Duties of a Do-It-Yourself Salt Lake City Property Manager
Owning rental property can be an exciting investment, but doing the job of managing your own property requires more than just putting up the “For Rent” sign. Let’s review the duties of a Salt Lake City property manager needs to actually do to professionally manage their properties. Once you find out, maybe you won’t want to hire yourself for the job.
Understanding your Liabilities
In 2018 the number of lawsuits initiated by tenants has skyrocketed!!! Tenants are smart, and savvy, and ready to fight if they disagree with something you have done or charged them for. You MUST be prepared! You MUST know the law and have an impeccable understanding so that when, not if, but when your tenant tires to sue you, you are prepared and ready to handle it and provide incredible documentation!
New landlords will need to understand that property managers need to comply with all of the laws and regulations involving rental properties. These laws are Federal, State, and local municipality in nature and require quite a bit of research and knowledge to understand which apply to your rental property. There are insurance requirements, licensing requirements, landlord/tenant laws, as well as fair housing laws – and that’s just the tip of the iceberg for these legal duties! Some of these laws and regulations can get complicated, even for people who know what they are doing. Knowing how to properly and legally screen potential tenants to when a maintenance item must be taken care of are all important factors when deciding to handle property management yourself. Not understanding or complying with property management laws and regulations can create mistakes that cost you money and your reputation.
Difficult Tenant Situations
Sadly, life isn’t always paradise. Your tenants may experience personal difficulties with relationships or job loss – you name it, and you will probably have to deal with it at some point. Being a Salt Lake City property manager means whatever your tenants’ situations are, it may result in not getting your scheduled rent payment. It is the Salt Lake City property manager who takes on the ugly duties of asking for late rent or even dealing with costly and time consuming evictions. Difficult tenant situations is not an enjoyable part of the job.
As a manager, you will need to be available to your tenants 24 hours a day, 7 days a week. Real Property Management Salt Lake City knows that when a tenant or property has a need, that need should be given attention quickly. Some problems can wait; whereas some things will need your immediate attention. Plumbing, HVAC, and Appliance problems rarely happen at a convenient time – You know, the stove goes out the day before Thanksgiving! The HVAC heating system blows an ignitor on the coldest day of the year….. Just imagine sitting down at the dinner table for an important family occasion and then getting that call demanding your immediate attention be on your property and not on your family. It’s important to take the maintenance duties incredibly serious with your rental property and making sure those situations get handled well and you have great vendors lined up in your network who can give you priority!!
Self managing your property creates hassles and headaches that will eventually cost you money. Do you understand laws and regulations accurately? Are you prepared to deal with any situation that can and will come up with your tenants? Are you willing to make yourself constantly available anytime of the day, any day of the year to manage and maintain your property? You will quickly realize that help with property management will give you more return on your rental property investment, greater peace of mind, and help you avoid costly mistakes. Look for a professional to be on your team so you can get the most from your rental property investment, help you reach your financial goals a lot faster, and reduce a lot of the stress and headaches that come with owning multiple rental properties!
Can you handle some of those duties? Don’t need full service management? No worries! We have you covered for whatever you may need! Just need help finding a great tenant – we can do that! Just need a 3rd party to handle inspections for you? We can do that too! Need to evict your tenant? Call us to find out how next time you won’t have to pay for an eviction!! 801-571-7400
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