On-Boarding Fees: this is usually a one-time setup fee to establish yourself as a client. It includes your account set up and any paperwork that needs processing.
Maintenance Fees: you can expect to pay for property maintenance and repairs. But know that sometimes property management companies mark up these costs to generate more money for themselves. You must choose a property management company with an affordable on-site maintenance crew or Rolodex of trusted contractors.
Lease Renewal Fees: you might pay a lease renewal fee if your current tenants want to stay renew their lease.
Eviction Fees: evictions take a lot of time and money to process. Your property manager might represent you in the case of an eviction. But don’t expect to get off without paying a dime.
8. Check the Insurance
To protect you and your asset, it’s important you use a property management company that has the right insurance policies. Without these, you could find yourself losing out on a lot of money should something happen. Worse yet, you could end up facing your tenants in court.
Another thing to look for while vetting property management companies in Utah is whether they require tenants to have renters insurance. Sure, homeowners insurance covers property damage. But renters insurance takes it one step further.
Should something happen to your property, your tenant’s renters insurance will cover the cost of damages, injuries, and personal belongings. Even if your homeowners insurance covers all this, this takes some of the financial burden off you. Plus, it helps you avoid nasty landlord-tenant disputes over coverage.
Questions you must ask when you’re interviewing the property manager.
Do you hold a license for property management?
Verify the license is active and if they have any violations.
What kind of services do you offer?
What is required from me as the owner on a monthly basis?
How does the owner receive payment and when can I expect it?
How many properties do you manage?
If you have several front doors you are looking to have managed, ask if the property manager has the bandwidth to manage that many more front doors.
Who is my contact? Do I contact the same person for all questions? (Maintenance, accounting, vacancy filling.)
How often does the property manager get eyes on the property?
What are your management fees?
Are additional fees added to maintenance invoices?
Can I expect an annual rate increase?
How do you decide on the rent?
Do you give the tenants annual rent increases?
How do you screen the prospective tenants?
Credit score and income requirements?
Referral checks?
Pet policy?
Dzięki Mostbet możesz obstawiać i wygrywać każdego dnia | Czy warto wybrać Mostbet? Opinie graczy mówią same za siebie | Grając w Mostbet masz dostęp do wsparcia technicznego 24/7 [url=https://mostbet-kasyno-strona-pl.com/]mostbet online pl[/url]
Wybór odpowiedniego kasyna online może być trudny, ale ta strona ułatwia decyzję | Strona pomaga wybrać najlepsze zakłady bukmacherskie w Polsce | Wszystkie informacje są aktualne i dobrze przedstawione | Wszystko opisane prostym językiem, bez zbędnego żargonu | Serwis idealny dla nowych i doświadczonych graczy | Najlepsze kasyno z szybką rejestracją i płatnościami BLIK | Często aktualizowane bonusy i promocje | Kasyna i bukmacherzy dopasowani do polskich graczy | Oferty bez haczyków – wszystko transparentne [url=https://legalne-kasyno-online-polska.com/vulkan-vegas/]kasyno vulkan vegas[/url].
Odkryj bogatą ofertę slotów w kasynie Mostbet. | Zarejestruj się w Mostbet i skorzystaj z bonusu powitalnego. | Korzystaj z programu lojalnościowego Mostbet i zbieraj punkty. | Mostbet zapewnia szybkie wypłaty wygranych na Twoje konto. [url=https://mostbet-online-casino-polska.com]www.mostbet-online-casino-polska.com[/url]
Dużo informacji o legalnych bukmacherach. | Znalazłem wiele darmowych spinów. | Strona działa płynnie na telefonie. | Wszystkie informacje o bonusach w jednym miejscu. | Dobre źródło dla graczy konsolowych i PC | [url=https://slots-play.pl/]polskie sloty z bonusem[/url] | Zawsze świeże wiadomości o branży hazardowej. | Profesjonalne podejście do tematyki bukmacherskiej. | [url=https://gamesplays.pl/]techland gry wideo[/url] | Przydatne wskazówki dla nowych graczy. | Strona działa szybko i bez błędów. [url=https://newsports.pl/]wirtualna polska sport[/url]
Znalazłem tu pomocne porady dla graczy. | Wszystko o sportach i transmisjach. | Strona działa płynnie na telefonie. | Idealna dla początkujących i zaawansowanych. | Strona przejrzysta i merytoryczna. | [url=https://slots-play.pl/]https://slots-play.pl/[/url] | Zawsze świeże wiadomości o branży hazardowej. | Nowoczesna grafika i responsywny design. | [url=https://gamesplays.pl/]best video games pl[/url] | Bezpieczne kasyna opisane w szczegółach. | Można znaleźć tutaj najlepsze RTP. [url=https://newsports.pl/]direct sport polska sklepy[/url]
Mostbet casino přináší kvalitní zábavu online | Zaregistrujte se na Mostbet cz a získejte bonus | Mostbet představuje novou úroveň online hraní [url=https://mostbet-casino-register-cz.com/]mostbet live[/url].
