Utah is a great place to be a renter. The state has recently become more friendly toward tenants, with rental prices decreasing in recent months. New buildings are being built to house renters, with over 18,000 units under construction in the Park City and Salt Lake City areas.
Owning a rental property is a great way to increase your passive income, but being a landlord is time-consuming. This blog will discuss why you should hire a full-service property management company. Take tasks off your to-do list while still bringing in rental income.
Get Help Screening Tenants
Finding high-quality tenants is one of the most important things when you're a landlord. It can be challenging to weed through the countless applicants you might get to find someone who's the best fit for your property.
The property manager can handle tenant screenings on your behalf. Some of the things they'll check include:
- Rental history
- Credit and background checks
- Employment and income verification
Thoroughly screening tenants can reduce the likelihood of eviction, property damage, and late payments. You'll have a more profitable and stable rental business when you have long-term tenants.
Timely Collection of Rent
It takes a lot of time to ensure your tenants are paying their rent on time. The last thing you want to do is chase down late payments and harass your tenants.
Your property management company will ensure you have a steady flow of rental income. They'll follow up on late payments, charging late fees when necessary. Your property manager will work with the tenants on how to make overdue rent payments as well.
Decrease Property Vacancies
Property management companies have the skills, tools, and relationships that enable them to effectively market your property. They'll use some of the following methods to quickly attract high-quality tenants:
- Professional photos
- Online listings
- Multiple advertising channels
Once they've compiled a list of potential tenants, they'll coordinate with them to schedule walkthroughs. They'll attend these appointments on your behalf, answering any questions the prospective renter might have. This ensures that your vacant units get filled quickly.
Response to Repair and Maintenance Requests
Many property management companies have staff members that are qualified to handle maintenance requests. Additionally, they'll have connections throughout your community with specialists if you're dealing with a different issue than normal repairs. These partnerships ensure that you receive fast response times and affordable prices when dealing with repairs.
Find a Full-Service Property Management Company in Park City
Owning a rental property in Park City, Utah, can be a reliable source of income and a great investment. Renting out your property comes with various duties, such as maintenance and tenant screening. A full-service property management company can handle these items for you, leaving you with more time to do the things you love.
Whether you need landlord advice or more comprehensive services, PMI Park City is here to assist. Our team of property managers has experience working on various types of rental properties in the area. Reach out to our office to book a meeting with us.