Landlord Resources

Maintenance Inspections Are Key to a Landlord’s Long-Term Success

You’ve either just hired a property manager or are thinking about hiring one in Syracuse, Utah. Now you’re wondering how often a property manager should perform a maintenance inspection of your property.

The average answer is once every four months. So, every quarter your property manager should walk through your rental property and see what needs to be repaired and what could eventually need to be repaired in the future.

This frequency is key to maintaining and even increasing the value of your property as well as making tenants feel cared for and satisfied with their rental. Additionally, 45.6% of landlords work with property managers because they offer maintenance services and inspections.

In this article, we’ll explore the benefits of property maintenance and why it’s so beneficial for landlords to have a property manager do it for you.

Why Perform Maintenance Inspections?

Regular maintenance checks are essential to protect your real estate investment.

These maintenance inspections help determine the current condition of your rental property and identify any repairs that must be made. Property managers will also look for major issues that could arise in the future and try to prevent them.

Having a property manager with a professional real estate background performing these maintenance inspections is key to a high-performing rental property. They can identify issues the common eye may not see. They also have the resources to schedule any maintenance that may be needed.

Benefits of Routine Maintenance Inspections

There are a number of reasons why you should perform routine maintenance inspections on your rental property in Syracuse. It will identify any current issues, but it will also identify any issues that can become problems in the future.

Plus, your rental property will almost always be in pristine condition when your property manager is continuously aware of its condition. The more attention and time spent caring for the property, the better its quality will be.

Lower Maintenance and Repair Costs

When you work with a property manager in Syracuse who does routine maintenance inspections, you’ll save money on care and repairs. Not only are our property managers very well connected with contractors and services, but they typically have arrangements with them for the costs.

Keeping your rental property in great condition is essential, especially when it comes to keeping your tenants happy. Tenants who constantly have to deal with making maintenance requests are unlikely to renew their lease and could result in you having a vacancy for some time.

Stay Ahead of Major Repairs

Having a property maintenance examination done every quarter of your rental is key to staying ahead of major and costly repairs. As the property gets older and withstands extreme weather such as snow, there are bound to be major repairs in the future.

However, a routine inspection can help you stay ahead of these expensive repairs by identifying them early on. Once caught early, you can make the repair and prevent even more damage from happening to your property.

Working with a professional property manager in Syracuse is great in this case because they know the signs to look for during these inspections and can identify issues quickly.

Increase Property Value

A property becomes dilapidated when routine maintenance is not performed. The landlord doesn’t care about its condition and eventually has a harder time finding tenants to rent it.

When property maintenance inspections are done each quarter, you’ll prevent your property from becoming dilapidated and can even increase the value of it. A well-maintained property with little to no damages or wear and tear will rent quickly at a high-end price for the area.

You’ll also fill your vacancy faster when it’s well-maintained because it is more attractive to potential renters. When they see that it’s in great condition, they know that you and your property manager will take care of any issues.

Best Practices for Conducting Property Maintenance

To ensure your property maintenance inspection doesn’t go to waste, there are some best practices to follow. Not only will it help you identify any issues, but it will show your tenants respect and consideration.

Notify Tenants Before the Inspection

While legally you must notify your tenants at least 24 hours before entering the property, it’s a good idea to give your tenants a few days’ notice before a maintenance inspection. This consideration is important because the process of an inspection can take a while and feel a bit invasive.

Ask the Tenants to Be Home

Schedule the maintenance inspection with the tenants so they can be home during it. This will allow you or your property manager to ask the tenants questions about any repairs they need done or about the property in general.

Since they are the ones living there, they know the property best. They can tell you if there’s a strange sound coming from the pipes at night or a leak in the roof when it rains.

Prepare a Checklist

As you or your property manager goes through and inspects the property, it’s helpful to have a checklist of things to examine. This will ensure that the property is thoroughly inspected and that nothing is left to chance.

Notes can also be taken on the checklist about things to look into, keep in mind for the next inspection, and what needs to be maintained. This is also a great document to keep as a reference for past issues with the property if needed.

Keep Your Property in Great Condition with KeyRenter Property Management Elite

If you have an income property in Syracuse and need help managing and maintaining it, KeyRenter Property Management Elite is here for you!

