Why Use A Professional Property Management Company In Salt Lake City

Why Use A Professional Property Management Company In Salt Lake City

Owning rental properties can be a very rewarding experience, giving investors opportunities for passive income and long term wealth building. But being a landlord for these properties comes with responsibilities and inherent challenges that quickly become time consuming and overwhelming if you don’t have the right systems in place.

That’s where we come in! Advanced Solutions Property Management is named one of the best property management companies in Salt Lake for a reason. Read on to learn more about what we offer.

We take care of all those “landlord tasks”…

Managing a rental property can quickly eat up your time, energy and resources. From listing and showing the property, to screening applicants and dealing with repair calls, those tasks can feel like a full time job. Plus if your property is sitting vacant for any period of time, it puts a strain on your financial goals.

We understand the challenges that Salt Lake area property owners face, because we’re investors too. That’s why we have created proven processes and procedures to manage your properties. We take care of:

Tenant selection and screening: We’ve got a better screening process than other local property management companies, which results in better tenants for you. We’ll verify their rental history and income, conduct background checks, and find you a great tenant with a rock solid lease agreement.

Legal compliance: We handle all compliance and risk management, so your property is fully protected and everything adheres to relevant rental laws and regulations.

Maintenance services: We’ve got an in-house maintenance team to respond quickly to service calls 24 hours a day, 7 days a week, making sure your tenants are happy and expenses are kept in check.

Rent collection: Rent payments are deposited directly into your bank without delay.

Market expertise: ASPM stays on top of market conditions, to make sure you’re making informed decisions to maximize your return on investment.

Top tier communication: You’ll never wonder “What’s going on with my properties?” We strive to communicate clearly and often about the management of your rental properties.

…so you can enjoy being a property owner

By letting Advanced Solutions Property Management take care of all those landlord tasks, this allows you to focus on your real estate investment goals and enjoy all the perks of owning rental properties without the hassle.

Interested in learning more? Click here to get a free Market Analysis Report for your properties. This report will show you the true rental market value and help you maximize your ROI.

About Advanced Solutions Property Management

ASPM has decades of experience working with properties around the Salt Lake valley. We’re local property managers ourselves, and know what it takes to keep your rentals looking great and generating ROI all year long. Advanced Solutions Property Management – helping property owners exceed their real estate investing goals since 2011.

Fall Rental Property Maintenance Checklist Salt Lake City Utah

Fall Rental Property Maintenance Checklist

The Fall season in Salt Lake is here, and as a landlord the fall months are a great time to take stock of your rental property. It’s also a good time of year to plan for upcoming winter weather and potential maintenance issues that might arise during the next few months.

Fall Rental Property Maintenance Checklist Salt Lake City Utah

1. Prepare for the cold

Preparing for the colder seasons is an important part of your fall maintenance checklist. It’s also one of the most overlooked, but it can be quite costly if you don’t take care of things now.

Prevent pipes from freezing: Pipes are at their weakest if they freeze, so it’s important to prepare a few months ahead of time by wrapping them with foam pipe insulation or heat tape (if you’re using a hot water heat system).

Insulate exposed pipes: You should also insulate any exposed pipes in case they aren’t already insulated by the floors above them. If necessary, consider adding additional layers of protection like pipe wrap or heat tape around these vulnerable areas. Make sure HVAC systems are working properly: You’ll want to check that your HVAC systems are running efficiently before winter arrives because this will help keep heating costs down as much as possible during those cold months.

2. Protect your HVAC system

The last thing you want is for your HVAC system to fail in the middle of a cold winter. Make sure that it’s in good shape by checking and cleaning the filter every month, inspecting for damage, keeping the area around the unit free of debris (if there’s water pooled up anywhere near it, that can damage the unit), and checking for leaks.

3. Winterize your windows and doors

To ensure that your rentals are weather-tight and cosy, you should make sure that all windows and doors are insulated. Check for drafts around windows, at the base of doors, and anywhere else where there’s a gap between the door or window frame and the wall. If a draft is present, you can use caulk to seal it off; otherwise, consider installing weather stripping to keep out cold air in winter and hot air in summer. This can be done easily with a heat gun (useful for shrinking metal).

