As a landlord in Park City property management it would seem fairly obvious that you should know your rights. But because of the nature of managing long term rentals in Park City it is also important that you know the rights of your tenants. In order to do things the right way and protect yourself from legal problems you should know the laws, both state and federal, that govern the renting of a property. You are entering into a legally binding agreement with a second party why you rent your property, terms and conditions may apply!
Fair Housing
Fair Housing is a federal law enacted to protect certain classes of people from discrimination in housing. This law was first passed in 1968 and has since been amended and strengthened. As a landlord in Park City property management you must be careful how you handle situations so that you can avoid a discrimination claim being filed against you. I have written about Fair Housing before, most recently in a post titled "Questions You Can't Ask In Park City Property Management." This post describes each protected class under Fair Housing and provides examples of things you shouldn't say in relation to an individual.
Proper Notices
As a landlord you should be comfortable with posting notices at the property. You must post a notice before entering the property, unless you are in an emergency circumstance. And before you ask late rent is not an emergency! But there are notices you can post for late rent so don't worry. Notices for eviction, abandonment, and nuisance are some examples of the notices a landlord may have to post to their tenant. Especially in the case of an eviction you must make sure you are posting the proper notices and following the requirements of law or you could fine yourself losing out if the eviction goes to court. For Park City property management I have written many posts about these various topics so click here for the full list.
Habitability
Despite what you might think if you are familiar with the term "slumlord" a tenant is entitled to a certain standard of habitability. This would include basics such as secure premises free from hazards, running hot and cold water, heat, etc. And take a guess as to who is responsible for providing this level of habitability. Yes you, the property owner. If you receive a maintenance request related to any habitability issue you are obligated by law to respond quickly so do not procrastinate. If you fail to respond within a certain amount of time you could get a notice of deficient conditions filed against you and enter into what is called a constructive eviction and be liable for all kinds of things. If something breaks fix it quickly and properly and you'll never have a problem.
If you would like more information or tips on basic tenant and landlord law, 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.
Occupancy limits in Park City property management can be somewhat of a tricky situation. There are some ways that a landlord can limit the number of people allowed to reside in a property, but only to a point. And there are some situations where a landlord can't limit the number of people. Occupancy is a very property-subjective restriction and there are many opportunities for a landlord to find themselves in hot water with a local housing authority. The biggest problem a landlord can face when it comes to occupancy limits is being accused of some type of discrimination, particularly familial status.
If you are unfamiliar with Fair Housing laws, protected classes or familial status you should check out my post titled "Questions You Can't Ask In Park City Property Management". This will give you some good information on the different protected classes and explain a little about each one. Now let's take a look at occupancy limits and how it could apply to long term rentals in Park City.
Occupancy Limits By Law
The first thing you should understand about occupancy limits is that Utah law does not have a limit to the maximum number of occupants for any given property. Federal law does set a "reasonable" standard for occupancy to be two persons per bedroom. This should be understood that a landlord cannot have a policy that is more restrictive than two people per bedroom. This does not mean that a landlord can put as many people into a property as they would like, there are certain other measures of habitability that must be met and an over-crowded property would likely violate some of those rules. For example at properties I manage I have established a policy of two people per bedroom plus one. So a one bedroom would allow occupancy of three people, a two bedroom would allow five, and so on. I have found this to be an effective and reasonable rule for Park City property management.
Additional Factors
While you cannot be more restrictive than two people per bedroom that doesn't mean you will not have complaints filed against you for turning down applicants who exceed the two people restriction. Fair Housing law provides a simple example of two families of three people each who were turned down for housing. The first family consisted of two adults and an infant applying to live in a large one bedroom. The second family consisted of two adults and a teenage child applying to live in a small one bedroom. The law states that a charge against the landlord in the first example might be warranted while a charge against the landlord in the second example might not.
Discrimination
The thing you want to avoid at all costs is discrimination based on familial status. You cannot reject any potential tenant based solely on the fact of children, even when it comes to occupancy limits. While you should never say to a person "You have too many children to live in this property", it would be acceptable to say "There are too people to live in this property", as long as this statement is not more restrictive than two people per bedroom and would not be considered "unreasonable".
If you would like more information or tips on occupancy limits, 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.
Even in the best of circumstances managing a rental property in Park City property management takes work. This can be complicated by the presence of an HOA in the community where your Park City long term rentals are located. Having been involved in both HOA and rental property management, both in long term and vacation rental capacities I have seen it all. I also own and rent my own property that is part of an HOA so I can understand what it is like to deal with an HOA as a rental property owner. HOAs come in all shapes and size, just like property owners. Larger HOAs tend to have a management company that will provided varying levels of service, from accounting and bookkeeping all the way to onsite property management. Smaller HOAs may be self managed by an HOA Board of Directors with little or no professional management of the property. Property owners also vary from those who are active participants on a Board of Directors all the way to owners who never set foot in the property and never interact with the community, management company, or Board. Here are some tips for working with HOAs that I have found to be successful.
