Under Utah law, landlords must provide their tenants with safe, habitable accommodation and keep the property in this condition at all times.
One way to stay up-to-date with repairs and maintenance on your investment property is by hiring a rental property management company. These professionals will ensure you meet all your legal obligations, keep your tenants happy, and keep your property in good condition.
Despite the many services offered by a property management company, you are still responsible for all repair and maintenance expenses.
What Do Property Management Fees Include?
Property managers are of invaluable assistance to investment property owners, especially if you live out of town. Their range of services includes the following:
- Property marketing
- Tenant Screening
- Rent collection
- Property inspections
Most importantly, they coordinate repairs and maintenance. That means they take care of every aspect of these tasks to limit unnecessary replacements and preserve the value of your property.
Property managers' fees form part of the operating expenses for your property, so they are tax-deductible expenses.
How Do Property Managers Take Care of Repairs?
Property managers are on call around the clock to attend to emergency repairs. Tenants usually notify the property manager telephonically or via a tenant portal when they notice anything in need of repair.
The property manager then reaches out to local contractors to get the job done as quickly as possible. If preferred, you can request that they get authorization before commencing with any repairs.
Some property management companies have an in-house management team for speedy service. Others have ongoing relationships with local companies to ensure speedy service and the best prices.
How Do Payments for Repairs Work?
It's important to set up a fund for repairs and maintenance. This helps to buffer you from expensive repairs and ensures you always have cash on hand for smaller issues.
You can either give your property managers unlimited access to this money or set a limit for the maximum they can spend without prior authorization.
Once the work is complete, the property manager arranges payment for the necessary repairs. They will either send you the bill for payment or take the money out of your repair fund.
In some cases, the property management company pays for the repairs. They then deduct the money from rental income due to you or invoice you for the amount paid.
Whichever arrangement you set up with your property manager, it streamlines the repair process considerably. This is particularly important as Utah landlords only have 24 hours to address serious repair issues.
Get on Board With Rental Property Management
Staying up-to-date with repairs and maintenance for your Utah rental property is a time-consuming and costly undertaking. While property managers don't pay for these repairs, they can help make this cumbersome task easier, faster, and more cost-effective.
PMI Northern Utah is the top choice for rental property management in Hooper, UT. We are part of a franchise with over 20 years of real estate experience and offer a full range of services to help your rental business thrive.
Our state-of-the-art technology helps you keep track of your investments and facilitates prompt attention to your tenants' repair requests. Preserve the value of your property and limit vacancies by reaching out to our expert team today.
