In Park City property management you truly need to be a jack-of-all-trades. You need to be good with people, have a solid accounting background, a competent knowledge of property maintenance and repair, and also the ability to be a bit of a salesman. When the time comes for your tenant to move out you will need to be putting on your salesman hat and be ready to get those perfect tenants into your property. One of the best ways to attract tenants is with a quality rental listing. So here are a few handy tips that will help your rental listing stand out from the crowd.
Highlight Uniqueness
Obviously a prospective tenant in Park City property management will want to know the basics. How many bedrooms, bathrooms, rent, utilities, parking situation, etc. But what aspects of your property make it stand out from the crowd? Is it close to great shopping or restaurants? What about access to public transportation? You want to take time to think about what really sets your property apart from others currently on the market. Read rental descriptions for available properties in your area to give you some ideas about what you should and shouldn't do. This is your direct competition so if there are some ways in which you can distinguish your property from the crowd take advantage of them.
Easy On The Adjectives
When most people think of spicing up written text the addition of flashy adjectives comes to mind. But you need to be accurate and not superfluous or excessive when it comes to their use. Is your property really immaculate? You have to correctly portray the positive aspects of your rentals in Park City property management but understand that if prospective tenants show up expecting "high-end furnishings" or a "spacious floor plan" your property had better deliver. And remember that there is a positive way to describe most aspects of a property. Choose words like cozy instead of small or secluded instead of far away.
Give Detail On The Amenities
Take some time to describe some of the key amenities of your property. If you are part of an HOA that includes a pool, tennis court or other common space make sure to note these items in your rental description. Also property features like decks, hot tubs, extra parking, storage or other types of items can make your property stand out from the crowd.
Have Some Good Photos
This always helps drive interest in a property, especially if you typically attract out of town tenants to your rentals. Try to take pictures in the evening or early morning when the light is best. Make sure the property is clean and any maintenance is taken care of. If you are renting your property furnished then include what furniture will be in the unit with the pictures.
Have A Call To Action
A call to action is a marketing term that prompts a potential customer into doing something. Listing your contact information is the most basic step but statements like "won't last long" or "price reduced" are statements that can drive interest and make potential customers take action. A call to action is typically placed at the end of the pitch or advertisement and is a way for interested parties to move the process forward. These steps will get you well on your way to success in Park City property management.
If you would like more information or tips, or further information about Park City property management in general click the link below for a free consultation. You will receive valuable information specific to your property that will help you make an informed decision. You will also receive a free, no-obligation quote on our property management services. At CC Realty we specialize in making investment property ownership a trouble free experience. Please contact us today for your free consultation.
One of the things that I remember most about getting my real estate license was a comment made by one of the instructors. It was something along the lines of "The two things that determine the value of any property are a willing seller and a willing buyer." What has always stuck with me about that phrase is the idea that any price set for something is ultimately an agreement between two willing parties. And for property management Salt Lake City the idea of setting rent is the same. You may feel that your property is worth $1,200 a month in rent. In fact you could feel that it is worth $12 million a month but until you find a willing party to agree to the price what you have is basically an estimate of value, not actual value.
The same can be said of a tenant who may be looking for a Park City long term rentals. They may think that the most they should pay for a property is $1,000 a month. However until they find a willing landlord to rent a property at that rate they are again just estimating. So how do you figure out market rent anyways? Well the old real estate adage location, location, location, certainly applies. Location is an important factor in determining your market rent. There are other avenues available to landlords that can help you with market rent for property management Park City.
- Do some searching online at sites like craigslist or KSL.com. These are sites that feature a high volume of available rental units so the likelihood of finding what a comparable property is being advertised for is good.
- Check what competing Salt Lake City property management companies are listing properties at. Many property management companies have a large pool of rental units and a better idea of what the market in general is doing. They can use sophisticated revenue management software that gathers copious amounts of data to set prices on rental units. As a small time landlord you can't afford this type of software but the results of using it, the prices of rental units, is available for your viewing. Take a look at what the big boys are doing.
- If you are currently vacant you should always start high. Set your new price above what the previous tenants were paying and see what kind of traffic you get. Vacancy is a great time to assess where marketplace rent has gone and if you are lagging behind comparable properties in Park City property management.
If your phone is ringing off the hook the first day you post the unit it could be one of two things. Perhaps nothing else is vacant in the area, and you should already know this after checking out your competitors. Or perhaps your rate is a bit too low. People who are scanning for available rentals will move quickly if there is a deal to be had. If you find your phone is blowing up the first day you post your property you may want to take a look at increasing the rent before committing to a new tenant. Remember it takes a willing landlord and a willing tenant to set the market rent. If you feel like you are giving the farm away you aren't all that willing.
