Salt Lake City is an in-demand city for renters, whether they're going to college or starting a new career. If you own a second home or are planning to build a real estate portfolio, your first step is to assess your needs as an investor.
How much money do you want to generate in rental income?
This is an excellent question to ask. Set a goal and calculate the expenses you need to pay to get there, like marketing and repairs.
Everything left after expenses is your profit, and you can maximize this number through rental property management.
Here's a closer look at these services.
Rental Property Management Maintenance
The first local service you should investigate is property maintenance. This service is a cornerstone of any reputable property management company.
Property maintenance refers to several responsibilities.
For example, it refers to daily check-ins by property managers when the property is vacant (or on the market.) Property managers also practice thorough maintenance (including repairs and upgrades) when taking photos for real estate marketing.
Open house viewings require steadfast attention to property maintenance. Prospective renters will look to see if appliances are working properly, even door hinges. They pay extra close attention to wall treatments, insulation, HVAC units, and more.
Renters should also have access to 24-hour maintenance request services. This is another reason to trust a property management company.
For example, Envy Property Management offers tenants online request portals so they can submit maintenance requests at any hour. Property managers are also available to respond to maintenance emergencies; one of their roles is to work with a network of vendors that can tend to emergencies like basement flooding.
Property Marketing
Property maintenance is also part of a successful marketing strategy. You want to present a positive living experience that attracts the right tenant.
First, you have to describe your ideal tenant. This process is called a tenant profile. Include everything from a clear criminal background check to desired annual income.
Define what you're looking for in your real estate listing. Property managers apply copywriting skills to attract serious applicants. They also use real estate software to submit listings to top rental sites; they may also leverage marketing platforms like social media and Google ads to ensure your listing falls into the right hands.
Tenant Placement Matters
As you learn more about real estate ROI, you'll start to appreciate quality tenant procurement. Remember, it costs money to constantly screen for tenants and market properties to renters. You don't want to lose responsible tenants, thus, you need a lease renewal strategy to keep increasing your ROI.
Don't rely on DIY tenant screening. This mistake can lead to using online background checks that produce faulty results like inaccurate addresses and places of employment. Actual property managers will call previous landlords and employers to verify information.
Rest assured, your property management company will also screen for legitimate government identification.
Start Working With a Property Manager
The start to a successful real estate investing journey begins with rental property management. Apply these tips when choosing the right services for your property.
Envy Property Management is an industry leader in Utah. Browse our full suite of services or give us a call to speak to us directly.
