Hiring a property management company to handle your real estate is an ideal decision, especially if you’re overwhelmed by the full-time responsibilities of a rental property. The main job of a property manager is to make your life easier by reducing your workload. If that’s not what you’re getting from your current property manager, then changing property management companies might be the best thing for you.
Reasons to Switch Property Management Services
There are a couple of reasons why you might want to make the change, and if you notice that some of the listed issues below are present, then you might be on to something.
- Provides poor communication and customer service
- Properties have high vacancy rates as well as low rental income
- Poor response to maintenance requests
- Lack of transparency in financial reporting for your rental properties
- Substandard solutions to repair requests
- Needs your involvement in day-to-day tasks and management decisions regularly
What You Need to Do for the Transition
Notify Your Current Property Manager
Once you’re set on making the change, send a written notice of termination to your current Salt Lake City property manager. Depending on your contract, you may need to provide 30 to 90 days’ notice. Specify the date of the termination and your reason for switching companies. Once that is taken care of, you can request a final accounting report and any necessary documents you may need, all of which will be taken over by the new property management company.
Gather the Necessary Documents
- Property deeds and titles
- Rental agreements and leases
- Insurer claims history
- Financial records and statements
- Maintenance and repair records
- Tenant information and contact details
Notify Your Tenants
Letting your tenants know there will be a change in management is just as important, given that they contact them for repair work orders and maintenance requests. Provide the contact information of the new property management company to your tenants, vendors, and contractors ahead of time. That way, there won’t be any confusion or miscommunication.
Hand Over Necessary Documents to the New Property Management Company
For the new property management company to do their jobs, they need all essential information that can be found in the mentioned documents. You may also have to submit additional documents to the new company if they offer services the previous property management company did not perform.
Relay Your Concerns About the Previous Property Management Company
When you find a property management company that can provide you with the service you need, you should also share the concerns you had with the previous manager. This allows your new partner to avoid making the same mistakes. They’ll also be aware of the required improvements they can help you with instead of learning about them on the job. If you can, make a comprehensive list of things you want to fix or improve, and the new company will tell you if they can make those happen.
Finding the Right Property Management Company
Choosing a new property management company for your rental property in Salt Lake can be daunting, especially if you already had a bad experience with the management services of the previous one. Before looking for a new property manager in Salt Lake, you should first determine what kind of services you will need. Here’s what you can do to ensure that you don’t hire just anyone to handle your rental business:
Researching and Evaluating Potential Property Managers
The first thing you should do is check the online reviews and ratings for the company. This will be easy if the company has been in business for years. You can even ask for referrals from someone in the industry that you trust. Most, if not all, will have contact information on their websites so you can evaluate their experience and expertise, as well as review their services and fees.
Knowing What to Look For
A Proven Track Record of Success in Property Management
Property management companies often have online listings of their available properties on their websites, which can tell you how efficient they can be when handling several properties at once.
A Team of Experienced and Licensed Property Managers
Licensed professionals have studied and acquired the needed knowledge to handle the rental property business in various aspects such as legal requirements and day-to-day operations. This can be significantly helpful when you are yet to learn about such matters, as it will save you from potential legal trouble.
A Comprehensive Range of Services
As we mentioned, property management companies have different services, some more extensive than others. TierOne Real Estate LLC, for instance, offers services in Salt Lake such as residential management, management resources, and brokerage services. It's better to hire a property management company with a wide range of services to suit your needs.
A Commitment to Quality Customer Service and Communication
There are several ways tenants and landlords can communicate with property managers. Some companies set up other communication methods through websites to streamline services. One example is an online portal to handle management fees, pay rent, submit a maintenance request, and more.
TierOne Real Estate Services for Salt Lake City Property Owners
Basic Operations
- Vacant property marketing
- Extensive tenant screening and lease paperwork
- Rent collection
- Maintenance and repairs
- Property Inspections
- Property management status updates
- Late notices, both certified and regular mailings
- Contract enforcement
- Eviction protection
- Monthly rental income deposited via ACH transfer
Professional Services
- Quarterly inspections to ensure local real estate codes are followed
- Monthly financial statements
- Answers to legal questions via TierOne attorney
- Statutory Agent Service
Technology and Innovation
- 24/7 telephone and internet hotlines
- Website chat services
- Tenant-landlord communication via Owner Portal
- Free Rental Analysis
- Property Consultation
- Investor Tools & Calculators
You Don’t Have to Manage Your Salt Lake City Property On Your Own
TierOne Real Estate offers services in Salt Lake City, Utah, and you can be one of the many satisfied clients we have under our belt. Our company can manage your investment properties and provide crucial insight based on personalized attention. Your only concern would be which properties to invest in next to add to your portfolio. To see our services and technologies in action, try out our Free Property Consultation or our Investor Tools & Calculators.