If you would like more information about market rent, or further information about Park City property management in general click the link below for a free consultation. You will receive valuable information specific to your property that will help you make an informed decision. You will also receive a free, no-obligation quote on our property management services. At CC Realty we specialize in making investment property ownership a trouble free experience. Please contact us today for your free consultation.
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Online rental scams have become increasing diverse and prevalent in the modern age. Unfortunately Park City property management can also fall prey to unsavory individuals looking to take advantage of potential renters. Today's tips are designed to help landlords avoid appearing as an online scam or avoid having your property used in a scam. The typical scan is a take on the classic email you've probably received about a Nigerian prince who just needs you to send him a little money so he can get millions of dollars release to him and then pay you handsomely. For Park City property management a person posing as a landlord advertising a long term rental in Park City may tell you they are out of the country but if you mail them a check they will mail you keys and you can move right in! Now we take a look at avoiding this scam.
1. Be A Real Person
If you are a savvy landlord you probably advertise for new tenants online. Being online is great as it opens up the reach of your rental property significantly, which will also decrease the amount of vacancy you experience during turnover. Unfortunately anyone can also go online and pose as a landlord in Park City property management. So how can you insulate yourself from looking like a scammer? One way is to list your telephone number in your advertising. This will allow potential tenants to speak with you directly, something many scammers never do. You can also create a website specific to your rental property and include the link. Scams are never this involved and looking at an actual website will give tenants peace of mind. Your website could also have an info@ email address so prospects can reach you in a variety of ways. You can also consider hiring a property management company in Park City. They will act as the professional face of your rental and provide excellent service to your tenants.
2. For Rent Sign
There are also smart tenants out there who like to get to know a property and the neighborhood in which it resides before they are willing to move ahead with a rental. One thing that can help people know that a property is legitimately available is to place a For Rent sign in the window of your available property. Not only is this an easy and sometimes effective way of advertising, it lets the curious renter know that the property listed is yours, it is actually available and you are in fact the landlord. You may even find neighbors referring people to your rental property. Tenants in Park City property management care about their neighbors and they may have friends or family interested in renting in the area.
3. Protect Yourself
If you have recently posted your property for rent it might be a good idea to check online advertising sources like Craigslist or other free classifieds. Unscrupulous people can easily steal pictures of your property, pose as the landlord and try to rip of unsuspecting individuals for security deposits, etc. If you see your property being advertised online by someone other than yourself contact the website it is posted on and contest the posting. This will help keep you from getting involved in sleazy internet scams.
If you would like more information on protecting yourself from online scams, or further information about Park City property management in general click the link below for a free consultation. You will receive valuable information specific to your property that will help you make an informed decision. You will also receive a free, no-obligation quote on our property management services. At CC Realty we specialize in making investment property ownership a trouble free experience. Please contact us today for your free consultation.
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The first and most commonly asked question in Park City property management is unsurprisingly, "How much is the rent?" While it would be easy if there was a universal formula that everyone followed in setting rent this is not the case. There is a fair amount of research and even a little bit of art in evaluating the marketplace and setting the rent. Today I would like to share a few of the things I have found useful in determining rent along with my personal experience in the matter. The key through all of this I feel is to remain flexible and adaptable to the demands of the market and not get caught up in jumping over dollars to pick up dimes. Hopefully this will benefit your Park City property management efforts.
Craigslist
Craigslist is a great place to check for available rentals, just ask any tenant. You can find nearly any type of property to rent, it's free and easy to you. The search function works well so you can narrow down the properties to something that you feel is comparable to your property. The old real estate adage of "location, location, location" also applies for Park City property management. The proximity to desired locations or amenities can influence a price up or down so take a good look at the properties you feel are "comparable" before you decide to price your property.
Classifieds
In my opinion the newspaper or any other type of printed classified advertising is following in the footsteps of the dinosaurs, cavemen and Vanilla Ice. However most papers and many other news sites have great online classified sections that make searching easy. These are definitely more locations specific methods of search and may therefore have less volume of inventory or comparable properties. They are still worth a look though as you could and should be part of the research you use in setting a good rent price. The Park Record and KSL are a couple of sites that have good classified sections that will help determine the going rate in Park City property management.
For Rent Signs
Maybe you are in your car headed to your rental property and you see and For Rent sign just down the street. Unless you are renting a shanty in the middle of million dollar homes this is a great opportunity to see what a property right in your area is being advertised for. Stop and take a look, hopefully there is a brief description of the amenities along with the advertised price. This is even more location specific than the last two methods mentioned but every little bit of information combines to create a more informed decision.
