Owning property and renting it out has long been one of the most popular ways to secure secondary income, and in today’s volatile housing market, it has skyrocketed in both viability and interest for newcomers and veterans alike. For those with tenacity, drive, patience, and an eye for detail, who are good with people, becoming a landlord can be a seriously lucrative proposal.
This is even more true when one finds ways to save themselves time and effort in the long run. Hiring a professional and experienced firm to handle rental property management can be one of the best investments for owners of multiple complexes or who already have jobs that demand much of their attention. For a company like Rhino, which has long been a leader in Utah’s property management scene, we make it our mission to ease the stress of our owner-clients by handling everything from tenant screening to service request fulfillment.
Property Managers and their Contracts
In an effort to make life easy for new and experienced landlords alike, there are two processes that stand above all others in terms of importance. That is finding the right tenants — ones who will respect the property, adhere to the rules, avoid confrontations with their neighbors, and who don’t have outstanding records of bad behavior — and then signing them to a well-constructed lease agreement. Like anything that has to do with a contract, drawing up a comprehensive lease that protects both parties and clearly states the expectations and fee structure, can be tricky.
Luckily, we at Rhino Property Management have seen every type of contract and know just what should be included in these important documents. Below is a brief list of some of the most essential line items that shouldn’t be neglected.
- The Bare Necessities: This includes items like names, contact information, duration of occupancy, insurance, and the security deposit terms.
- The Terms of Rent: Here is written all the details regarding how much the tenants will be paying, when payment is due, the policy on overdue payments, and how money will be accepted (whether that be by electronic deposit through a specific portal, or just dropping off a check).
- Pets: If your property is pet friendly, there are still going to need to be rules established about noise, property damage, clean-up procedures (including fines for neglecting to pick up after the pet), the number of animals allowed in an apartment at any one time, and all the terms surrounding the pet deposit.
- Property Changes: There will certainly be tenants who will want to change the property in any number of ways, from knocking out walls to changing the doorknobs. Your lease agreement should include information on what is permissible to be changed and what is not.
- Right of Inspection: An inspection by the property managers should be well-known and anticipated. In this section, the rental property management can outline the annual or semi-annual inspection schedule, including the terms of providing ample notice for the landlord’s visit as well as the rights of the occupants.
Finding good property management in Utah doesn’t have to be a chore. Not only will an experienced company help manage interactions with the tenants, but they can also help landlords draw up the best lease agreement possible so that there are no surprises or hidden costs that might upset occupants and lead them to post a poor review of the property. Learn more about how Rhino rental property management can be of service to you by giving us a call today.