New Landlord Tips For Park City Property Management
I can vividly remember the first time I went snowboarding. I grew up skiing with my dad but in my early teens snowboarding was coming on big time and some of my friends who had never skied were giving it a try and I wanted in! I got an old board, some bindings that worked with the board and a pair of regular old snowboard boots and headed to the mountain. I didn't have any lessons or pointers and the first day was so full of painful crashes that I almost quit! Fortunately I didn't and snowboarding became one of my most cherished activities and even provided me with some employment opportunities. Park City property management can be the same. There are plenty of opportunities for you to crash and burn in your first attempt at managing long term rentals in Park City. So I thought I would give a few pointers to help you keep the board side down in Park City property management.
- Know Your Market. How much should your property rent for? Some people think their mortgage, insurance, and condominium fees should determine how much your property rents for. They do not! The marketplace determines what your property should rent for. If you paid a lot for a property that rents for a little the only person you have to blame is yourself. Do your research and establish a competitive rate. Be flexible in your pricing, particularly if your property has been vacant for a few weeks or more. Offering incentives or discounts on a month's rent is a great way to attract attention in Park City property management.
- Know The Law. Be prepared to get an education in Utah landlord/tenant laws if you want to be involved in Park City property management. You should learn about everything from discrimination laws to maintenance and habitability requirements. "Winging it" might work for a while but could get you in serious trouble. There are a lot of nuances to Park City property management law that the average person has never thought of or encountered. The last thing you want is to be charged in a discrimination suit because you wouldn't rent to a family with young children or have an eviction claim tossed because you didn't serve the proper notice.
- Screen Your Tenants. Do a complete background check, call references and verify rental history. And do the same thing for every tenant, no exceptions. You have invested a lot of money in Park City property management and you want to get the type of tenant who will respect your property. The best predictor of future behavior is past behavior so figure out how your prospective tenant was as a renter. Ask previous landlords if they would rent to them again, why the left and how they took care of the property. Don't take the first person who can throw a deposit and some rent your way, make an informed decision.
- Hire Some Park City Property Management. A property management company will offer these services and more. They will take the hassle out of owning an investment property. They will also provide your property with a professional face and allow you to pursue other interests or activities. And all for a low monthly fee!
If you would like more information or tips for first time landlords, 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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