Tag Archive for: property management

Salt-Lake-City

2015 Salt Lake City Rental Market Forecast Investor’s Guide

/by

Today, we’re talking about the rental market forecast for 2015 in the Salt Lake City valley. Anyone who lives in the area simply needs to look around and it’s easy to notice all of the cranes. Those cranes are constructing a number of multi-unit buildings. That’s good if you’re looking for a rental but not so good if you own rentals.

Multi-Unit Landlords

Ultimately, the additional inventory that this new construction produces might have the potential to drive down the price you can get on the units in your own building. Investors need to take that into account. If you have a smaller building with 10 or 12 units, make sure you concentrate on making your building appealing to potential tenants. Take good care of the property’s exterior and make sure the inside is updated and looks good. When you have a vacant unit, you’re going to have some competition for tenants. Make sure people will want to live in your property. Keep it well maintained and provide a lot of amenities such as a playground or a pool.

Single Family Homes

In the single family market, we don’t anticipate seeing any big changes throughout 2015. In Salt Lake City, there is always a strong demand for single family houses, especially those that are in good shape. Take care of the inside of the home, and when it’s vacant you’ll be able to rent it out at a good price without a problem.

This is a brief overview of this year’s rental market. If you’d like some more in depth analysis, please contact us at Advanced Solutions Property Management, and we’d be happy to tell you more.

4 Signs You Should Fire Your Current Property Management Company

/by


Our topic today is identifying reasons that you might want to consider changing your property manager. Before we get into details, it’s important to understand that it’s not a good idea to change property managers as soon as you have a minor issue. A lot of times, better communication is all that’s needed. If you can figure out the problem you’re having, it makes more sense to stay with your current property manager who knows the house and its history. However, there are certain things that might make you think it’s time for a change.

1. Property Manager Communication Problems

If you call your property manager and you don’t hear back that same day, or it takes them a few days to respond to an email, that’s a problem. You want real time answers and assistance and you don’t want to be left waiting for help. Your property manager should have emergency numbers in case there is something an owner needs right away. Usually, the questions we get are accounting related or pertaining to something that may be going on at the property. However, we believe that those questions also require a prompt response.

2. Property Maintenance Delays

When you have a tenant who keeps putting in a lot of work requests and there is no action on the part of the property manager, that’s another big problem and a good time to re-think your property management company. Most owners don’t talk directly to tenants, but when you have information that a property management company isn’t paying attention to problems, act on it. Those delays will only lead to larger damage and bigger costs down the road.

3. Lack of Transparency

Charges that show up on your account that are unexplained should also be a cause for concern. Property management billing issues should be explained in detail, and if costs are getting tacked on and you’re not sure why, your property manager owes you an explanation. Understanding what you are getting billed for is extremely important.

4. Technology

If your property management company isn’t using modern accounting techniques, you may want to switch companies. Back in the day, it was perfectly acceptable to use the shoe box full of receipts system. However today, everything is done online. At Advanced Solutions Property Management, we have the latest and greatest accounting software and it helps with collecting rent, managing reconciliations and dispersing payments to our owners right away. We can account for every dollar that is spent, and there is never a question about how your money is being handled. If your property management company needs an upgrade, start looking elsewhere.

If you have any questions about property management in Salt Lake City, please contact us at Advanced Solutions Property Management, and we would be happy to share more information.