For property investors, Cedar Hills, UT, has been an incredible financial opportunity. In 2010, this small town south of Salt Lake City had a population of roughly 3,000. Ten years later when the U.S. ran the official Census, Cedar Hill's population rose to more than 10,000.
In general, Americans are flocking to Utah. There is economic opportunity in and around Salt Lake City. The state offers scenic natural beauty and multitudes of state parks. Utah is an outdoor enthusiast's dream.
The demand is strong for those people who own an investment property in Cedar Hills. Read on to learn how a property management company can protect your investment.
Rigorous Tenant Screening
Bringing in high-quality tenants is one of the most important steps for property owners. Reliable tenants are known to pay their rent on time each month.
They take care of your property like it is their own. It is less likely that they will damage the home or face a costly eviction process.
A property management company puts rental applications through a rigorous process. They perform criminal background checks to make sure the applicant does not have a worrisome rap sheet.
Credit checks are another part of the tenant screening process. You want to approve tenants who have a long history of paying their credit cards or auto loans on time. This protects your rental ROI as revenue continues to flow each month.
Efficient Rental Accounting Systems
The bigger your property portfolio becomes, the harder it is to track revenue and expenses. Besides the rental revenue, you also need a detailed accounting of all expenses.
Property management companies use efficient software programs. These systems put out invoices for the rent and accept payment. They register security deposits and record each time a maintenance expense is incurred.
Marketing Campaigns
You cannot meet your rental ROI goals without tenants. If you have a vacancy, you need to get the word out there to professionals and Utah residents.
A property manager can launch a marketing campaign to get your property on the map. They will take high-quality photographs to put on the internet and social media.
Property managers also have vast professional networks and connections. They will use large social media presence and groups to highlight your property.
Property Upkeep
Lastly, it is imperative to keep the property in great condition. Your property manager will oversee all exterior and interior maintenance.
They will coordinate service calls on critical appliance systems like the heating system. They also perform routine property inspections to make sure the home avoids costly issues.
Your Guide to Protecting an Investment Property
You now understand how much work goes into a rental property. For many Utahns, real estate is the most valuable asset in their portfolio. When your wealth and annual income depend on real estate, you need to protect those assets. Property management processes like tenant screening and preventative maintenance accomplish that for you.
PMI Summit has been protecting real estate assets for over two decades. If you want to learn more about protecting an investment property, contact us to speak with an expert.