As Northern Utah’s leading property management company, we offer essential services to Syracuse residents to help keep your property in great condition. We coordinate any required maintenance and repairs with your tenants and get the job done right, fast and at a lesser cost.

11 Proven Tips to Reduce Vacancy Rates in Ogden and Fill Your Rental Properties Fast

There is nothing more worrisome for a landlord than to have a vacant property. Well, maybe having a tenant who can’t pay their rent, but it’s equally alarming.

When faced with a vacant property, you’re losing money. Not only in rental income, but also the money you’re spending to advertise it for rent.

The best way to reduce vacancy rates in Ogden is to get ahead of the game before your property becomes vacant. By the end of this article, you’ll have 11 essential tips to reduce your vacancy rates and keep your rental properties full and prosperous.

1. Maintain the Property Well

Nobody wants to live in a house that’s falling apart or looks rundown from the outside. It’s essential to maintain your property and make it look attractive to potential tenants.

When people walk by the home, you don’t want them to look away, embarrassed by the sight of it. Instead, you want people to say, “I’d love to live in a house like this!” So, enhance your curb appeal and keep your property well maintained.

It’s incredible how a little TLC can reduce your rental’s vacancy rate in Ogden.

2. Set the Right Price

If you set the price too high when advertising your vacant home, you risk people not paying attention to it. It’s important to be realistic with the rent you’re asking. Every landlord wants to ask top dollar for their property, but sometimes it just doesn’t live up to it.

Before setting your price, analyze the current market and find comparable properties in the area. What are other, similar properties priced at? Have they been rented already? You can also have a real estate professional give you a price based on their opinion and research too.

3. Offer High-End Features and Amenities

Have your rental property stand out from the rest and be like no other with high-end features and amenities. Whether you choose to have updated kitchen appliances, a washer and dryer in the unit, or an extra luxurious bathroom, these features can help reduce vacancy rates.

Think about high tech features that renters value. This could be a smart doorbell or even surround sound speakers throughout the house. Maybe it’s a gas fireplace your tenants can curl up next to with a good book during the winter.

No matter what you choose, make sure to amplify the features when advertising your property to get the attention of prospective tenants.

4. Upgrade Security

Is your rental property located in a questionable neighborhood or one that is having higher than usual crime rates? Then you may want to invest in some upgraded security.

Some ways to make your property more secure is to add a monitored alarm system, security cameras, and an intercom at the front door. These are simple and effective ways to keep your property and tenants safe while reducing tenant turnovers.

When your tenants feel safe and see that you care about their safety, they will be more likely to rent your property and renew the lease.

5. Step Up Your Advertising

In order to fill a vacancy, you must let people know that you have one! With a lot of competition in the real estate market, you have to step up your advertising strategy for your rental property in Ogden.

Write an enticing description highlighting the property’s best features. Make potential tenants imagine themselves living in your property. Upload recent high-quality photos of the home or unit for people to click through.

Post your listing to multiple platforms (not just old school Craigslist) and utilize social media and word of mouth. You can even offer a referral gift if a previous tenant or friend recommends a tenant.

6. Take Responsibility for Some Utilities

Another thing you can do to reduce vacancy rates is to offer to take responsibility for some utilities. Renters are more attracted to properties where they can save some extra money each month.

Even if it’s a $50 utility bill like water or WiFi, your property will instantly become more attractive. Think of it as your investment to keeping your property full or finding tenants quickly.

7. Set Up Virtual Tours

Make it super convenient for potential tenants to tour your vacant property with a virtual tour. This is especially beneficial for renters who are moving from out of state and can’t see the property right away.

Posting a virtual tour will also narrow down the number of people who are actually interested in the property. After seeing the virtual tour, they’ll have a better idea of whether or not they want to see it in person. Therefore, you save time and only connect with interested renters.

8. Focus on Tenant Retention

The best way to reduce vacancy rates in Ogden is to focus on retaining the tenants you already have. It costs more to find new tenants and fill a vacancy than to keep the ones you currently have.

One of the best ways to do this by offering a discount if your tenants renew their lease for another year. Plus, always offer great service and business throughout their lease to make them enjoy living in your home.

9. Make Repairs Promptly

Another way to retain tenants is to make requested repairs quickly. When they see that you actually care about the property and their comfort, they will appreciate you as their landlord and the property more.

