PROPERTY MANAGEMENT TYPES
SINGLE FAMILY PROPERTY MANAGEMENT
Single-family properties are homes small scale rental units that are meant to hold no more than a single family (hence the name). Houses, basements, mother-in-law apartments, lofts, and similar types of properties are referred to in Utah as single-family units. Rhino Property Management can help you monetize these types of properties effectively so that it serves as another source of income.
There are several key reasons that people are investing in single-family rental properties. Here are some of the main benefits to keep in mind:
- Build stable income, over time
- Gain capital as housing prices increase
- Take advantage of tax deductions on rental property
- Tangible, physical investments that won’t deteriorate
- The rental market is booming
BENEFITS OF MULTI-UNIT PROPERTY MANAGEMENT
The big draw of multi-unit properties are that they allow you to collect multiple rent payments for the same piece of real estate, due to filling that property with a multitude of tenants. Besides that, though, there are other benefits of focusing on multi-unit properties:
- Reduces Risk: You don’t lose all of your income from your property if a unit is vacant for a month, so the risk is spread across multiple units.
- Easier to Purchase: If you want to grow your portfolio with multiple single-unit properties, then you are going to have to purchase many, many properties. Multi-unit properties enable you to get more units for just one purchase.
- More Cash Flow: Operating costs and profits are easier to grow when you are collecting rent from multiple tenants, since it increases your cash flow and reduces its fluctuation.
- Easy to Fill: Because units in a multi-unit property are typically more affordable than single-unit properties, there is always a demand for them, which makes them fairly easy to fill.
- High Appreciation: The real estate rental market is always beholden to market forces, but multi-unit properties can benefit from forced appreciation by adding amenities that increase rent across all units.
HOA PROPERTY MANAGEMENT
HOAs are utilized at most types of condominiums and townhouses, and even in some houses, if the neighborhood is a planned unit development. Typically, the HOA collects fees from the homeowners within a specific development, and then uses them for the purpose of maintenance, repairs, security, and safety and recreation upgrades, among other things. HOAs also enforce any rules that the community might collectively have made. Property management companies are already set up to handle these responsibilities. Here are some of the responsibilities of a property manager for the HOA:
- Repair community utilities and amenities.
- Conduct preventative maintenance on community property.
- Manage the landscaping and upkeep of common areas.
- Collect HOA dues from all owners within the association.
- Inspect and enforce security protocols within the community.
- Handle trash collection and recycling.
- Act as a consultant to the HOA board.