According to data published by ZipRecruiter.com, landlords in Utah earn an average of $79,457 yearly. However, some earn more in specific cities; for instance, landlords make an annual average of $82,564 in Provo.
So, if you're searching for a place to put money in a real estate investment, look no further than Provo, Utah. Here, you'll find turnkey properties that are occupant-ready, meaning you can start marketing and renting them out as soon as you own them.
Still, generating income as a landlord sounds easier said than done, so you should consider professional turnkey property management. Our team at PMI Made Simple has discussed the perks and pros of enlisting such services, so read on.
Simplified Compliance With Rental Housing Laws
Landlords must adhere to the local rental dwelling laws outlined and defined in Provo Code Chapter 6.26. Under this chapter, you, the landlord, must meet specific requirements, including but not limited to:
- Acquiring a business license
- Ensuring the property meets minimum health and safety requirements
- Satisfying parking mandates
- Adhering to signage requirements
- Providing tenants or "lessees" with required property disclosures
Landlords must also comply with federal and state laws regarding rental housing and landlord-tenant relations:
- Fair housing laws
- Tenant screening regulations
- Security deposit limits and return guidelines
- Tenancy termination and eviction rules
If you were to self-manage your turnkey property, you'd have to memorize all those laws. Failure to adhere to them can put you at risk of hefty fines and legal liabilities.
But if you hire professional turnkey property management services, you no longer have to worry about those legal complexities. Provided you work with a local, highly experienced manager, rest assured they have an in-depth understanding of city, state, and federal laws.
Full-Service Property Management Solutions
Real estate investments are only passive for investors if someone else cares for their properties. As for landlords who self-manage their properties, their jobs are 24/7. After all, they must address tenant emergencies, from burst pipes to accidental fires.
Professional turnkey property management is key to turning your investment into a passive income generator. Your dedicated manager will look after your rental investment from the beginning, from marketing it to providing tenant placement services, including renter background checks. Then, after moving tenants in, your manager will:
- Collect rent
- Enforce the lease
- Schedule and oversee property inspections, maintenance, and repairs
- Provide accounting and financial reporting
Through those services, your manager can help lower rental property turnover rates and encourage lease renewals. They can also aid in reducing the risk of tenant evictions.
Turn to Professional Turnkey Property Management
Hiring turnkey property management experts is one of the savviest tricks for generating passive income. So, if you want to realize your Provo property's maximum rental potential without doing any of the hard work, consider partnering with our full-service property management firm, PMI Made Simple.
At PMI Made Simple, we simplify property management for our landlords and investors. We handle everything from marketing to tenant placement, rent collection, and lease enforcement. We're also a proud member of PMI, a fast-growing property management company in the U.S. with over 20 years of industry experience.
Call us today, and we'll happily provide you with a free property analysis!