Plus, making repairs in a timely manner also keeps up the maintenance and quality of the property. So, when potential tenants tour the house, they won’t notice things that need to be fixed.

10. Act Professionally

As a landlord, you are taking on another profession. Therefore, you should act professionally when handling tenants and leasing your rental property. You want potential tenants to trust you and the property you’re renting to them.

Acting in a professional manner also gives you more credibility. Tenants will respect you more and appreciate your rental business. Your reputation will be good throughout the community and attract more potential renters when you do have a vacancy.

11. Hire a Property Management Company

Being a landlord on your own is hard, especially when trying to fill vacancies. Let a property management company in Ogden take care of the hard work for you.

With professional resources and a broad network, property management companies can reduce vacancy rates quickly. 42.3% of landlords work with these companies because they don’t want to deal with tenants and everything that comes with that.

These companies use professional advertising tactics, trained sales skills when showing your property, and will handle the leasing and maintenance. This is the professional manner tenants respect and appreciate.

Most property management companies also screen tenants before they can sign a lease, which means you’re getting only the highest quality people in your property. These tenants are also likely to renew their lease.

Reduce Vacancy Rates in Ogden with Key Renter Elite

Key Renter Elite is Ogden’s leading property management company. Hundreds of landlords just like you have relied on us to reduce vacancy rates, maintain their properties, and even maximize their profits.

Rental Property Tax Deductions: What Landlords Should Know – Keyrenter Elite

There are many exciting and interesting things to learn about being a landlord. But, one of the most often overlooked topics is rental property tax deductions!

As a new or experienced landlord, you need to take the time to become a master of your taxes to ensure everything is filed correctly to get you the correct deductions. You may be surprised to find that some of your day-to-day expenses qualify for deductions, and the more actively you track your expenses, the better tax season will be for you!

Rental property tax deductions may seem complicated at first, but this article has everything you need to know to file your taxes correctly every year! Read on to learn more!

Landlord Tax Deduction Basics

Every single year landlords pay more in taxes than they should. The reason is that they fail to take advantage of all the tax deductions that they qualify for, which means that they’re missing out big time!

Rentals are responsible for more tax benefits than almost any other type of investment, so learning these basics can be the difference between losing money and turning a profit!

Interest: Your most considerable deductible expense
Depreciation: The actual cost of your property won’t be immediately deductible, but it will grow as the property depreciates
Repair: Any associated costs for keeping your property in good working order are fully deductible the year they’re incurred
Travel: Any travel associated with your rental business should be tracked and reported to ensure you receive an accurate return
Employees & Contractors: Anyone hired, whether permanently or temporarily, has deductible wages
Insurance: Any paid premiums for damages to your rentals, health insurance, and workers compensation insurance should be covered here
Professional Services: Any property management services, attorneys, accountants, advisors, and more need to be tracked

Tips for Tax Deductions & Strong Finances

Understanding the types of tax deductions that you’re eligible for is only part of the process. To receive the deductions you deserve, and maintain healthy finances, follow these two tips:

Tip One: Create a Strict Budget

Create a well-defined budget to ensure you’re prepared for whatever may come your way. Working with renters can lead to many unique situations, but a strict budget can help you prepare for the unexpected. Implementing a budget can also help you set specific goals for necessary, significant repairs that take time to pay off.

Tip Two: Get Professional Help

If you’re not financially savvy, don’t be afraid to enlist professional help! Whether you need help managing your finances or filing your taxes, there is a professional out there that can help you make the most of each penny. Just make sure you track these costs since they’re eligible for tax deductions!

The Importance of Tax Deductions for a Rental Property

Being a landlord is a lot of work, and managing your finances can be overwhelming. Much of your day to day operating costs may be eligible for deductions. It’s crucial that you closely monitor and track your income and deductions and keep accurate records for tax purposes.

Understanding the tax deductions that you’re eligible for doesn’t have to be an overwhelming experience! Start by organizing your finances, creating a budget, and keeping track of the areas you’re spending in that qualify for a deduction. But, if all else fails, enlist professional help!

For more information on property management, check out more informative articles on our blog! To learn more about our business or to hire us to manage your property, contact us!