Owning rental property has always been an exciting experience. However, management is an entirely different issue; It comes its fair share of challenges. For instance, landlord-tenant laws in Utah and almost everywhere else in the country are continuously changing. It is the duty and responsibility of the property owner to do their due diligence, keep track and cautiously implement the landlord responsibilities depending on each unique situation. Often, rental property owners are skeptical when it comes to hiring residential real estate managers. However, real estate management can be a daunting and overwhelming process especially if you are a novice. Moreover, the benefits of hiring a manager greatly outweigh the disadvantages.
After recognizing the benefits of hiring a property manager, what’s next? The next step should be choosing a property manager. Smooth and quality management of property for rent depends on which company you select. So, how do you pick a property manager?
Tips for Choosing a Property Manager
Three is a magnitude of rental management companies in Utah, but all firms are unique. Choosing a reliable property manager can turn your real estate investment into bliss – a wrong choice will prove to be your worst nightmare. Selecting a property manager isn’t an area that you want to neglect. Here are tips to help you tell different property manager apart.
Local
The first step to finding the best property manager is shortlisting local property managers in your area. Local managers are familiar with the daily operations of the local real estate laws and market. This means that the managers are well equipped to attract tenants and clearly understand regional landlord responsibilities.
Services
What kind of properties does the company manage? Never move forward if the company is not experienced with your type of property. Consider manager that offer comprehensive services. Be inquisitive. Ask how the company handles different services such as tenant screening, property inspections, tenant marketing and retention and handling landlord funds. If the answers provided are satisfying, move to the next step, fees.
Fees
While price should not be the determining factor, management fees should be determined by taking into account the scope of services provided, what other companies are charging and quality of services. Things are not always what they seem. A high price does not necessarily imply that they provide top tier services and a lower price does not always reflect affordability. Choose a firm that does not under-price or the opposite. Consider a price that best suits your budget and caters for quality services.
Schedule a meeting
Since you are choosing a local company, arrange to meet with the company’s representative in person. If a face to face meeting is not possible, contact them via phone or video chat. Meeting with the manager in person helps you gauge their customer service skills. Is the customer service reliable? How responsive are they? Do they dodge questions? How many properties do they manage? Are they too busy to handle your property? Are they capable of taking over landlord responsibilities? A meeting should be able to answer all your questions. You are now well equipped to choose property managers in Orem.
Landlord Obligations and Responsibilities
There is more to property management than meets the eye. Property inspections and rent collection only scratch the surface of managing a property. One of the most vital aspects of managing property that is often overlooked is landlord responsibilities. We’ve witnessed property owners being served with multiple lawsuits simply because they neglected their obligations.
Common rules dictate that it is the duty of the landlord to ensure that rental property is in a habitable condition. The word habitable is entirely relative and open to debate but is often interpreted as ‘fit to live in.’ It is, therefore, the landlord’s obligation to ensure that the property being rented is properly maintained. Landlord responsibilities include:
- Ensure that property meets the required health conditions. Clean and sanitary property to ensure there are no health hazards.
- Inform the tenant if he/she intends to sell the property.
- Allow tenant quiet and peaceful enjoyment of premises.
- Make sure all gas, water, and electric installations are safely installed and properly maintained.
- All electrical systems such as wiring and lighting are in good condition.
- Stairways, floors, and railing in good shape.
- Protect tenant’s deposit.
- Provide tenant with a lease contract before they start renting.
- Fit smoke detectors and fire alarms.
- Follow all the required safety regulations for the property.
- Issue a maintenance notice when before making repairs or improvements to the premises.
- Pay income tax on rental income.
There is a fine line between landlord obligations and landlord-tenant rules. Responsibilities cover what the owner is accountable for whereas the rules help to ensure that there is a peaceful and fair coexistence between the landlord and the tenant. Rules vary depending on your location. Below are some landlord-tenant laws in Utah based on reputable municipal sources and the official state statute.
Required landlord disclosures
The landlord must disclose information such as non-refundable fees usually in the lease contract.
Security deposit return and limit
Utah state law does not indicate or limit how much a property owner can charge for a security deposit. However, there is a return limit of thirty days after the tenant vacates premises or fifteen days after receiving the tenant’s new address.
Termination and Eviction
State laws clearly define how a tenant can be evicted.
Access to rented property
The landlord must provide a notice twenty-four hours before entry unless the rental or lease agreement specifies otherwise.
As a landlord, it is recommended that you fulfill your duties and adhere to the state rules. Renting a property in Orem, Utah comes with many responsibilities. Therefore, it makes sense to hire a property management company in Orem to help ensure you maintain your income while fulfilling all your landlord responsibilities. The bottom line is that managing a property for rent can be a daunting process. If you want to avoid the hustles of landlord obligations and responsibilities, contact Keyrenter today.