Seasonal Markets
If you've been in the Park City property management business any reasonable amount of time you know that fall is the best time to get a property rented and spring can be pretty lean. Park City is becoming less of a seasonal town over time, particularly with large vacation properties drawing off season groups to town. This creates a greater demand for a year-round workforce and subsequently a year round housing demand. Winter definitely still rules the roost and occupancy levels start climbing rapidly in the fall. If you have a property coming available around this time you can usually charge a premium over leaner times of year. One tip specific to Park City is watching out for seasonal employees who are signing a year lease. A year round job at a ski resort is still hard to come by and you don't want to have tenants bailing on your lease in May.
Flexibility
The best tip for figuring out your marketplace is flexibility. If you advertise your property and are getting no response you could be priced too high. If your inbox is jammed on the first day you might be a little low. Be willing to adjust based on experience and you'll end up with a good idea of what people are willing to pay.
If you would like more information about the Park City marketplace, or further information about Park City property management in general click the link below for a free consultation. You will receive valuable information specific to your property that will help you make an informed decision. You will also receive a free, no-obligation quote on our property management services. At CC Realty we specialize in making investment property ownership a trouble free experience. Please contact us today for your free consultation.
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If there is one thing that can be said about Park City, besides the epic snow, is the amazing quality of the mountain biking trails in the area. This is definitely a bike friendly town and for those landlords who are involved in Park City property management it is an important consideration and marketing tool for your property. With an extremely popular mountain biking culture and the increase in people who want to bike to work there are some simple ways in which you can make your property more bike friendly. Particularly if you are involved in apartment management in Salt Lake City or other more urban areas where bicycle community is rapidly growing these types can benefit you.
Storage
So just how bike friendly is your Park City rental property? Are there already storage spaces such as a garage or storage closet that can accommodate a bicycle and are easily accessed? If you've spent much time around bikes you realize that there are easy ways to store a bike and hard ways to store a bike. The last thing anyone in Park City property management wants is to haul dirty, muddy bicycles up and down the stairs whenever you want to use them. As a landlord this increases the wear and tear on your property and as a tenant it's just a pain in the butt. Other options to consider are hooks to either hang a bike on the wall or from the ceiling in a garage or large storage closet. A secure area that is easily accessed and makes efficient use of space is ideal for storing a bike and is a great selling point for Park City property management. If your rental property is part of a condominium community have your management company or HOA board consider purchasing bicycle racks and placing them around the property. This will help keep bikes out of harm's way while keeping hallways and stairways clean and clutter free.
Looking Ahead
Have you heard of Citi Bike in New York City or even GREENbike in Salt Lake City? These are services available to anyone for either single use or year memberships. You can check out a bicycle from any station, use it for a predetermined amount of time, and return it to any station. No need to worry about owning or maintaining a bike, just rent, ride to where you need to go, and leave it at the nearest station. New York City currently has 600 bike rental stations for Citi Bike. Salt Lake's GREENbike system is still in its infancy and has only a few locations but will continue to expand. As our society trends towards a more urban population with people following jobs and many other things city life has to offer the importance of bike-friendly communities and properties will only grow. As a savvy Park City property management landlord this is an opportunity to get ahead of the curve. Advertise your property as being within biking distance of desired amenities like restaurants, grocery stores, local businesses and city transportation systems. If a local company is expanding the idea of biking to work is very enticing to prospective tenants relocating to the area.
If you would like more information about making your property bicycle friendly, or further information about Park City property management in general click the link below for a free consultation. You will receive valuable information specific to your property that will help you maximize your investment. You will also receive a free, no-obligation quote on our property management services. At CC Realty we specialize in making investment property ownership a trouble free experience. Please contact us today for your free consultation.
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A well written, accurate rental description is a great way to draw interest in your available rental property and give yourself an edge in a sometimes competitive market. A rental description is often the first thing a potential tenant encounters when looking for property. Today's blog post will give you some tips and tricks to write a good rental description that will help in your Park City property management.
Grammar And Spelling
Perhaps this is obvious but you should always use correct grammar and spelling in your rental descriptions. Incorrect grammar or poor spelling immediately creates certain opinions in potential tenants about you and your property, none of which are positive. A concise description with proper grammar and spelling is preferable to a wordy, long-winded advertisement with lots of errors. Nowadays most advertising for rental properties is done online, either through craigslist or other pay services. Some may provide a spell check feature, some may not. Many internet browsers also automatically check spelling. However I recommend typing out your whole posting and then copy and paste it into a Word document. This was you will have not only spelling but grammar checked. It's a simple process and you can make sure that your posting is ready before showing it to the world. Easy steps like these will also give you an advantage against your competition. It's sad that in a world will all the programs and ways available to people there are still some really poor examples of grammar and spelling, even in Park City property management.
