We verify their income to make sure they earn enough to pay the rent and have employment stability. We assess their debts and generally require that they make at least two and a half (2 1/2) times the rent amount. We pull a credit report and a run a criminal background check to eliminate any surprises. We always reach out to past landlords to make sure they left with all bills being paid and treated the property with care. Sometimes further and more detailed assessment is required when there are other extenuating circumstances.
The answer to this question is very dependent on the market conditions at the time the unit becomes available, including: condition of the property, rent price, the time of year, location and restrictions such as pets/smoking, etc. However, we have one of the most robust marketing systems to keep a steady supply of potential tenants interested in your rental unit. We understand that vacancy is lost revenue and will always work diligently to minimize the vacancy period of your property. Just like you, we only earn fees with the payment of rents.
If you live outside of the United States, there are laws that you need to generally be aware of as property managers are required to withhold a percentage of rents collected on your behalf and make quarterly tax payments to the IRS. Fortunately, we are very familiar with the guidance on this withholding and take care of the whole process for you.
Unfortunately this does happen occasionally for unanticipated reasons. However, there are safeguard programs to help protect you for this situation, mainly with our Eviction Protection Program (EPP). We are often able to remove a tenant without having to resort to an eviction but if an eviction becomes necessary and if you choose not to enroll in these programs, you should be financially prepared to fund the cost of the eviction as well as be prepared for missed rent, sometimes up to 90 days depending upon the current state of court system.
This mostly starts with screening and placing great tenants in your rental. However, we will do at least an annual inspection to make sure the tenants are being responsible in your unit. Also, property owners that sign up for our Preventative Maintenance Program (service for the HVAC and other major systems) benefit as well from these programs as this allows us frequent visits in and out of the unit throughout the year. All of our Preferred Vendors are trained to report back to us their observance of any possible lease violations, excessively unclean conditions or suspicious activity. All tenants are required to purchase property damage insurance or enroll in our damage program to protect the property from accidental damages.
The best and most accurate answer to this question is... at the current market rate. Many new real estate investors are tempted to set the rent based on their mortgage payment or simply sometimes by what they have heard they can charge for rent. However, these approaches can directly impact your time of vacancy and actually result in lower overall rent collection. Our expertise in the local area can help you determine the best market rate for your unit. You can count on our guidance to help you get the best return possible. You are the one to make the final determination for setting the rent amount although we are hopefully you fully consider our guidance.
Catalyst Property Management has three distribution dates throughout the month. They are normally distributed on the 10th, 20th and 30th of each month depending on the date rents were received and if these dates fall on a weekend. The vast majority of rents are distributed on the 10th and are done by ACH. This usually means funds are available for you the next business day or the 11th depending upon your banking institution. All accounting transactions and reports are always available in real-time via your owner portal for you to be fully informed at any time.
Ongoing and preventative maintenance are necessary to minimize the maintenance and repair expense associated with owning rental properties. By being proactive can help you to reduce vacancy and maximize occupancy, especially in the long term. A big key is to identify issues before they become major problems. The old adage "An Ounce of Prevention Is Worth A Pound of Cure" definitely holds true when it comes to property maintenance. Remember that in most cases before a property can be rented, carpets should be cleaned, walls cleaned and/or painted and any safety issues addressed. When repairs are needed beyond preventative maintenance, you can rest assured that we'll provide prompt, dependable and affordable services. All of our preferred vendors have committed to back up their work and be honest in their billing. Additionally, we will always clear any maintenance expenses with the you in advance, except for whey you have instructed us not to.
Catalyst Property Management holds all tenant security deposits and prepaid rent in our FDIC Insured Broker Trust Account for safe keeping as required by Utah law. Additionally, holding these security deposit in the Trust Account simplifies the move-out process with the tenant to perform reconciliation, deduct for repairs, cleaning fees and to perform the closing security deposit disposition.
There are four purposes allowed by law. Specifically for:
- Unpaid rent
- Cleaning up to the extent to make the unit as clean as the condition was when the tenant took possession
- Tenant caused damages beyond normal wear and tear
- Other items specifically agreed to in the lease agreement such as rekeying, carpet cleaning, etc.
We have extensive experience in the management of single family homes, townhomes, condos, apartment complexes, small office/small retail, and storage units. We can make great recommendations to experienced Agents for large commercial spaces as well as industrial properties.
Feel free to call us anytime at 435-755-3010 or email us at [email protected]. We have friendly and knowledgeable managers that will be happy to answer any other property management questions you may have.