4. Inspect your roof for damage

As you walk along your property, take a look at the roof. If there are any missing shingles or signs of wear and tear, it’s important to have these repaired as soon as possible so that they don’t cause further damage to the structure or its inhabitants. If you see water damage on any part of your roof, call an experienced roofer immediately because this can lead to mold growth in other areas of the house.

5. Take care of your gutters and downspouts

Gutters are an important part of your home, because they catch water runoff from rain and snow. If these areas aren’t maintained regularly, it can cause issues later on by causing leaks in the ceiling or wall. To prevent this from happening, you’ll want to make sure that your gutters are clean every year before wintertime comes around again.

Downspouts should also be cleaned out regularly as well because they channel rainwater into pipes that lead away from your house. If there’s debris caught inside such as leaves or pine needles then this could clog up drainage pipes which will lead to flooding problems inside your home during storms when it rains heavily outside

6. Seal your open crawl spaces and attic

As the temperatures drop and winter approaches, you should make sure that your rental properties have been properly insulated. If there are any open crawl spaces or attics, they must be sealed with insulation to prevent moisture buildup and costly repairs. If your rental property has an attic, use a vapor barrier between the top of the space and its ceiling in order to prevent moisture from getting into any wood structures within it.

7. Inspect your landscaping

With the leaves falling, you may not feel like your yard is quite as green anymore. But if you have any dead or dying plants left in your landscaping, now is a good time to get rid of them. They won’t look great during the winter months, and can be unsightly to potential renters during springtime.

If you live in an area that gets snow and ice, make sure to keep an eye on your shrubs and trees as well—they’re even more susceptible to damage than lawns during this time of year! Your flowers will also need extra attention from now until springtime—spend some time mulching around their roots so they don’t dry out too much over winter months (and replace any bulbs or seeds that did not bloom).

8. Schedule a chimney inspection and sweep

One of the most important places to check is your chimney. This is because a chimney can be extremely dangerous if it doesn’t function properly, and it can also lead to serious health problems due to carbon monoxide poisoning. If you have a wood-burning fireplace or an oil-heated boiler, you need to make sure that the venting system is working smoothly by scheduling an annual inspection and sweep. This means that someone will go into your chimney and check for cracks in the flue tile or bricks, as well as damage caused by animals or birds nesting in there (this happens!). Also make sure that there aren’t any obstructions preventing proper airflow throughout this system; otherwise, it might not work properly!

9. Check smoke detectors, carbon monoxide alarms and fire extinguishers

We recommend testing the smoke detectors and carbon monoxide alarms every month. Test both with a smoke detector pen or other device, then change the batteries if they’re old (or mark them with tape as “out of service” if you don’t have any new ones). The CO alarm should be tested monthly by pressing the test button, then resetting it when you’re done.

Test your fire extinguishers by checking that they have not expired. If they have expired, replace them immediately!

As the fall season approaches and you start to think about regular maintenance on your rental property, it’s important to keep in mind that not all properties are the same. While some may require only a few simple tasks, others may need more extensive attention. The key is knowing what each step means so you can prioritize accordingly.

If this seems overwhelming, don’t worry! We’d love to talk with you about how to rent your property in Salt Lake.

7 Property Management Tips That Will Make You A Better Landlord

7 Property Management Tips That Will Make You A Better Landlord

If you’re a landlord in Salt Lake, then you know what it’s like to manage an investment. It’s not easy, especially if you’re new to the game. You have to find good tenants and make sure they stay in your property, while making sure they pay on time and don’t damage anything. But don’t worry: there are some things that can make this process easier for both you and your tenants.

7 Property Management Tips That Will Make You A Better Landlord

1. Screen Tenants

Screening tenants is one of the most important things you can do as a landlord. It helps you find a tenant who will pay their rent on time every month, keep your property in good condition, and won’t cause problems with your other tenants. And it helps you avoid losing money to bad renters who skip out on paying their rent or damage property beyond repair during their stay.