Word Choice
Great word choice can be the difference between a bland description and one that creates excitement in potential tenants. It can also be the difference between accuracy and hyperbole! Take some time to think critically about your property. You may think it's the Taj Mahal but there is only one of those and it isn't available for rent. Be honest in your description but choose exciting words that will catch people's interest. Is your property old-fashioned or is it vintage? Was the property built recently or is it new/modern? What about
the atmosphere a property creates? Words like casual, rustic or formal help interested parties form an emotional opinion about the property. If there are features about the property that set it apart, say a generous master bedroom or spacious backyard, then highlight them using emotionally descriptive words. "Big" may be accurate but it lacks an emotional component. Is the property located near favorable amenities? If so list them with terms like "walking distance" or "short drive". If the property is not located near anything use terms like secluded or private. Some people want to be close to the action and some want to get away. Don't try and make your property into something it's not. Nobody would sell a cabin in the woods as "urban", so don't characterize your property as anything but what it is.
Other Considerations
Have you just recently installed new appliances or remodeled something? You can easily state these facts but using more descriptive terms live "stainless steel" or "granite counters" and "travertine floors" will give prospective tenants a better idea of the quality of finishes available in the property. Does the property have a beautiful view? Is it located on a quiet, tree-lined cul de sac? These are all things you should consider when creating a listing.
If you are interested in learning more about property management Park City Utah, download our free white page "5 Questions Every Landlord Should Ask Themselves".
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All good things must come to an end. In Park City property management tenants move on and new tenants must be found. I recently wrote a blog about property turnover that can help you be aware of some crucial time periods relating to lease end: Park City Property Management - 3 Key Time Periods For Lease End. In this post I would like share some tips and information on advertising and marketplace that can help property owners find great tenants and optimize rental income.
Evaluate The Marketplace
The first step in determining what you property should rent for is marketplace evaluation. Is your property part of a condominium development or is it a single family home? What price are similar properties in the area advertised at and how long have they been advertised at that price? What condition is your property in and will this affect the amount of rent you can charge? Are there features to your property that add value when compared with similar properties? These are some of the basic questions you should ask yourself when attempting to determine an appropriate amount of rent. There are many resources available to help you answer these questions. If you are a veteran landlord you probably already have some
marketing channels established that have helped you secure tenants in the past. Take some time to review other offers available on these and other channels to determine if the price you have in mind is in line with the market value of comparable properties. Places like craigslist, local newspapers, and other property listing services are a great place to gather information on your market and what direction rents are trending. Be honest in evaluating your property against other offerings you find. Also look at the inventory available and how your property compares. If you have a three bedroom condo to rent and there are only two bedrooms available you can try advertising at a slight premium and see what traffic you receive.
Property Description
"Condo for rent" may be an accurate description but let's be honest, it's a little bland. Be creative in your description and highlight the features of your property. Listing the number bedrooms, bathrooms, and other basic information is important but spice it up with words that have some feeling or emotion attached to them. Is your rental property a home or a quaint bungalow? Are you trying to rent a large condo or a spacious condominium with high ceilings and an open floor plan? Using words that catch the eye and help you stand out from other offerings are a big step towards. Don't be afraid to stray from the norm in your descriptions.
If you are looking for an example of a hilarious and eye catching description then Google "nissan xterra for sale ninja". The owner of an average SUV describes his vehicle as "engineered by 3rd degree super ninja warriors", that the automatic transmission will help you "shoot your machine gun out the window" when you are being chased by Libyan terrorists, and that there are only "69,000 miles on this four-wheeled hellcat from Planet Kickass." Now you probably shouldn't describe your property in such hilariously over-the-top terms but you can't argue that the vehicle owner's description definitely helped him stand out of the crowd.
Offering Incentives
People like free stuff; it's as simple as that. Coming up with valuable incentives can help a vacant property become an occupied one quickly. An example of a great incentive would be offering a week's free rent with immediate move in. This way a prospective tenant feels like they are getting a deal and you are getting your property rented. Make sure there is some type of restriction or sense of urgency tied to your incentive. This way a potential tenant will need to act quickly in order to obtain the offer. If you are interested in learning more about Park City property management download our free white page "5 Questions Every Landlord Should Ask Themselves".