Real Estate is a pretty good investment, especially here in Utah. There are a lot of properties up for sale, and it could be a really good idea to snag one for renting purposes. There’s a huge market in Utah for renting; a lot of families are opting to rent out houses instead of buying them. This means the opportunity for a property management opportunity in Utah is ideal right now.
There are a lot of different things to consider when you’ve decided to rent out your property. Whether you’re wanting to rent out a part of your current home(like a separate basement apartment, for example), or you’re upgrading to a larger house and so you want to rent out the house you’re leaving behind, or if you’re just looking to purchase a new property with the sole intent of renting it out. It can be hard to keep track of all of the legal and technical parts of being a landlord, and property management can be a daunting task if you don’t have any experience.
Getting a property manager
Especially if this is your first time renting out property, it can be helpful to hire a separate property manager to handle the business with your tenant. You’re less likely to make a legal fumble, which could potentially leave you liable and responsible for costly repairs even if your tenants are at fault.
What a property manager does
A property manager will take care of the day-to-day tasks, leaving you to handle the big picture, rather than the day-to-day tasks. They will generally be responsible for the following:
-Collecting rent from the tenant
-Arrange repairs and see that they’re done correctly
-Serve as the main line of communication for the tenant
-Take care of notices for overdue rent, lease violations, and evictions, if necessary.
-Manage property inspections
In addition to these tasks, a property manager will also take care of any other tasks you need them to, as you discuss. Having a property manager can be especially helpful if you’re moving out of state. It will give you peace of mind if you have a property manager in Utah to make sure everything runs smoothly, since you’re not there to directly oversee the property.
When selecting a property manager, you’ll want to clearly outline what tasks you expect from them, and what decisions are important for them to bring to you to approve before moving forward. Communication is key, to make sure you don’t run into issues down the road.