Screening tenants also tells you what kind of person they are—whether they’re responsible, respectful and trustworthy—and gives an idea of whether or not they will be compatible with your other residents. You don’t want to risk putting someone who doesn’t get along well with others in close quarters with another tenant!

2. Hire A Property Manager

A property manager is a vital resource for any landlord. They’re responsible for collecting rent, managing maintenance issues and coordinating repairs with contractors, and ensuring that the unit is being occupied by only authorized tenants. They can also be helpful in screening applicants and making sure that the people moving into your property are up to snuff—they’ll run credit checks, collect references from past landlords or employers, and even check their social media pages to make sure they’re not posting inappropriate photos online or engaging in illegal activities (like selling drugs).

If you’re not comfortable doing all these things yourself, consider hiring a property management company. It may seem like an unnecessary expense at first glance but they’ll save you time while providing peace of mind: after all they have experience collecting rent checks and keeping tabs on tenants!

3. Create A Preventive Maintenance Plan

A preventive maintenance plan is exactly what it sounds like: a strategy for keeping your rental property in good condition. It’s also a great way to keep your tenants happy and reduce the risk of costly repairs on account of neglect or improper maintenance.

The first step in creating a preventive maintenance plan is to create an inventory of all the major components at your rental property. The most important ones include:

  • Appliances (refrigerators, stoves, etc.)
  • Electrical systems (fans/lights/switches)
  • Plumbing systems (shower heads and faucets)

Once you have this list of important items, add up their costs and write them down next to each item’s name on a piece of paper or spreadsheet. This will help you determine whether replacing any parts would be cost-effective at all—and if so which ones are worth replacing first! Some landlords choose to replace appliances every five years while others prefer doing it every ten years depending upon how old they are as well as other factors such as age-related wear & tear over time.

4. Business Plan

A business plan is a written document that describes the operation of your property and lays out your goals. It’s important to have a business plan in place before you get started with property management, because it will help you define what success looks like for your company and give you an idea of the steps needed to reach these goals. Your business plan should include a marketing plan, so that you can create an actionable strategy for attracting new tenants by reaching out online or through word-of-mouth referrals from current tenants.

5. Use Online Tools

Online tools can be a great way to manage your property and tenants. With online tools, you can organize your business and keep track of everything that’s going on. You also don’t have to worry about storing paperwork or writing things down like you would if you weren’t using an online tool for property management.

Here are some features that some of these tools offer:

  • Calendar view where you can see all of your tenants’ leases, notices from them, maintenance requests, etc., in one place
  • Software integration so that emails can be sent automatically when certain things happen (e.g., rent is due)

6. Use Rental Agreements and Leases

If you are a landlord or property manager, there’s no arguing that rental agreements and leases are an essential part of your business. They provide tenants with clear expectations about what is expected during their time in the property, as well as how long they will stay.

A rental agreement or lease can include terms that protect both landlords and tenants by ensuring everyone involved understands their rights and responsibilities. A good rental agreement:

  • Includes all details about rent payments, late fees and other costs associated with living at the property
  • States when rent is due each month (and what happens if it isn’t paid)
  • Gives notice if either party wants out of the relationship early

7. Inspect the Property Regularly

Inspect the property regularly. Inspections should be regular, thorough and include all areas of the property. The frequency of inspections depends on factors like your rental agreement and local laws; most landlords do them once per month or every three months.

It’s important to have a professional inspect your rental property because it’s difficult for an amateur landlord to catch everything that needs attention (especially in older houses). A professional will check everything from appliances to plumbing fixtures to electrical wiring—all things that could potentially cause major problems down the line if they’re not functioning properly.

Your inspection report should include photos showing any damage found during the inspection so you can reference it later when making repairs or discussing damages with a tenant who may have caused them accidentally by using something improperly (for example, leaving an iron plugged in).

Being a landlord is a serious job. Being prepared will make it easier.

Being a landlord is a serious job. Being prepared for the day-to-day tasks of property management and keeping your tenants happy will make it easier to handle when things get busy and stressful.