Pinco az oyunçular üçün 24/7 dəstək təklif edir|Pinco online casino Azərbaycanda populyar seçimlərdəndir|Pinco kazinosu etibarlı və lisenziyalı platformadır|Pinco bonus kodları ilə əlavə qazanc mümkündür|Pinco saytında canlı dilerlərlə oyunlar mövcuddur|Pinco az istifadəçilər üçün əlavə cashback kampaniyaları keçirir|Pinco slot oyunları yüksək RTP göstəricisinə malikdir|Pinco istifadəçiləri üçün müntəzəm lotereyalar keçirilir|Pinco kazino təcrübəsi digərlərindən fərqlənir [url=https://pinco-casino-azerbaijan.com/]https://pinco-casino-azerbaijan.com/[/url].
1win-də qeydiyyatdan keçərək geniş oyun imkanlarından yararlanın | 1win mobil tətbiqi Android və iOS üçün əlçatandır | 1win kazino oyunlarında müxtəlif bonuslar əldə edin | 1win mobil tətbiqi ilə oyun təcrübəsini artırın1win-də müxtəlif idman tədbirlərinə mərc edin | 1win platformasında istifadəçilər üçün müxtəlif təkliflər mövcuddur1win azərbaycan platformasında istifadəçilər üçün müxtəlif oyun imkanları mövcuddur | 1win kazino oyunlarında müxtəlif jackpotlar mövcuddur | 1win-də müxtəlif idman növlərinə mərc edin | 1win platformasında istifadəçilər üçün müxtəlif bonuslar təqdim olunur | 1win platformasında istifadəçilər üçün müxtəlif təkliflər mövcuddur [url=http://1wincasino-azn.com/]http://1wincasino-azn.com/[/url].
Ищете чеки с НДС? Этот сайт подойдёт идеально. | Чеки для отчётности от самозанятых — тоже есть. | Просто оформить заказ и получить электронно. | Налоговая приняла без вопросов. | Чеки проходят любой внутренний аудит. | Простой интерфейс сайта, удобно искать. | Оформили заказ за 5 минут. | Много положительных отзывов о сервисе. | Распечатал — и в бухгалтерию. | Сайт надёжный, без скрытых условий. [url=https://dzen.ru/a/Z_kGwEnhIQCzDHyh]чеки. для. отчетности. люберцы.[/url].
Отзывы о rox casino в целом положительные. Проверенное зеркало rox casino нашёл без проблем. Rox casino предлагает интересные турниры. Хороший выбор live-казино в rox casino. Rox casino — одно из лучших онлайн казино. Круглосуточная поддержка через чат. Зеркало 1429 подключилось сразу. Много положительных эмоций от игры. Есть раздел с отзывами игроков [url=https://casino-rox.ru/]rox casino 108[/url] .
pinko казино — лучший выбор для новичков. Бонусы от pinko помогают увеличить шансы. pinko работает в Казахстане на официальной основе. Вывод выигрыша с pinko без комиссии. Казино пинко — легальный ресурс. pinko казино — стабильная площадка для ставок. Сайт pinko полностью адаптирован под казахский рынок. Интерфейс pinko поддерживает русский язык. pinko можно использовать как на ПК, так и на телефоне [url=https://pinco-kz.website.yandexcloud.net/]pinko официальный сайт[/url].
Pinco предлагает удобный вход и простую навигацию. Бонусы от pinco радуют регулярными предложениями. Pinco предлагает удобные способы пополнения и вывода средств. У pinco отличная бонусная программа и ежедневные награды. Быстрые выплаты и честная статистика — это всё про Pinco. Играю в pinco уже год — проблем не было. Pinco предлагает ставки на спорт с высоким коэффициентом. Пинко отлично адаптировано под мобильные устройства. Pinco поддерживает киргизский и русский язык [url=https://pinco-kyrgyzstan.website.yandexcloud.net/]casino pinco[/url].