According to BestPlaces.net, the median home price in St. George, UT, is $485,000, 30.3% higher than the nationwide average. However, the monthly average rent for a 2-bedroom unit is only $1,270 (12.6% cheaper). It also has a lower crime rate, a strong economy, and incredible natural beauty.
With all those positive characteristics, it's easy to see why St. George attracts new residents. So, being a landlord here can be a lucrative career choice, provided you make wise rental property management decisions.
Our team at PMI St. George will share property management and real estate investment tips to help you get started, so read on.
Get a Rental Valuation
If your rent is unjustifiably high, you risk putting off prospective tenants. Even if someone agrees to rent your property, they likely won't renew the lease once it expires. After all, why would they continue paying more if they can live somewhere similar but cheaper?
Conversely, undercharging can cut into your profits. You may not even have enough to cover maintenance and repairs, especially considering they cost the typical U.S. homeowner almost $6,000 yearly, per USA Today.
For those reasons, one of the most crucial landlord tips is to set reasonable rates, which a rental valuation can help you determine.
A rental valuation can give you insights into how much similar or comparable properties charge. You can then base your rates on these reasonable, justifiable prices to avoid overcharging or undercharging.
Set up a Landlord-Tenant Portal
Adding a portal to your arsenal of tenant management tools can help boost rental property efficiency. It's a type of property management software that can help simplify many lease-related tasks, such as:
- Collecting rent through online payment methods
- Receiving online property maintenance requests
- Notifying tenants online about property inspections, maintenance, and repairs
So, with a landlord-tenant portal, you can quickly process payments and pay yourself sooner. You can also streamline and promptly address rental property maintenance concerns.
Tenants also benefit from its many convenient online features, making them more likely to feel satisfied and happy renting from you. The more satisfied renters are, the more willing they will be to renew the lease.
Consider Hiring a Rental Property Management Firm
If you want a portal plus a team of professionals to perform most of your landlord responsibilities, your best bet is to hire a rental property management firm.
At PMI St. George, we provide our clients (and tenants) with an online portal with features beyond what we discussed above. Our portal will also give you access to your owner's financial reports and statements, which we'll prepare for you.
As your full-service property manager, we'll handle things from the onset, from rental valuation to marketing and tenant placement. Then, we'll manage your tenants, rental payments, accounting, and property upkeep moving forward.
Let PMI St. George Manage Your Rental
Maximizing income doesn't have to be a pain, especially not with professional rental property management. So, if you'd like the simplest way to turn your St. George, UT, property into an income generator, consider partnering with PMI St. George.
Our owner and broker, Leann Walters, has nearly two decades of real estate experience, including a background in property management. So, you can rely on our expertise to help your rental business thrive.
Call us today to request your complimentary property analysis!
