Property owners and, in some respects, landlords are responsible for their properties. However, in order to properly take care of a single property or multiple properties, those who own such properties need assistance. This assistance typically comes in the form of property management.
Property management is essentially property administration, as it involves all of the managerial and maintenance-related aspects of owning a residential, commercial or industrial property. As an important part of real estate, property management services ensure that any given property remains in operable or habitable condition for various purposes.
Cheat Sheet for Property Management Services in Salt Lake City
As implied, property management services involve practically everything to do with managing a property in Salt Lake City. In order to understand the extent of services deployed in property management, the following is a ‘cheat sheet’ for those who want to learn more about what property management may entail.
Property valuation, at best, involves a series of assessments that helps a property owner and their property management team learn essential information about the property in question. Learning information that could be used to benefit the property is key when it comes to valuation.
• Assess the property to determine an appropriate/accurate sale price or rental rate.
• Provide recommendations based on what improvements and/or repairs could potentially maximize the return on investment/monthly rent of a property.
• Gather data about rental rates in the general area and work with property owners to determine the best rental rate.
• Discuss and assess the advantages and disadvantages of certain policies such as those that concern pet ownership and smoking.
Property preparation ensures the properties are ready for use or for sale/rent to a tenant, new owner or for the use of the current owner. A property management company typically undertakes much of the tasks involved with property preparation and marketing since many property owners or landlords need the help. These tasks include:
• Cleaning the home in order to boost interior appeal.
• Handling landscaping to boost curb appeal.
• Marketing the property for rent/sale with the use of advertisements including real estate listing websites (paid and free), print publications, signs and fliers.
• Working with other parties, such as real estate agents, to find a prospective tenant for the property.
• Meeting with prospective tenants for showings or visits to client properties throughout much of the week.
• Providing prospective tenant with rental applications compliant with current fair housing laws.
Property Maintenance and Repair
Property maintenance and repair is perhaps the main reason why landlords and property owners hire property management services. A lot of the work involved with maintenance and repair certainly needs more than one set of eyes and hands to handle and these duties are no issue for a property management firm. These duties may include:
• Providing maintenance staff to help maintain and/or repair parts or all of the property in question.
• Establishing a policy that ensures preventative maintenance to identify the property’s maintenance needs.
• Providing and working with a network of bonded, licensed and fully insured contractors who provide work up to code.
Those who own property don’t need to know absolutely everything about Salt Lake City property management but having this information is definitely help.