Millcreek, UT Property Management

How Millcreek, Utah property owners get more ROI with less effort

• Transcript

  Speaker 1 [00:00:05] Hey, guys, it's Ryan Leonard with Wolfnest Property Management, and today I wanted to talk about really our company and see if we can be a good fit for you and your investment property needs. So let's take a look. First thing we have here is our competitive pricing structure, one of the only companies here in Utah that did not charge leasing fees, lease renewal or any sign of fees. So whether your properties are occupied or vacant, when you're looking for management, there's not going to be any costs associated to you for bringing that property on board. Also, leasing and lease renewal fees. That's something that we have built into our management fee, which really allows us to be strategic for you in that property, meaning you're not paying us five hundred dollars to place a tenant or one month's rent to place a tenant or renew a tenant. That's something that, again, is built into our program. And you're not going to see those high fees that most companies are going to be charging. Next one is one hundred percent satisfaction guaranteed. Our contracts are getting pretty rare. We're one of the only companies that have a month to month agreement. What that does for us is it keeps us motivated. Also for you, it gives you the opportunity, if it's not a good fit, to be able to give us a notice and take that property back. But again, our theory is that we're not going to give you a reason to cancel. So why tie in for one year to year terms like most companies do? Also, strict rent collection. That is one thing that most investors want to see is are you collecting on time and am I getting paid? One, ninety seven percent of our portfolio pays on the first of the month. And that's something that we're definitely proud of, which allows us to get our owners paid and we send our AHC's on the 10th of each month. So definitely a big push for us is, again, that strict rent collection. Also, it's probably screening tenants. You know, we're not in a hurry to place a bad tenant in that property. Management can be, you know, pretty easy unless, you know, we have a headache type tenant in there. So doing an exhaustive background and credit check on those tenants is a great way to ensure that we're never going to take care of your property, obviously pay rent on time and also be able to be held accountable. Come move out for any damage that may have happened at that property. Also, our maintenance program, we really have a hybrid model, meaning we don't just do in-house. We do have an in-house tag, but we also have a network of third party vendors that we really use for any specialty type repair, which gives us the freedom to actually go to bid on any jobs that may be over a certain threshold that you set up with us for. That's two hundred dollars five hundred dollars thousand dollars. We can go to bid on jobs and get you the best price possible. And then also communication. That's a big one for us and why we have a little bit different model than the competition. It's actually I'd get a hybrid model which will dove into here in a little bit. About Wolfnest so we specialize in residential management, single family homes, townhome, condos, small, multifamily. Those are really our niche. And what we like to focus on with our portfolio, we cover Provo to Ogden, Twilla to Park City and anyone familiar with Utah. That's a pretty big piece that we cover. So odds are that we are going to be able to manage the properties again long as we fall in that that area. Next one we have is again, that model, our management model is a little bit different than the old school model. Typically, you have one agent with the older model that's going to manage 50 to 100 doors and they're going to be responsible for the maintenance, for the leasing tenant relations owner relations showings, the inspections, marketing and pre marketing. That's a lot of hats to wear. If I was a property manager and that's really why there is a negative connotation with property managers. Now with us, again, it's a newer type model and what our owners are going to have is one point of communication on our owner relations team, meaning if you have a question about maintenance, they'll go ahead and reach out to our maintenance manager, gather that information and then report back to you. So this way, you're not being bounced around again, have one point of communication and then we have different department managers who are really hyper focused on one aspect of our entire portfolio, which really streamlines our operation. Next piece of it is going to be, you're not paying us a dime until we deliver qualified tenants and the reason for that is, again, it's kind of commission based. It's keeping us motivated. One thing that we are going to do, though, is professional photography. We also have the capability to do three hundred and sixty degree video tours, which are great for out-of-state tenants, looking for a place to live here in Utah and don't want to hop on a plane. They can do a virtual walk through of our properties. Also exposure. Not only we're going to put it on the big players here, Zillow Carcel Rentler. We're also going to be put out almost 28 different listing sites to make sure that your property is as much exposure as possible. Also, a big piece for us is the rental analysis. Now, we do not dictate rental rates. Again, we're investors ourselves. We want to make sure that you have a say in what those are your properties rent for. Now, we are going to give you our professional recommendation by looking at a couple of different things. One is going to be market saturation. You know, what are you currently competing with in that area, looking at our portfolio? Odds are we're going to have between 10 and 20 like properties in the surrounding area and give you a good idea of what rents are currently and also what type of rental preachin rental appreciation we've seen. And then last one is this cool software that we have that actually pulls leasing information from other management companies and gives some cool data like, you know, estimated vacancy rates. What are the median rental rates? What's a zip high rate that we could possibly see in that area and also give you some comparables or like properties to review? So, again, that's Ryan with Wolfest and feel free to reach out and check out our website. You can also request a free analysis on our website or give me a call directly. That's actually my cell phone there. And I'd love to discuss our management services a little bit more in depth and see if we could be a good fit for your portfolio's needs. So thank you so much. 

Millcreek Property Management for the Long-Term Rental Property

Millcreek isn't a market defined by turnover and hustle. It's defined by people who move in and stay: young professionals who want quiet streets and a short commute, families drawn to the schools, retirees who want to be close to the city without living in the middle of it. That's a different management challenge than a market driven by short leases and constant turnover. The goal here isn't filling vacancies fast. It's keeping good tenants long enough that vacancies barely happen.

That's the approach Wolfnest takes in Millcreek. We focus on tenant retention as much as tenant placement, because a renter who stays five years is worth more than three renters who each stay one. We know the East Bench foothills, the older housing stock that comes with specific maintenance needs, and the zoning rules that limit multifamily and short-term rental conversions in parts of the city. For an owner in Millcreek, the win isn't a fast lease-up. It's a property that runs quietly and profitably year after year.