If you are considering becoming a landlord in Park City property management or if you've already taken the leap by purchasing an investment property there are a few tips that I would recommend to you. So get educated on some of the things necessary in order to make a successful foray into property management in Park City, Utah.
- You Are In Business. There really isn't any other way to look at it. Perhaps you are renting a property you previously lived and and consider your home. Perhaps you know or even like your tenants. But you are now running a business and you should comport yourself at all times as such. Keep a professional demeanor in all your interactions and transactions.
- Know The Law. You should have a solid grasp of not only your rights as a landlord but your tenant's rights as well. Laws differ from state to state so what may work in Tennessee may not be the same in scenic Utah. A savvy landlord in Park City property management will have a good understanding of the law and resources on hand should new questions arise.
- Know Your Market. The old adage "location, location, location" applies just as much in Park City property management as it does in real estate. Doing research on what comparable properties rent for is key to keeping yourself competitive and minimizing vacancy.
- Have A Cash Reserve. Nothing is more frustrating for a Park City property management company than a property owner who can't afford necessary repairs because they are paycheck to paycheck in their own finances. I know sometimes people fall upon hard times or find themselves in a rough patch financially. But you should establish an account in conjunction with your property that is kept aside for repairs.
- Repairs Happen, Get Used To It. This goes right in line with having a cash reserve. You should expect repairs. I jokingly like to say that if you have too much time and money on your hands buy a home. Repairs will come so plan for them. Preventative maintenance can help in many ways and should be done. But you will always have repairs in your long term rentals in Park City.
- Cash Flow. A wise investment will be cash flow positive. You should never count on appreciation to be your source of income. Cash flow will not tie you as tight to the housing market and keep your Park City property management operation running smooth.
- Verify Your Tenants. Some people are honest. And some are not. It is your job as a landlord to figure out the truth when it comes to potential tenants. And the best way to do that is background checks and references. You should establish a protocol for screening tenants and stick to it. Everyone has a story and you don't want to get burned.
- Consider Property Management. One of the best ways to make sure your investment operates smoothly is to hire a Park City property management company. They will have the expertise, operation and know how to expertly manage your investment property.
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.
Some people just seem to be born to do the job they are in. They fit it and it fits them. Many of us however aren't in a job that perfectly fits us. Sure we get things done, do a good job, and find success in life. But not many people are in the position to say that their job fits them perfectly. But as long as you have the qualities necessary to succeed in a certain field you will do just fine. The same is true for Park City property management. There are certain qualities you need as a landlord to succeed in Park City property management. I've put together a list of a few I think are the most important. If you are looking at becoming a landlord take some time to decide if you have it in you to succeed.
1. A People Person
Ultimately being a landlord in Park City property management means dealing with people. Sure properties have issues you must solve, and knowledge of how to fix and maintain your investment is crucial. But more than that being a landlord means interacting with people. I have seen the good, the bad, and the ugly in my time as a property manager. I have had wonderful relationships with tenants who would stop by my office just to say hello. I've had tenants screaming and cursing about this, that and the other. I've had to step in the middle of tense situations and domestic disputes. And I have sadly been involved in worse situations as well. If you are thinking about stepping into property management in Park City Utah you must be able to deal with people professionally.
2. Does Not Procrastinate
In Park City property management you cannot procrastinate. A small leak under a faucet can cause big damage in a property. Not posting the property notice when rent is late can give deadbeat tenants more time in your property. If your tenant has a complaint about the neighbors it will usually get worse if it is ignored, not better. Putting off small tenant requests creates frustrations that can result in a tenant leaving rather than renewing. If a maintenance problem occurs be quick to fix it. Respond quickly to your tenants. In general don't procrastinate!
3. Comfortable With Expenses
There has never been a rental property in the history of Park City property management that didn't have some expenses. And sometimes they seem to come in waves. It is also fairly common for there to be new expenses associated with a new tenant moving in. You can't always plan for expenses but you should be aware that they happen. If you want to rent for a premium and retain the best tenants then you must be willing to maintain your property. Some of the worst landlords are those who penny pinch or band aid repairs. Nothing will encourage a tenant to treat a property poorly than a landlord who treats a property poorly.
4. Good Judge Of Character
Like Kenny Rogers said: you gotta know when to hold'em, know when to fold'em, know when to walk away, know when to run. You will meet people from all walks of life in Park City property management. Some will make great tenants and some are nightmares. You will need to make a sound judgment based on limited information.
If you would like more information on being a landlord, 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.
