Property Management Services
New Owners FAQGetting the Property Rent-Ready - What Do I need to do in order to have the property rent ready?
Welch Randall requires all owners to get the property "rent ready" prior to us being able to market or lease the property. Rent Ready means different things to different people. Our requirements are as follows:
- Clean - We use a detailed cleaning list to provide to homeowners to get the property ready. This list needs to be followed and completed.
- Carpet Cleaning and Black Light Test - If you have carpet in your property the carpets need to be professionally cleaned (with receipt) and a black-light test performed.
- Functioning and working appliances - The main appliances needed are (fridge, dishwasher, oven)
- Functioning Heat / AC - Heat is a requirement. If you have central air or a swamp cooler, it needs to be functioning and working. Filters need to have been changed.
- Light Bulbs- -The lights need to be working at the property.
- Water Heater - Functioning and working and in good condition.
Maintenance - How does maintenance work with Welch Randall?
Under Utah Law, there are certain timelines that have to be reached for certain repairs. Anything that involves a potential occupancy hazard (leaks, floods, fire, AC goes out in summer, Heat goes out in winter, etc.) have to be visited within 24 hours. Welch Randall reserves the right to get into a property for any of those situations without notification to make sure it's taken care of. If a situation like that were to arise we would get in to see what needs to happen and then notify you the next business day if it's after the hours of regular operation.
One of the most common concerns potential new owners have is regarding maintenance request. When you hire a third party property manager you are authorizing them to help manage the property for you, including the maintenance aspect of the property. Welch Randall does not mark up vendor invoices to profit from them. However, the management agreement states Welch Randall is provided the authorization to solve service issues that arise.
For most common work orders we would send the work order over to you electronically to review and then you can have one of our people do it or you can use a contractor of your choice if it's just routine maintenance (non-urgent maintenance). Many of our homeowners will have us take care of items and then just have it deducted from their owner statement with the next month's rent. Many of our homeowners keep a reserve account with us of $150 - $500 to be used for repairs as needed. These funds are kept in a non-interest bearing account per Utah Law.
If you hire our handymen who are employed by our company we charge $55.00 per hour. If a third party is hired the owner is billed whatever the total cost of the repair is. We do not markup third party vendor invoices for contractors like plumbers, electricians, roofers. If you hire our company to manage a larger project (inspect vendor work, be onsite during the project, etc.) we charge a project management fee of $55.00 per hour.
We also offer some optional maintenance plan (one tenant paid / and one owner paid) for our owners. I have attached info on these plans for you to review. They are called the RAP Protection Plan (Tenant Paid) and EZ Owner Plan (Owner Paid). We strongly recommend you consider our maintenance plans to help save money on maintenance related concerns during the tenure of the lease.
Sometimes there are special projects that will take more than just a handyman to prepare. At times owners want us to manage the project by authorizing multiple bids, following up with the companies bidding, visit the site to verify the work is completed, etc. Welch Randall can help with this, but, these types of services are performed at our prevailing rate of $55.00 per hour.
How do I know if I'm ready to have my Property Managed?
Are you ready to change management companies or perhaps move from being a self-manager to having a third property management company help? Here are some questions to ask yourself:
- Am I able to handle having a third party vendor take care of the day-to-day management of my property? If "letting go" is something that is very hard for you, it may not be time to have a property managed by someone else. While we aim to communicate effectively and transparently, by signing a management agreement an owner provides authorizations to the management company. There is no sense paying a third party if you want to manage every aspect of the home still. Just pay yourself instead!
- Is my home rent ready? Above are requirements for a property to be rent-ready. If you are trying to rent a property that isn't rent-ready, additional costs and time will be spent between tenant move-outs, etc. Make sure the home is rent-ready. Welch Randall can offer a walk-through to verify these things are ready and we have vendors ready to help in the process of making the property rent-ready as well.
- Can I communicate electronically? Much of our communications happens through email (e-statements, electronic work orders, etc.). If you need to be communicated via phone each time something happens a higher management fee may be applied. Don't worry, we are not opposed to picking up the phone, but, the vast majority of our communication will be electronic in nature.
- Do I still need to hand-pick my potential tenants? Welch Randall operates under fair housing principles. The first qualified applicant who meets the criteria, completes the application and qualifies, will be accepted. If hiring a third party company the owner cannot "pick and choose" between a group of applicants. If a potential applicant does not meet all the criteria but an owner would like to proceed forward they can provide written authorization to do so.
- Can I work with the external market? There are factors neither you as the owner nor we as the property manager can control (inflation, unemployment, market shifts, etc.). Renting out a property can be vastly different in December than it can be in June. Are you willing to be open to advise from our team regarding the best ways to help fill your unit and decrease your vacancy and also recognize there may be factors beyond your control affecting your rental?
- Do you have a slush fund account? We recommend owners keep the equivalent of six months worth of insurance, mortgage and potential repair costs for the rental property in a separate account. Six months may sound crazy! But, we recommend this as an ideal goal. At a minimum, start with one month's worth of expenses stored away for a rainy day to help if there is a vacancy or unexpected repairs. Property Management can be very stressful for an owner if they have no funds set aside to help with the property maintenance or if an owner is unwilling to invest in the property. Every home will need care and maintenance over time to make it profitable and to help it rent at the highest amount. Are you willing to invest in your own investment?
For additional information or to schedule a complimentary walk-through of your property to assess rental value please call us at 801.399.5883 or firstname.lastname@example.org.