Property management companies in Sandy should be able to articulate what they can do for you when it comes to leasing and managing your home. They should be knowledgeable about the local market and the laws, regulations, and best practices that are associated with renting out a home.
When you’re looking for smart and experienced rental management, ask a few important questions. These are the 10 things any Sandy rental property management company should be able to answer.
1. What is your property management experience like?
You want to work with an experienced Sandy property management company, not a new company that is learning the business for the first time on your property. Get to know what kind of experience that entails. Has their rental management experience been with the types of property that you own?
2. How up to date is your team on local and federal laws and regulations?
It’s easier than ever to make an expensive legal mistake in the leasing and management of your rental property. Your property managers need to understand fair housing laws inside and out. They need to know what the local laws are for evictions and security deposits and rental increases. Look for a rental management company that can reduce your liability and risk.
3. What are your vacancy and turnover rates?
Vacancy is expensive, and the longer your home sits on the Sandy rental market unoccupied, the more money you’re in danger of losing. Ask your property manager how long you can expect your home to be vacant and whether they have high tenant turnover.
4. How does your leasing process work?
The leasing process covers everything from pricing your property correctly to marketing the home online to screening tenants and executing the lease. You’ll want to know what a property manager’s process is, and how they can guarantee that they’ll find you a high quality tenant quickly, and for the most amount of rent.
5. How well do you know the local market?
Understanding the Sandy rental market is critical. You want a local property manager who knows the properties, understands the needs and desires of tenants, and can accurately price your rental property. A local and reputable rental management company will help you have a better rental experience.
6. How is rent collected and paid?
Rent collection is an important part of rental property management. Find out when it’s due, how a tenant can pay it, when it’s considered late, and if a late fee will be imposed. Also important – how and when can you expect to be paid as the property owner?
7. How do you handle evictions?
If a tenant has not paid rent, don’t wait too long to serve them with a three-day notice to pay or vacate. Working with a property management company that has a go-to attorney is important so you can serve the notice timely. Be aware, though, that evictions can be costly and take time as the courts are still trying to recover from delays caused by Covid.
The best way to deal with evictions is to try to minimize their occurrence by having a solid screening process in place at the beginning. Educating tenants about paying their rent in a timely manner is also essential.
8. How do you manage routine and emergency maintenance?
Rental management companies need a process for routine maintenance and repair requests. Find out if tenants are making routine maintenance requests online so they’re documented, and whether there’s a 24-hour emergency maintenance hotline. A well-maintained home is worth more and retains tenants, so you want to know maintenance is a priority, both to protect the condition of your investment and retain your residents.
9. Are your vendors licensed and insured?
Working with unlicensed and uninsured vendors is dangerous. It might save you a few dollars, but it can cost you thousands in risk, lawsuits, and additional property damage. Make sure your Sandy property manager only works with licensed and insured contractors. Get to know their maintenance process. You’ll want to understand whether it’s handled in-house, outsourced, or if there’s some combination of both methods.
10. Do you invest in technology?
Technology helps us with everything from marketing to leasing to screening and maintenance. It allows us to offer online tenant portals where rent is collected and paid digitally. A company that refuses to invest in technology will have a difficult time being transparent, accurate, and accountable.
These 10 questions are valid and important, and Sandy rental management companies should be able to answer them to your satisfaction. If you’d like to know how we handle these situations, please contact us at Safeguard Property Management. Safeguard is recognized as a leader in Salt Lake City property management. We provide residential rental management services to owners of single-family homes, townhouses, condos and duplexes throughout Salt Lake County and the northern portion of Utah County.