So you've put in your elbow grease getting your long term rental in Park City ready to rent. You've had a few tours and found an interested party. You had them fill out an application, ran a background check and spoke with their previous landlord about how they were as tenants. Everything looks good so you take a deposit and the next step is to hand them keys and start collecting rent right? Wrong. You've missed out on one of the most important steps in running a successful Park City property management business, the tenant move in process.
Start With A Checklist
Ideally you should put together a checklist for yourself to make sure the process is consistent and repeatable for every tenant, whether you own on property or one hundred. A checklist should contain standard things like house rules, lease signing, deposit collection, key check out, and a move in sheet with utility company phone numbers. You can also get property specific if there are certain things that your tenants should be aware of like heat tape, swamp coolers, hot tub maintenance, etc. Most of our properties have water softeners so we make sure the tenant is aware of how to check the salt level and keep it full. When you are putting your checklist together take some time to think about the important components of a tenant moving in and include those items in your list.
Review The Lease
Go over the terms of the lease with your tenant and provide them with a copy. Make sure they are aware of any charges or fees that apply should they violate the terms of the lease. Explain things like late fees and when rent is due. Some people go to the extent of reading the lease to the tenant, if you feel this is necessary then by all means do so. Make sure you are using a lease specific to your state and not just something you pulled of the internet. Unless specified in your lease there are certain terms and statutes that apply in different states so make sure you are an educated landlord. There are many places you can get the information you need for Park City property management so remember an internet search is your friend.
Perform A Walkthrough
Do a walkthrough with the tenant to make sure they are familiar with the property and any existing damage or conditions in the property. They don't want to be charged for a stain they didn't put in the carpet and you don't want to charge them for it either. We also utilize a move in sheet that contains prices for items left dirty or damaged. This way the tenant knows exactly what they are responsible for up moving out of the property. We allow our tenants a little time to return the move in sheet, usually a few days. This way they are able to make note of any damage as they become more familiar with the property as they move in and get settled.
If you would like more information about handling loud, partying tenants, 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.
photo credit #1
The life blood for any landlord in Park City property management is a quality tenant who pays rent on time and takes care of your property. Perhaps you purchased this property purely as an investment and are looking to keep it consistently occupied. Or maybe you plan to later use the property as a vacation home, relocate to the area or even retire and move into the property. Either way you are looking to cover your costs generate a little money through your investment. With any property repairs will come and go, they are an expected necessity and should be planned for. But one thing that kills property management in Park City faster than anything else is vacancy. So what can you do to keep your Park City long term rentals full and your tenants happy? Let's take a look at a few things that can help you keep your tenants. This isn't anything new or fancy, just some planning and leg work that will help you achieve better results. If you feel you aren't up for this kind of work the best thing you can do is hire a competent Park City property management company. They will handle all this work for you for a nominal fee and allow you to put your time and energy into other endeavors.
Plan Ahead
Don't wait for your tenant to either decide to stay or move out at the end of the lease, contact them before it expires! At CC Realty we typically contact a tenant at least 60 days before their lease expires and offer them renewal terms. This lets them know that we want them to stay and can open a dialogue about renewing. Sometimes this opens you up to some complaints or criticisms. Perhaps the tenant is contemplating moving due to some issue with the property. By contacting the tenant before the lease expires you will have a chance to address any issues and hopefully retain the tenant. I've had a number of tenants that ask for small concessions for renewing a lease like having the carpets cleaned or some nagging repair work taken care of. This cost is typically small and always significantly less than the cost of turning over a condo, vacancy and finding a new tenant. I've also found that this can be an opportunity to build stronger tenant and landlord relationships. I can think of a few instances where a complaint was brought up during the renewal process, we were able to resolve the issue and the tenants ended up staying on for several more years. Renewals from great tenants are one of the best things you can have in Park City property management.
Incentives
Other options for keeping a tenant who is on the fence about moving include offering different incentives. This could be a discount on rent for a month, hiring a professional cleaner, upgrade the property appliances, carpet or flooring. I'm not suggesting gold-plated fixtures and marble floors, but reasonable upgrades that make a Park City long term rental more attractive to live in can save you from having vacancy and turnover. Small things can go a long way towards that great relationship that results in longer tenancy and satisfied renters.
If you would like more information on tips for keeping tenants, 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.
Let me share with you a story of how renter's insurance is the right decision for Park City property management. It all started with a small cooking fire in the kitchen of a second floor condominium. Fortunately no one was hurt but this incident caused a chain reaction of problems for both the tenant and the landlord. I would like to lay out the incident and highlight a few of the ways renter's insurance could protect both the tenant and the landlord.
