Salt Lake City investors who own one rental property or have plans to build a significant portfolio share the same goal: to generate as much long-term passive income from their real estate as they can! While rental properties can put some profit in your pocket, that's not always the case—and you could be leaving money on the table.
Whether you're new to investing or you've enjoyed rental property income for a while, eventually, you'll consider hiring a property manager—or not. Doing everything on your own can seem like the best way to save money versus paying someone else to do the tasks you feel like you can do yourself. However, if your goal is to make the most money from your real estate investments, DIY solutions might not be the best way to go.
Should you hire professional Salt Lake City property management? Here's why investors need to consider it.
Are you close enough to your rentals to keep up with maintenance and check on renters? If you live close by and have one or two rentals, it might be feasible to handle property inspections and the hands-on tasks of managing rentals without a property manager.
However, long-distance investors or busy local property owners should consider the benefit of a property manager to take care of everything. Even when living in Salt Lake City, making time to care for rentals to the level that residents expect can be challenging. Unless you plan to visit the city often from out-of-state, it's challenging for long-distance investors to care for renters and properties without local expert help.
More properties equal more work! With more properties also come more renters. Most rental properties house more than one renter. Hands-on property owners can quickly become overwhelmed by the volume of renter needs when owning several properties in Salt Lake City.
To maximize your real estate investment income, every property in your portfolio must receive the same quality of care. They also need to deliver the same high-quality experience for renters—if you want to attract and keep the best residents in the area.
It might be possible to maintain one or two rentals effectively, but adding more properties can become overwhelming if you're a one-person show. The right Salt Lake City property management company maintains properties and cares for renters—no matter how many you own—to help you make more money from your investments.
Juggling a full-time job while managing rental properties is challenging for even the most high-functioning go-getters. If you're okay with devoting most of your nights and weekends to rental property needs—and skipping vacations—you might be able to do without professional property management.
However, if you value free time (and miss having more of it), it's time to keep your day job and let a professional Salt Lake City property management team manage rentals for you. Our experts make it possible for investors to focus on the things they love to do while making sure their rentals deliver the income you need to meet your financial goals.
Managing rental properties requires availability and expertise. Renters won't stay in properties that fall into disrepair because DIY solutions aren't what you do best. If they feel like they can never get ahold of you to put in maintenance requests or ask questions, they won't enjoy living in your rentals.
A property manager's only job is to care for rentals and renters! We do this full-time, year-round. Do what you do best, and let us handle the rest.
Professional property management comes with fees for services, but don't let that deter you from the best experts that can help you make more money from your investments. A property manager is a wise investment for many reasons, including:
- Services that reduce maintenance, marketing, and other costs while boosting your income
- Minimizing risks that can lead to income loss or lawsuits
- Keeping your rentals operating legally according to current regulations
- A tax deduction as a professional service
That's right! Your property manager is a tax deduction. A property manager's service fee is far less than the financial benefits investors experience from expert processes and experience. If your budget is small, but you know it's time for an expert Salt Lake City property management company, start small with lease-only services—then add more services as your income grows.
Yes! It's Time for a Salt Lake City Property Manager
The best Salt Lake City property management team is worth it! Real estate investors get their free time back and experience better renters, more income, improved ROIs, and better long-term investing success when choosing Reeder Asset Management to care for their rentals.
Learn more about what to look for in a property manager when you download a free copy of “The Guide to Finding the Best Property Management Company in Northern Utah."