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Rental Cycle for Real Property Management Salt Lake City

Rental Cycle for Real Property Management Salt Lake City 

rental cycleReal Property Management Salt Lake City is the  property management company that knows the entire rental cycle from vacancy to leasing to re-renting to lease renewals in Salt Lake City, Utah. An important first step in that rental cycle is having your property rent-ready. Understanding what it means to have your property ready to show and move in can significantly reduce the number of vacancy days your property has. Real Property Management Salt Lake City in Murray, Utah takes the steps to prepare a rental property before it is ever shown to prospective tenants or even advertised will have greater rental success. You get one first impression, it’s important to make sure it’s a great one with renters being so savvy these days!

If you are traveling down this rental cycle on your own here are a few things that you need to make sure you are aware of before you list that property for rent:

Vacancy and Turnover

When a unit is vacant, we immediately make sure you have the property re-keyed. This is often a legal requirement in many places because it keeps your future tenants safe from theft and burglaries. You have no idea who could have the key that your old tenants had. The safety of your tenants should always be a priority and should be taken care of long before someone moves into your rental. Changing the locks is a important safety precaution for you and your prospective tenants, even when the property is empty. Install a lock box that holds the key for the convenience of future showings with leasing agents.

Preventative maintenance is also crucial during this part of the rental cycle. It is a great time to take care of any repairs and/or remodels you have to do to the property. This includes any outdoor or indoor work, and anything that might have been destroyed by the previous tenants. However, make sure that all cleanup is done before showing a home. Keep the utilities on so that prospective tenants can really see what the property looks like in any weather and at any time of day. Always remember safety and take care of any broken windows, mold, broken locks, and exposed wires.

Before you set that rent rate, Real Property Management Salt Lake City can complete a rent market analysis to determine the best rental rate for your specific location and unit. When your home is professionally cleaned and all appliances checked and in working order, you are getting closer to being rent-ready.

Finally, take a good look at your property from the curb. Does it have that curbside appeal that will give the positive first impression you want. Just a little initial effort will make a big difference towards your leasing your property quickly and ensuring your investment is giving you a return.

Lease Renewals

This can be one of the most challenging parts of the rental cycle. Don’t be too quick to offer your tenants a renewal with out doing some preparation work! Take a good hard look at their behavior over the last 10 months or so. Consider how they have been to work with, how they are taking care of the property, and of course their financial history of making payments on time. Do you have a tenant who treats your property as their own? Or do you have a tenant that expects you to be responsible for every little thing, even tenant damage? Before you offer a renewal it is crucial that you do a property evaluation. You need to know what is going on in the property. See here why we recommend doing evaluations every quarter!  

After you compile an honest look at your tenants, you need to do a market evaluation to see where market rents are. It is also really important to make sure that you are up to date on any state laws and regulations that may have changed in the past 12 months. Some higher priced metro areas are implementing rent increase restrictions and rent control. Be sure you know the law before you start the renewal process!

Once you have an over view of the past 10 months and where the market is you can determine if you want to offer a renewal to the tenant, and at what rate. Now is the time to set clear expectations or correct any poor behavior if you are choosing to renew. It can also be a really great time to reward excellent behavior – offer a free or discounted carpet cleaning, or upgrade the fridge! A small gesture like that can go a long way in making sure that your tenant feels appreciated and valued!

We can offer as little or as much assistance as you need during the rental cycle of your property. If you don’t need full service management – we offer a la carte services such as just finding you a qualified and screened tenant, performing maintenance and property evaluations for a non-biased opinion and recommendations, and we can also offer lease renewal services and market analysis! No matter where you are at in the rental cycle Real Property Management Salt Lake City can help ease your mind and reduce your stress when it comes to managing your investments! 

 

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