The Incident
It started as a small cooking fire in the kitchen. A meal on the stove top caught fire and did some damage to the stove. This particular condominium is in a community that has a fire suppression system in each building and this fire was enough to cause the sprinkler in the kitchen to go off and put out the fire. These types of system however do not measure or know when a fire is put out and so the sprinkler continued to spray until a maintenance person and the fire department responded and were able to shut off the water to the system. By this point there was significant water damage to both the condo the fire was located in and the condo directly below. The poor people downstairs had just finished installing a new wood floor that was almost completely ruined by the water. The worst part of this situation however was the fact that the tenant did not have insurance.
The Aftermath
Both the tenant and the people living in the condo below were displaced from their homes for a few weeks while repairs took place. Since the tenant did not have renter's insurance they were forced to pay for a place to stay while the condo was being fixed. The landlord ended up being responsible for all of the damage to both properties since it was caused by his tenants and they were not insured. The upgraded flooring in both units was a complete loss, there was a significant amount of sheetrock and paint damage along with the stove, cabinets and other items. The cost of repair of all the items was so significant that the landlord eventually lost the property to the bank and the tenant had to move. When you look back and the thousands of dollars spent in this instance the small amount you would pay per month for renter's insurance seems insignificant in comparison. Renter's insurance can also offer personal property protection for tenants and some type of housing money should there be a loss. It definitely makes sense for Park City property management.
What You Can Do
The first step is to make sure your tenants have some type of renter's insurance. Request a copy of the policy and if they can't produce one ask them to get it. Another option is to hire a competent Park City property management company. We have a blanket policy that covers renters at no cost to the home owner. The tenant is free to get their own policy or use ours and the property owners are all protected.
If you would like more information on renter's insurance, 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.
For some the idea of being a landlord is pretty simple. You hang a "For Rent" sign up, a great tenant wanders in and takes the place, and you sit back and collect rent. If being a landlord were always this easy there would probably a lot more landlords and a lot less Park City property management companies. But unfortunately bad things happen to good properties, stuff breaks, and your perfect tenants aren't always so perfect. So let's take a look at some situations when having a property manager is better than being a landlord. These are common situations that anyone in Salt Lake City property management could face at any time.
The Friday at 5 Phone Call
I'm not sure if the gods (or demons depending on how bad things are) who rule over maintenance items cruelly wait until this witching hour to unleash problems but it has happened one too many times for me to discount anything at this point. So as a landlord, especially if you have more than one Park City long term rental, you should be prepared to receive this phone call. Sometimes tenants let things go until they become an emergency. And sometimes there are just plain emergencies. I have my own rental property that I manage and I can tell you from experience that there really isn't a convenient time for something in your rental property to go wrong. And if there is I can guarantee nothing will happen then! So if the idea of occasionally having your free time on those precious weekends interrupted is not very appealing then you should consider a Park City property management company. A good property manager has systems in place to respond to these types of requests. They can either fix the problem themselves, make a quick repair to last through the weekend until a more permanent one can be found, or have contacts with quality vendors that can respond in an afterhours situation.
It's Vacation Time!
Do you like to travel? Is there nothing more important to you than getting away with your family and leaving the cares of daily life behind? Well sadly problems with a rental property are not respecters of vacations! If your tenant has a noise issue with their neighbors they aren't going to care that you are lounging on a beach in Maui, they need your help now. Those rent checks aren't going to deposit themselves and if you need a pay or quit notice posted it won't happen unless you are there to do it. Sadly the compensation package for being a landlord does not include any paid time off. One of the biggest benefits to having a competent Park City property management company is the ability to do what you want with your time and not have to worry about your rental property being properly taken care of. I'm not saying problems are always going to occur when you are out of town, what I am saying is that with a property manager on your team you'll have one less thing to worry about when you are out of town.
If you would like more information on the benefits of having a property manager 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.
photo credit #1
Today's blog post comes from a conversation I had yesterday while watching my daughter's soccer game. Another parent on the team who also lives nearby asked what I did for work and I told her I was in Park City property management. She then said that she and her husband currently owned and lived in a condo but were thinking of buying a house and renting out the condo.
I think many young people sort of fall into being a landlord in this manner, I know I did. As a young couple starting out they wanted to own a property and could afford a two bedroom condominium. Then a few years pass, a child or two comes along and before you know it the two bedroom condo is getting tight and it is time to upgrade. If you aren't in a position to cash out equity from your condo it may make sense to rent it out but where do you begin? Here are some tips for new landlords in Utah property management.
Do Your Research.
