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How to Conduct a Home Rental Market Analysis in Salt Lake City

Posted on: July 14, 2015 by in Salt Lake City Property Management Education
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Today’s blog will explain how to conduct a rental market analysis on your home. This is a useful tool when you’re trying to determine how much rent to ask or if you’re wondering what kind of rent you can collect if you turn a property into a rental. A market analysis will tell you if you’re getting what the market can support for your property. The process is the same as when you’re selling a home. You have to take a sample. Do a little research to find out what properties are Continue Reading ...

2015 Salt Lake City Rental Market Forecast Investor’s Guide

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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 Continue Reading ...

Should My Rental Lease Include a Pet Policy?

Posted on: June 30, 2015 by in Salt Lake City Property Management Education
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Today we’re talking about pet policies and how you should protect your property from the damage and liability that can come with pets. Many landlords ask us if they should allow pets and our answer is always: Yes. A lot of people have animals and a large percentage of renters looking for homes want to be able to move into a property that allows pets. If you say you won’t allow dogs and cats, you’re eliminating a large portion of your potential tenant pool. Pet Leases Allowing pets Continue Reading ...

How Much Rent Can I Get for My Salt Lake City Rental? Utah Property Management Education

Posted on: June 24, 2015 by in Salt Lake City Property Management Education
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Our topic today is rent levels and what you can expect to get for your rental property in Salt Lake City. This is important information for investors and owners to have before they buy and before they list a property on the rental market. Location Rental prices are just like any other real estate or commercial business on the street – location matters. When a property owner calls me and asks how much they can charge for rent, the first question I ask is about the property’s location. It Continue Reading ...

Maintenance Costs in Salt Lake City – What to Expect

Posted on: June 16, 2015 by in Salt Lake City Property Management Education
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Today, we are talking about maintenance costs related to property rentals. When owners ask what to expect, we always recommend they plan on five to 10 percent of their annual rental income going towards maintenance. This usually covers scheduled maintenance as well as unscheduled maintenance. Property Age Obviously, the newer your property, the less you have to worry about when it comes to maintenance expenses. Older properties are likely to need more frequent repairs. Scheduled Continue Reading ...

What is the Cost of Salt Lake City Property Management?

Posted on: June 10, 2015 by in Salt Lake City Property Management Education
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Many landlords want to know how much it costs to hire a professional property manager in the Salt Lake City area. Generally, property management costs will run between eight and 10 percent of your monthly rental receipts. That means if you’re charging $1,000 in rent for your property, the cost of a good manager will be about $100. Outside of the general management is the leasing process. Some property managers will charge an additional fee, which is called a leasing fee. That’s an Continue Reading ...

Relocating Out of Salt Lake City – Should You Rent or Sell Your Home?

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Today we’re talking about whether you should rent your home out or try to sell it. This is an age-old question that often comes up when someone is moving out of town or not having any success with the sales market. Building Wealth One thing I always tell people who want to build wealth is that it’s never a good idea to sell your property. To increase the value of your assets, it’s a better strategy to buy and keep your property. Selling is only the best option when you need to Continue Reading ...

How a Property Manager Protects Your Salt Lake City Investment

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As property managers, we do a few specific things to every rental home we manage in order to protect that asset. Today, we’re sharing some of those tips so you’ll know how your property manager is protecting your investment. Move In Inspection One thing we always tell our owners is that the most important thing you can do is an initial walk through. Every single time you lease a property, conduct a walk through inspection and use a form that documents the condition of the property. Continue Reading ...

How to Handle Security Deposits in Your Salt Lake City Rental Property

Posted on: August 14, 2014 by in Salt Lake City Property Management Education
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There is a new law in 2014 that affects how landlords are required to handle security deposits in Utah, so you’ll want to forget everything you knew before and focus on what is currently required. Now, you have 30 days to send the security deposit back to your tenant. If they aren’t getting the security deposit back, you’ll need to send a letter explaining that. The deposit or the letter has to go to the last known address. In the past, you had to wait for the tenant to provide you with a Continue Reading ...

How to Spot and Avoid Craigslist Scams: Salt Lake City Landlord Education

Posted on: July 22, 2014 by in Salt Lake City Property Management Education
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There are nefarious and shady things that can happen when you advertise your rental property online. Of course there are really only two ways to advertise these days; with a sign in front of your property or online. Obviously, advertising online is going to give you a larger return on your investment. Here is what’s happening: third parties are taking your ad and changing it so the contact info is their contact info, asking tenants to pay them a deposit and then promising send keys to Continue Reading ...