As investors and rental property owners ourselves for nearly two decades, we understand better than anyone, the special dynamic to successful property management. We treat your property as though it is one of our own.
- Advanced and Aggressive Marketing
- Comprehensive Screening and Background Checks
- Expense Control
- Expert In-house Maintenance Personnel
- Competitive Bulk Service Contracts
- State-of-the-art Property Management Software
- Accounting Controls
- Emergency Response
Each owner is assigned a Site Manager, Marketing Specialist, Administrative Assistant,
Accounting Professional, and a Maintenance Technician to ensure nothing is overlooked in the protection of your property and ensure maximum return on your investment. Each of your account professionals meet daily in our morning “stand-ins” as well as our weekly “property-outlook” meetings to discuss YOU and YOUR property.
Shorter vacancy cycles
A property manager will help you perform three critical tasks that affect how long it takes to fill your vacancies:
Improve and prepare the property for rent – A property manager will suggest and oversee cosmetic improvements that maximize revenue.
Determine the best rent rate – Too high and you are stuck waiting, to low and you’re losing money every month the tenant is in the unit. Determining the optimal price requires knowledge of the local market, data on recently sold comparables, and access to rental rate tools.
Effectively market your property – An experienced property management company has written hundreds of ads and understands what to say and where advertise in order to get a larger pool of candidates in a shorter period of time. Additionally because of their volume they can usually negotiate cheaper advertising rates both online and offline. Lastly, they are familiar with sales and know how to close when they field calls from prospects and take them on showings.
Better tenant retention
While its easy to see the effects of lost rent, there are other equally serious problems with a high tenant turnover rate. The turnover process involves a thorough cleaning, changing the locks, painting the walls and possibly new carpet or small repairs, not to mention all the effort associated with marketing, showing , screening and settling in a new tenant. This is a time-consuming and expensive process that can often be averted by keeping tenants happy and well cared for.
A good property management company will have a time-tested tenant retention policy that ensures happy tenants with lengthy stays in your properties. These kinds of programs require a consistent, systematic approach, which is where a good property management company will shine.
Tighter rent collection process
The way you handle rent collection and late payments can be the difference between success and failure as a landlord. Collecting rent on time every month is the only way to maintain consistent cash-flow, and your tenants need to understand this is not negotiable. By hiring a property manager, you put a buffer between yourself and the tenant, and allow them to be the bad guy who has to listen to excuses, chase down rent, and when necessary, evict the person living in your property.
If you let them, your tenants will walk all over you. They have to be trained to follow every part of the lease or deal with the consequences. Property managers have an advantage because tenants realize that they, unlike the owner, are only doing their job and are obligated to enforce the lease terms. Many property managers will tell you that it is considerably easier to manage other people’s units rather than their own for this reason.
Regarding evictions, there are strict laws concerning the eviction process, and doing it wrong, or trying to evict a “professional tenant” can be a MAJOR fiasco. A good property management firm knows the law and has a good process for obtaining the best possible outcome given the circumstances. Never having to handle another eviction can be a compelling reason to consider hiring a property management company.
Lower maintenance and repair costs
Good maintenance and repairs keep tenants happy and preserve the value of your investment which make them a very important part of land-lording. By hiring a management firm you gain access to both their in-house maintenance staff, as well as their network of licensed, bonded and insured contractors who have already been vetted for good pricing and quality work. This can translate into significant savings compared to going through the yellow pages and hiring a handyman yourself. Not only is the firm able to get volume discounts on the work, they also know the contractors and understand maintenance issues such that they are capable of intelligently supervising the work.
Personal benefits for owners
Less stress – Avoid having to deal with middle of the night emergencies, chasing down rent, evicting people from your property, tenants who wreck your property, rental scams, lousy vendors, piles of paperwork.
More freedom – Live and invest wherever you want with the constraint of needing to be near your properties. Additionally you can live and travel without the requirement of always being available in the event that your tenants have a need you have to tend to. Once you have found a good management company, it doesn’t matter if you live in the same state. Some landlords live in other countries and simply collect their check every month without ever seeing the property.
Free up more of your time
Time is money, and for many investors, their time can be more profitably spent in areas other than servicing their properties. When you focus on asset management you’re working ON your business, when you manage your own properties you work IN it. Additionally you have more time to spend with family or friends doing things you enjoy.
Included in monthly fee:
- Manage daily operations including all leases and maintenance
- Tenant marketing
- Propertypond.com (Offered to R.E. Agents; Division of Multiple Listing Service)
- Tenant Screening (Background, Credit, Sex-offender & Evictions)
- Tenant Move-in/Move-out
- Quarterly unit inspections
- Rent Collection
- Tenant ACH payments
- Hunting down late payments
- Deposit rents
- Posting “Pay or Quit” notices
- Notices (includes a 3 day pay or quit, pre-eviction)
- Receive and respond to after hours emergency calls from tenants
- Accounting & Recordkeeping
- Manage finances, including income and expenses
- Make payments on behalf of owner (Mortgage, insurance, HOA dues, etc.)
- Detailed documentation of expenses via invoices and receipts
- Maintain all historical records (paid invoices, leases, inspection reports, warranties, etc.)
- Provide annual reporting, structured for tax purposes as well as required tax documents including a 1099 form
- Provide easy to read monthly cash-flow statements which offer a detailed breakdown of income & itemized expenses
- Owner Portal (24/7 owner online access to property activity)
- Compliance with local, state & federal regulations
- Distribute net proceeds to building owner
- Owner ACH payments
All rent is due on the 1st day of each month and considered late at 5:00pm on the 5th. To allow the time for all payments to clear the bank, we disburse owner payments on or about the 10th of each month. If the 10th of the month falls on a weekend, we will transmit the cash balances to owner on the Monday following that weekend. For rents received between the 6th and 15th of the month, we disburse a 2nd owner payment on the 20th of each month. For rents received after the 15th, owners will receive a final distribution on the 30th of the month. If you would like your owner payments deposited directly to your account, please notify your leasing agent.
Paper statements are sent out once per month, on the 10th of each month. Electronic statements are emailed out anytime an owner payment is processed. These statements are posted directly to your secure owner's portal as well and can be reviewed any time. Currently the monthly statement is a summary of income and expenses recorded since your previous statement. We have several dozen reports that we are happy to include each month. Ask your leasing agent for details.
Not included in monthly fee:
- Maintenance typically performed by in-house maintenance or contractors that would be outside of the monthly management fee
- Snow removal from parking lot and sidewalks
- Lawn care, including mowing and edging
- Landscape maintenance, including tree and shrub pruning, etc.
- Sprinkler maintenance, including minor and major repairs, winterization, etc.
- Common space improvements and maintenance (fence, trees, shrubs, sidewalks, etc)
- Cleaning of units between leases, including carpet (typically this would be a tenant expense deducted from their deposit).
- Individual unit improvements, maintenance and repairs (HVAC, Electrical, Plumbing etc).
Many repairs may be done by our in-house maintenance in an effort to save the owner money, but larger repairs may be contracted out. You will be notified on all expenses that exceed your maintenance limit allowance, as to the best course of action.
What we don’t do:
- No vacancy fee
- No lease-up fee
- No advertising fee
- No inspection fee
- No showing fee
Reeder Asset Management is a full-service Property Management Firm serving great owners throughout all of Northern Utah. Click the button below to see your Owner Statement.