Before you throw up some pictures of your property online or sticking a For Rent sign in the window you need to do a lot of research. There are a lot of free resources available to new landlords through both state and local government. You should get educated on basic landlord-tenant law that pertains to long term rentals in Park City or Utah, and Park City property management in general. Researching laws is also helpful when it comes to determining what lease you will use for youre property. Make sure it has the provisions you need to feel protected. You may also consider establishing an LLC to further limit your liability but beware there are fees and taxes associated with one. You will want to look at what comparable properties in your area are renting for. This means determining what avenues are used to market properties in your area. If you are pretty handy with tools you should plan on fixing things yourself. If not it is good to already know reputable contractors for things like plumbing, electrical, HVAC and appliance repair just to name a few. Having already established relationships means you aren't stuck trying to get a hold of a random plumber on the weekend when your tenant calls to tell you there is a leak. These are just a few of the things you will want to become knowledgeable on when it comes to Utah property management.
Hire A Property Manager.
If you feel like you don't have the time or ability to gain the knowledge you need to successfully manage your property you might want to consider hiring a property manager. For minimal monthly fees a qualified property manager will become the professional face for your rental property. Think about it this way: You will have a professional staff of experienced individuals working fulltime for you for around $100 a month! Park City property management companies have already established all the necessary components for managing a long-term rental in Utah. A Utah property management company will already be well versed in the legal aspects of property management, have established market channels, knowledgeable employees, a network of vendors, experience in finding, screening, and placing tenants, provide monthly and annual statements and tax returns, and be available for 24 emergency response so you don't have to worry about your property.
If you would like more information 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.
photo credit #1
As the manager of a Park City property management company I have great insight in the day to day operation of investment properties and long term rentals in Park City. Being able to easily survey and understand a broad range of rental properties gives me a viewpoint that perhaps a typical landlord with one or two investment properties may not have. But in a unique twist I also own an investment property. My wife and I have owned a two bedroom condo in the Salt Lake area that we rent out long term. We have owned this property for over six years and have been fortunate enough to have had only two tenants in that time. I feel owning a rental property gives me great perspective into what the average landlord goes through during the course of managing their investment. And specifically an experience I had last Tuesday reinforced for me the value of Park City property management.
Finding Time
The story begins on the Sunday before, late in the evening. My wife got a phone call from our tenants that the garbage disposal we had replaced a few months ago wasn't working and the dishwasher was leaking. First, our tenants are wonderful. We did our due diligence with their applications and background checks and they have been great people to work with. We take care of our property and so do they. My wife asked if it would be okay if I stopped by Tuesday night to take a look as this would be the first night we had available. They said that would be fine as they didn't use the dishwasher much anyways. We initially told them it wouldn't be until Wednesday but my wife was able to rearrange her conflict on Tuesday so she could watch our children and I could address the problem. Perhaps you can already see where this is going.
I Need A Property Manager
Stop me if this sounds familiar: You work at a demanding job. Your significant other also works. You own your own home along with all its attendant requirements of your time. You have a couple of kids along with a couple of dance lessons, soccer practices, basketball games and throw in some skiing because this is Park City. Then, despite the best efforts of your children, enjoy a small social life with friends. Basically you are a busy person. This is the situation I found myself in Tuesday night after having rushed home from work, inhaled some food, ran to the condo, and found myself need to replace a leaking dishwasher. Not the best way to spend a Tuesday night. As I made my second trip to Home Depot (the water line fitting didn't match the new dishwasher) the thought came to me clearly that I need a property manager! Taking care of items like this and allowing me to focus on family, friends, and work is exactly what a property manager does. If you've ever found yourself in a crunch for time and in need to some help on your rental property maybe it is time you looked into Park City property management.
If you would like more information about how CC Realty can save you time on your investments, 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.
If you've been at Park City property management for a while you might have had a tenant that, for lack of a better term, was a pain in the butt. This tenant probably did a lot of things right. They paid on time, they came with good references, they have a good job and a clear credit and criminal history. But then a drain in the laundry room happens to back up. You send out a plumber who tells you the drain was full of lint, obviously something the tenant has caused. The plumber fixes the problem and the drain is running clear. However a few months down the road the same drain backs up again. This time the tenant calls the Health Department complaining that "raw sewage" is all over the floor of their apartment, their children have been sick ever since they moved in and the landlord, you, is doing nothing about it. Now you have to meet with the Health Inspector. You are a good at Park City property management so you keep receipts to show the work you have done, as well as the cause of the problem. You are also smart enough to know that raw sewage isn't flowing out of the drain in your third floor condo; it is water from the washing machine that is flowing back out of the drain. And the Health Inspector informs everyone that unless the children are ingesting something there isn't a way for a backed up drain to make them sick with an airborne virus. After meeting with the Health Inspector you again have your plumber get the drain running free and clear.
