Renting in Salt Lake City is more affordable than buying. Rent prices average at $1,700 per month compared to mortgages at $3,100 a month. That's an 89% difference.
This means landlords will have more applicants, but finding the right one can be like searching for a small fish in a large pond. Hiring the right professionals to help you get a valuable catch.
Read on to learn what to expect from a leasing-only service in Salt Lake City, Utah.
What's a Leasing-Only Service?
A leasing-only service focuses on finding and placing tenants in properties. This involves services such as:
- Marketing
- Tenant screening
- Lease administration
- Move-in coordination
- Collecting security deposits and the first month's rent
Once the tenant signs the lease and moves in, they step back and let you take over.
Pros and Cons
There are multiple types of property management services. Knowing the pros and cons of a leasing-only option lets you know what to expect and helps you decide if it's right for you.
Pros
One of the biggest leasing services benefits is that they alleviate the burden of finding and screening tenants. You won't have to waste time dealing with this. You also won't lose money thanks to vacancies.
Their marketing campaigns include professional photos and attractive text. They know the right rental rates for the local area.
Their tenant placement services are effective because they don't have to look as hard to find the right ones. They have a network of tenants to reach out to. Any one could be the right fit or at least spread the word about your property.
They give you control over all the other aspects of your business. You can handle maintenance, rent collection, and other tasks however you want.
Cons
The fact that a leasing-only service only covers leasing can be considered one of its major disadvantages. You won't get any help with any other part of the property management process.
Their services can't help you adapt to changes in the Salt Lake City rental market or local laws. They can't help you keep up with maintenance or manage your finances. They can help you find a tenant but can't help manage any disputes with them.
Choosing the Right Service
If you're struggling to create leases or marketing campaigns, you may need a leasing-only service. They can help experienced landlords who are comfortable with every other part of the process.
New or inexperienced landlords should look to full-service management services instead. They offer a full range of property management tips and services for every part of the process. You'll be less stressed and more profitable with them on your side.
Find the Right Fit for Property Management
A leasing-only service handles everything leading up to tenants signing their lease and moving in. They may be the right fit if you struggle with this part of the process. You may need a more comprehensive option instead.
Property Solutions of Utah is a full-service property management company. We use the most efficient practices possible and pass on the savings to you.
We allow for easy cancellation if you're not satisfied. We'll also replace any tenants who aren't the right fit with no fee. Contact us to see if we're the right fit for your property today.
