5 Marketplace Tips From Park City Property Management
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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