Bountiful, UT, has many characteristics that make it attractive for businesses and career seekers. The city is just 11 miles from Salt Lake City, surrounded by beautiful national parks, and close to nine popular ski resorts.
These factors make Bountiful an excellent place to start a real estate rental business. So, congratulations are in order if you've just become the proud owner of an investment property in this flourishing city.
Check out these first rental property tips to help smooth your journey as a real estate investor.
Research Legal Requirements for Landlords
Property investors must understand all the laws associated with residential rentals in Utah and the USA. Some laws applicable to Bountiful landlords include:
- The Fair Housing Act
- The Americans with Disabilities Act
- The Consumer Protection Act
Read these documents and pay attention to any sections that apply to you. You should also check for updates to the relevant laws occasionally.
In Utah, landlords must acquire a business license for renting out their properties. If you get caught running a rental business without a license, you could face hefty fines and be forced to suspend your operations.
Set Up Your Rental Property
Inspect your rental property thoroughly to find areas for improvement. A fresh coat of paint and a deep cleaning treatment will create a good impression when tenants arrive to view the home.
Take care of any major issues with:
- Roofing
- Plumbing
- Air conditioning
- Safety alarms
Next, you should conduct a rental analysis to determine fair rents in your area. This will help you attract more tenants and assist with marketing your property.
A real estate agent or property manager can help you identify worthwhile improvements that could yield a higher rental. They can also help you identify a target market and help you advertise your rental unit on the best platforms.
Fulfill Your Real Estate Investor Responsibilities
There's more to property management in Bountiful than finding a great property and advertising it for rent. You'll also need to screen every tenant application and set up a legally binding lease for new tenants.
Other routine tasks associated with owning a rental home include:
- Routine maintenance
- Emergency repairs
- Property inspections
- Rent collection
- Managing tenant queries
- Rental property accounting
These tasks can soon become cumbersome and time-consuming, especially if you don't live close to Bountiful. That's why most property investors choose to hire a professional to take care of the day-to-day operations of their properties.
Hire a Property Management Company
Every real estate investor can benefit from some help when they're starting out. An experienced property management team can help you get off on the right footing by assisting you with all the above steps.
PMI Mountain West is the premier rental property management company in Bountiful, UT. Our team is committed to providing attentive service to every customer and has years of experience in local real estate.
Browse our blog for more Bountiful real estate advice and reach out to discover how we can help you maximize your real estate investment strategies and make the most out of your investment properties.