You've Had Enough
After the latest round of complaints and money spent you're sick of these tenants and you want them to leave. Your lease allows for rent increases so you notify your tenant they will have to pay an extra $200/month, hoping they would just rather leave. When next month's rent comes in the $200 isn't there so you send them a 3 day notice to pay or vacate. You follow up your notice with a phone call and the tenant tells you that your increase of the rent and threat of eviction is retaliatoryand they will not be paying. Again you are experience in Park City property management so you call your attorney before proceeding with an eviction. The attorney informs you that the tenant is correct and you could be found guilty of landlord retaliation.
A Tenant's Rights
In Tuesday's blog post "Tenant Rights And Responsibilities - Park City Property Management", I highlighted some of the rights a tenant has by law. Some of those rights include a safe and sanitary home and the right to contact a health, building, or other inspector if they believe there is a violation of local codes and laws. If you would like to read more on the subject you can click here. A landlord could be considered retaliating if, after a tenant exercises their rights, they terminate or refuse to renew a lease, increase rent or decrease services. Many states also have a presumption of retaliation if a landlord engages in these types of activities within a certain time frame after a tenant exercising their rights. As a landlord you should be aware that these types of activities are illegal and can damage your Park City property management operations.
Not A Free Pass
These legal protections for tenants should never be considered a free pass for a tenant to do as they please. A tenant is still bound by the terms of the lease, regardless of when they exercised certain rights. Specifically a tenant is still obligated to pay rent on time and maintain the property, along with other terms they agree to in a lease. If they are not abiding by these terms they can be evicted form a property and could not argue the eviction was retaliation.
If you would like more information about landlord retaliation or Park City property management please sign up for a free consultation. You will receive valuable information on managing your property and a no-obligation quote on our property management services.
photo credit #1
photo credit #2
For as often as people rent properties in Park City property management I find it interesting how many misconceptions there are about what a landlord can and can't do and what a tenant can and can't do. Most people seem to think the landlord can do what they like, I mean they own the place right? Wrong, tenants have a fair amount of rights granted to them once a lease agreement has been executed. Today I would like to give some basic information about tenant rights and responsibilities as it pertains to Park City property management. This should be of great benefit not only to tenants looking to rent but also landlords looking for renters. Both parties have specific obligations spelled out in state law and knowing both sides of the rental agreement will help both parties out.
Tenant Rights
Tenants enjoy many of the same rights that an owner of a property would enjoy along with some additional rights. For example a tenant has a right to a safe and sanitary home. While an owner could choose to not have locks on their front doors and do nothing about a plumbing problem these items are the rights of a tenant. A tenant has the right to call a health our housing inspector if they feel there are possible code violations. A tenant, like a property owner, has the right to the quiet enjoyment of a property. They also have the right to privacy in a property. A landlord can enter a property at reasonable times for repairs or inspections but should attempt to notify a tenant first, the obvious exception being an emergency. A tenant also has the right to a written receipt for rents or deposits paid. This is particularly important if a tenant rents from a private individual or if they pay with cash or money orders. A tenant is also entitled to at least 15 day notice if the terms of a month to month oral lease agreement. Tenants also have the right to requested repairs being made in a timely manner. There are even laws regarding the amount of time certain types of repairs must be made in. For more information on time requirements you can check out my post Maintenance Laws For Park City Property Management here.
Tenant Responsibilities
With rights to a property come certain responsibilities. These are basic ones that apply to every rental property however there may be property-specific responsibilities spelled out in your lease. Among the foremost responsibilities of a tenant is to pay rent on time. I can't stress this enough, you are legally required to pay rent on time. Not only is this a law but you will find your landlord is a much more pleasant person to deal with if those payments are made at the first of the month, if not earlier! A tenant has a responsibility to take care of a property. Upon move out the property must be returned in the condition in which it was received, minus normal wear and tear. A tenant must inform their landlord when they will be away from the property for an extended amount of time. A tenant is also responsible for making maintenance requests and they must do so in writing. A tenant must be considerate of neighbors and keep the noise down. And finally a tenant must abide by the terms of the lease and provide at least 15 day notice when moving out, unless the lease specifies otherwise.
Summary
The state of Utah has excellent resources for both tenants and landlords that you can view by clicking here. The best recommendation I can make for any tenant is to read their lease before signing and be responsible and proactive in learning the rules of any community you make be living in. This will help set expectations and avoid many problems that can occur in renting a property.
If you would like more information about Park City property management sign up for a free, no obligation consultation.
photo credit #1
photo credit #2