Even as the housing market in Utah cools slightly, the price of rent continues to skyrocket. If you own rental properties, you're in a very good position.
However, managing those properties can be time-consuming and labor-intensive. You want to keep growing your real estate portfolio without losing the return on your investment. A property management company can help.
Learn more about the four signs you need a good property management company.
1. Your Real Estate Portfolio Is Growing
As your real estate portfolio grows, managing your rental properties takes more and more time.
For example, you need a maintenance plan to keep all the buildings in good shape. You need a marketing strategy designed for each property. You have more tenant screening and rent collection to track.
A property management company can handle these increased demands. They have a team of experts dedicated to helping you maximize the return on your investments.
2. Vacancy Rates Are High
You purchased rental properties that you thought would make money. A high vacancy rate can lead to negative cash flow, though.
Many factors can cause your vacancy rate to increase. A property management company will evaluate your underperforming properties. Then, they'll work with you to develop a strategy for improvement.
3. You Struggle to Find Quality Renters
A key factor in keeping a high occupancy rate is attracting good renters. Rental success requires good marketing and good tenant screening.
Marketing Your Rental Properties
Effective marketing takes specialized skills and knowledge. You need a marketing plan that fits your property and your goals.
A property management team includes the marketing experts you need. They'll work with you to develop an effective strategy.
A professional will stage your property so it looks its best. They'll take quality photos and videos to use in online marketing. They'll manage a multi-channel promotional strategy that can include:
- Popular listing sites
- Social media
- Open houses
- Virtual tours
This puts your property in front of the right potential tenants.
Tenant Screening Services
Tenant screening helps you get better renters. You want people who pay rent on time and don't cause problems. A property management company will handle your tenant screening process.
Screening can include a tenant background check, credit reports, and eviction searches. This reduces your risk. It improves the tenant experience for everyone.
4. Your Properties Need More Maintenance
Regular maintenance is essential for your rental properties. You get higher rents and occupancy rates from well-maintained properties. You have a legal obligation to address tenant maintenance requests in a timely manner.
As properties age, they need more maintenance and repair. You may not want to devote an increasing amount of your time and effort to property maintenance.
A property management company can handle these issues for you. They have a network of licensed and insured contractors for your maintenance and repair needs.
Your tenants can file maintenance requests 24/7 online or over the phone. The property manager reviews the requests and ranks them in order of urgency. They will then give the requests to the contractors who are best suited to handle the issues.
Choose the Right Property Management Company in Ogden
A property management company can help you get more from your rental properties. You can improve rental rates and lower your stress level. To get the best results, you need the right property management partner.
Wheeler and Associates Property Management has been serving clients in the Ogden area since 1973. We're experts in the local market. Owners and investors rely on us for full-service property management.
Contact Wheeler and Associates today to discuss how we can improve your property management experience.