According to a report by the Utah Apartment Association, one out of every three households in Utah rent their housing. In Salt Lake City particularly, 32.85% of households are renters. Many landlords or property owners in Salt Lake City manage their rental properties on their own. Sometimes, however, they need more help. That is when hiring a rental property management company, such as Epic Property Management, makes sense.
A property manager or estate manager runs and operates a real estate property. They can be hired for one simple task such as screening tenants or collecting rent. They can be responsible for the entire operations of the rental company.
Here are some instances when a property manager will come in handy:
Lots of Rental Units
Landlords and owners are likely to benefit from a management company if they have a lot of places for rent. The more properties and units they own, the more they can justify a property manager’s fee.
Time and Location Challenges
The responsibilities of a management company do not stop at managing rent for property owners. They will also handle other tasks such as taking care of tenant concerns or emergencies and property repairs and maintenance, among many others. For businessmen or owners with full-time jobs who are unable to devote enough time to their rental business, a property manager is invaluable. Another consideration is the location of the rental unit. If an owner lives far from the property they are renting out, then getting a property manager who is close to the rental property makes sense.
Affordable Housing Program
Scarcity of affordable housing options in Utah has lead the government to incentivize developers and homeowners who agree to rent at least part of their property to low-income tenants. To participate in this affordable housing program and receive the financial assistance, owners must comply with a complicated set of rules. Good property managers will have an in-depth knowledge of national and statewide laws and practices, including that of Federal Fair Housing laws.
Business Is Growing
Property managers can also help in managing budgets, maintaining records, and filing taxes for investment properties. If the rental property business is growing, hiring a management company to help make sure everything is running smoothly is understandably important.
Considering an estate manager makes sense if rental property ownership is strictly used as an investment and owners would prefer to avoid the tasks of running the day-to-day operations. The exact responsibilities of a property manager vary and depend on the reason they have been hired and the amount they’re getting paid.
- Managing Rent
This includes setting the right rent level to attract and retain tenants, collecting, and adjusting rent, if applicable to certain state or municipal laws.
- Managing Tenants
Property managers find and screen tenants. They also handle lease terms, including the security deposits. These managers also handle the different complaints or emergencies from the renters. A good property manager also understands the proper way to evict a tenant.
- Managing Budget
Managers operate within a set budget for the properties. They maintain records of all the income and expenses incurred.
- Repair and Maintenance
- Filing of Taxes
- Supervising other employees
A property manager can be very helpful for a number of reasons. Understanding the roles and responsibilities they can support you with will help you justify your reasons for hiring one.