Owning a rental property in Utah while living in another state can be daunting. From navigating local laws, handling tenant needs, and maintaining the home year-round can bring its own set of challenges. Hiring a property manager who is local to your rental can be a life changer and can keep your investment running smoothly. Here are 5 ways that hiring a local property manager can help you manage your out-of-state rental.
Provide expertise on local laws and regulations: Every state has different housing rules and regulations. It can be tough to stay up to date on all the current laws. The last thing a property owner wants is to get into legal trouble, and hiring a property manager can help prevent this. They know the ins and outs of the requirements and should be aware of regulation changes to help you avoid breaking local law, which will give the landlord peace of mind.
On-the-ground support for tenant relations: Communication is essential for a smooth tenant experience, which can be difficult to manage when living out of state. There are many factors that contribute to a more challenging experience for landlords out of state, including time differences and the inability to quickly go to the property. Having a local point of contact can help by having faster response times, along with the ability to do regular property inspections.
Market insights for competitive pricing: The market is constantly changing. Rent prices fluctuate, and it can be hard to keep up with current market trends. Property managers who are local have insider knowledge about the market. They see the trends every day and can give you suggestions that reflect the current market.
Hassle-free rent collection: Collecting rent from someone who isn’t in the same state as you can be very difficult. The tenant would have limited options on how they pay rent, and if they don’t pay or have insufficient funds, it may be hard to get them to give you a valid payment. Having someone who is local to collect rent can help with this. It provides an in-person way to submit a rent payment. If the tenant gives insufficient funds, you can require certified funds through a cashier's check to ensure the payment goes through, so eviction processes aren’t delayed.
Protection during vacancies and maintenance emergencies: Vacancy opens your property up to more risk. Break-in and maintenance issues pose a real threat, especially when your property isn’t occupied. Having someone available to check on your property during this time is incredibly important. In the end, it could save you thousands. It is also helpful during emergency maintenance issues to have someone who can visit the property or know local vetted vendors that can handle those maintenance issues.
Having a local property manager when you live out of state to help manage your rental can be a game-changer. You can enjoy passive income without the stress of being a long-distance landlord. If you are looking for a property manager, Hero Property Management is here to help. Call now for a free consultation at 801-845-4390