A few of the most important things you’ll need:

  • A good property manager who knows what they’re doing, is up-to-date on their skills, and can do the job well. If you don’t have time to manage your own properties but have other employees, consider hiring a professional property manager in Salt Lake who can take care of everything for you so that you don’t have worry about anything but making sure everyone’s getting paid on time.
  • The right tools for the job—like an app designed specifically for managing rentals, or even just Microsoft Excel spreadsheets organized by tenant name so that none of them get lost track of what needs done next!
  • A plan in place before any problems come up so that nothing catches any landlords off guard!

These are just some of the best tips for being a landlord. We hope that you find them helpful and informative. If you have any other questions about how to manage your property, don’t hesitate to reach out!

Is Hiring A Property Management Company Worth The Money?

Is Hiring A Property Management Company Worth The Money?

Many people venture into rental properties unaware of the amount of time and effort it takes to actually manage them.

The truth is that sometimes, we just don’t know what we don’t know.

The larger a property is, or the more properties involved, the more complex, difficult and expensive it becomes to run them.

The main question for most property owners, “Is hiring a residential property management company really going to be worth my money?”

Is Hiring A Property Management Company Worth The Money?

There are specific situations where having a property management company overseeing your properties can be a huge advantage for you. This will save you countless amounts of both time and money.

Here are 5 reasons why hiring a property management company makes sense:

1. Decrease Your Vacancies

A property management company can help you by advertising your property, screening prospective tenants, and placing them. But, this is not all.

A property management company makes your property more desirable in other ways, too.

Hands-on care and maintenance management along with positive tenant relations will dramatically help your property’s curb appeal and reputation.

2. Collect Rent and Process Evictions

Collections and evictions can be two of the more uncomfortable and time-consuming responsibilities of owning a property.

Hiring good property management will take those responsibilities off your plate.

Having a streamlined process for making payments and clear and open communication will make collections more successful.

In the case that rent can not be willingly collected from tenants a management company can actually process an eviction for you, saving you the time and hassle of going to court yourself.

If you are a new property owner and not familiar with all of the legalities of the rental and eviction processes, a residential property manager could literally end up saving you a fortune! 

3. Maintenance Management

Depending on the company that you choose and the agreement you make, you may find that some or all aspects of maintenance management can be handled by your property management company.

This saves you, again, both time and money.

Hiring a full-time maintenance person is costly, and that is only after a long search and screening process to find the best-qualified individual.

Hiring a private contractor for each job would not only become tedious, but the cost would certainly add up, too. 

4. Tenant Management

People are not perfect, and not too often predictable, so tenant management is a major component of having a rental property.

If you only showed up once a month to collect rent, you would have no idea what was actually happening to your property.

To be legally and fully aware of what is going on inside your property, it is necessary to have professional move-in and move-out inspections.

The outside maintenance of the property should be checked regularly as well to be sure it is properly maintained. 

If you own several units or an entire complex, tenants will interact with each other.

As much as we would hope it would never happen, tenant disputes do occur.

This is where having a property manager who is familiar with both the property and the tenants makes navigating these types of situations significantly easier. 

5. Retirement

When the time comes that you want to retire or relocate, but you want to maintain your investment property, a property management company is a perfect choice.

Yes, you may need to pay out a little more in expenses, but hiring a management company means that your property will truly become a passive investment.

How To Set The Right Rent Price

To set the right rent price, we recommend researching your market to learn what the fair market rent price is in your area. Pricing your rental at the rent price that makes sense in your location can mean the difference between vacancies and attracting good tenants so you can rent your property quickly. You can also use online applications such as Rentometer to help guide your rental rates.

As you set your rent price, you should keep in mind how it affects your financials. After all, rent payments are your main source of income on your rental property. To compare your rental income to your rental expenses, you should list your fixed and estimated expenses. Fixed expenses are your mortgage payment, property taxes, insurance fee, and HOA fees. Your variable expenses are utilities, repairs, and property improvements. By comparing income to expenses, it’s easier to see how rent price affects your monthly revenue.

There’s no point in setting the right rent price if you have tenants who don’t pay on time, which is why the next tip is critical.