We answer your most important questions about full-service property management on our TierOne Real Estate Owner FAQs page. Here we explain how we handle the most frequent situations that may arise.
For example,
Q: How big is your staff?
A: Our team consists of seven licensed Realtors, 3 dedicated property managers, administrative staff and a core group of highly qualified vendors. Our property management clients appreciate the small office atmosphere and personal service we deliver. We have none of the employee and personnel hassles that can plague larger property management companies. Your property manager is available to you during office hours; however, our office telephones are monitored 24 hours a day, 7 days a week.
Q: Why should I hire you as my Property Management company?
A: You should hire us only if you think we are the best match for your property management needs. Frankly, we are not a perfect fit for every property owner, and it would be arrogant and wrong for us to simply proclaim “we are the best, hire us!” We may be the best property manager for some owners and properties but not for others. That is why this FAQ page exists so that you can learn about us and the guiding principles the property manager will employ in the management of your property. Turning over your rental property to the care of an unknown property manager can be an emotional and frightening experience. Talk to other property managers before hiring one and ask questions. You want to be able to trust your property manager so that you won’t be worrying about your home. The more research and information you gather, the better you will feel about your final decision. Of course, we’d love the chance to earn your trust and manage your property, so please read on.
Q: How much will my house rent for?
A: We are asked this question more than any other by new owner prospects. Of course, it depends on a lot of factors, but in general, most homes in and around Salt Lake City and St George are currently renting for about $1 to $1.50 of the home's square footage, or 0,5% to 0.8% of the home’s market value. The more expensive your home, the lower the ratio of sales to rent value. For example, a $120,000 three-bedroom home may rent for $800 to $1100 per month depending on the neighborhood, the competition and the condition, while a $240,000 home may only rent for $1400 to $1700. This is a generalized range but will in fact hold true in most instances. Sales values raced past rent values in the last decade. Many owners who have purchased in the past 8 years, and made a small down payment, cannot lease the home for an amount that will cover the carrying costs – especially in newer neighborhoods that are not yet built out. You also might not have enough equity to sell without bringing money to the closing table. If you are in this situation, you are not alone. Some of our new clients are “involuntary landlords”, forced into leasing their home by market conditions. The good news is, if you can ride out the market, you are likely to be much better off in a few years than if you sell your home now at a deeply discounted price. This in fact is why many out of state investors bought investment homes in the area, expecting the long-term gain to offset the short-term cash flow loss. The most important thing to know is that the rental market is indifferent to your mortgage payment amount. The rental market does not care that you might have a negative cash flow and will punish with extended vacancy the owners who overprice their rental homes. When you hire us as your property manager, we will look at the rental market in your particular area, survey the competing homes, and make sure your home is priced so that it will be viewed favorably against the competition.
Q: It looks like you have a few negative reviews. Can you explain?
A: As of this writing, any poor reviews we’ve received have been from either a past tenant, their friends, or a potential tenant we’ve determined not to meet our qualifications. Fortunately, our Owner clients have only posted positive reviews. We are in an industry where we have to perform a balancing act. We have to stand up for the best interests of our Owner clients, while maintaining a positive working relationship with our tenant clients. But we work for you – our Owner client. If you find a property manager with only positive tenant reviews – beware! They’re either not looking out for their Owners, or they’re new to the business and have no experience to review. But we have to look at the feedback constructively. We’ve found that most frustrations arise from tenants not understanding or reading the lease agreement. So, there is always room for improvement in communications. We are constantly looking for ways to adjust and improve our internal systems. We now ask you, if you find our site and our services helpful, please leave us a constructive review as well.
We have a full list of your most important questions about full-service property management on our TierOne Real Estate Owner FAQs page.