Knowledge
The best thing you can do as a property owner is gain knowledge about the HOA in which your property is located. For Park City property management this can mean know what the community rules are. This could include, but is not limited to, parking, quiet hours, any restrictions on rental terms or length, rules regarding use of facilities, pets, exterior or architectural control, nuisances, smoking, etc. Many governing documents for HOAs are boilerplate and contain a basic framework on how the HOA should operate. A Board of Directors is then empowered to create rules and regulations designed to preserve the property. Some rules you may not agree with. The best course of action is to be involved in the community if you would like to see changes. Remember that as a landlord you are responsible to educate your tenants on the rules of the community. If there are any violations of community rules on the part of your tenants the HOA may assess fines to you as the property owner.
Communication
If you HOA has a management company you should get their contact information and provide them with yours. If your HOA is self-managed then contact the Board directly. Some HOAs require that a copy of the lease be provided, that tenants register their vehicles, pets, or themselves with either the management company or the Board. For Park City property management you will want to make sure that your tenants are aware of any requirements of this nature and that they are compliant. Make sure and request that any complaints or problems with the tenants be forwarded to you. As the landlord and property owner you are ultimately responsible for the conduct of your tenants. And HOA does not have the power to evict a tenant who is not compliant with the rules but most HOAs have the ability to assess fines to a property owner for the actions of their tenant. In general communicating with the people in charge of managing the HOA is a good idea for property management Park City.
If you would like more information or tips on working with HOAs, 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.
The central question in any type of Park City property management can really be boiled down to one thing: How much is the rent? This is a simple question but the answer should not be arrived at simply. I have partially addressed this topic before in my post "4 Tips On Market Rent For Park City Property Management". To bring up my favorite point from that post what ultimately determines the value of a property is a willing buyer (or in this case tenant) and a willing seller (or in this case landlord). But there are a lot of factors that both tenants and landlords should be aware of that combine to influence the rental rate of any given property. So here are a few of the more common ones I utilize in setting a rental rate.
- Availability: This one is fairly obvious to most people. If there are a lot of long term rentals in Park City available then generally speaking rental rates will decrease. If there is limited availability then rates will generally increase. This does not mean you can charge whatever you want if you are the only property available, there are limits to what a person is willing to pay for any particular property. Check your local paper and craigslist to find out how many comparable properties are available in your area.
- Location: Location location location, the realtors mantra! This is also true when it comes to Park City property management. An average condo located at Kimball Junction is going to rent for significantly less than a ski-in/ski-out condo in upper Deer Valley, even if other factors like square footage, interior finishes, etc. are comparable. Certain locations are inherently more desirable, even within a particular community or development. Find and emphasize the value of your property location.
- Amenities: Most people are willing to pay more for certain amenities or upgrades. New appliances, carpet or flooring, granite counters, etc. are just some interior amenities that are attractive to potential renters. Community amenities like a pool or hot tub, gym, accessibility to freeways or bus routes, etc. are some external amenities that build value in a property. Take a good look at the amenities of your property in relationship to Park City property management and price accordingly.
- Expenses: I hesitate to list this as a contributing factor because the reality is it doesn't really work both ways. Every rental property carries with it certain expenses. A mortgage, insurance, taxes, association dues or fees, maintenance, advertising, etc. For some these fees may equal more than the current monthly rent. Does this mean you can just raise your rent to cover your expenses? Not if other factors determining the rental rate have driven the price down. However if your expenses are below your rental income this can allow you some flexibility in reducing the rate to either retain good tenants or decrease vacancy.
This list are what I consider to be some of the major factors that influence rental rates. Do you think I have missed any? Please leave a comment about factors you have encountered that have influenced your rental rates, either positively or negatively.
If you would like more information or tips on good practices, 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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Problems happen in Park City property management, it is a fact of the business. Some things cannot not be avoided, like a surprise leak in a water heater, but many problems that you encounter in managing long term rentals in Park City are related to the behavior of either a tenant or a landlord. And while you can't always make another person change you are in control of your own actions in any situation you encounter in Park City property management. So for today I have created a list of 8 things that by doing or not doing you can make your life a lot more difficult. These are just a few tips and tricks that I feel help make a property management operation run smoother and hopefully will help you out.
- Not Communicating: Maybe you don't want to be bothered. Maybe you are busy. Maybe you just don't care. But if your tenant calls you with something that requires a response waiting a few days or not calling them back ever is unacceptable. Many small problems can easily become big problems if they are neglected rather than dealt with promptly. I'm not saying you need to be available 24-7 but if your tenant has a question or concern you should get back to them as quickly as is reasonably possible.
- Don't Maintain The Property: Maybe your tenant calls with a minor maintenance item. You are busy or not interested in fixing it so you let it go. Or after a tenant moves out you get the place cleaned and do little else. Unfortunately properties require maintenance, it is no different for Park City property management than anywhere else. Not attending to small maintenance items can cause them to turn into big maintenance items. And not doing preventative maintenance regularly can lead to costly repairs down the road.
- Have Your Buddy Take Care Of The Place: Maybe you used to live in the property but have had to move away. So you ask a buddy who lives nearby to help you take care of the place. He's a good friend and you want to make as much money as possible on your rental so you aren't paying him. Bad idea. Even the best of friends are going to put your rental property as their first priority. Your buddy isn't going to have any of the proper insurance or licensing and probably not any of the skills or knowledge necessary to manage a rental property.
- Don't Charge A Late Fee: If you never charge a late fee chances are you tenant will pay late. Some tenants are on the ball and always pay their bills on time. But some need that motivation provided by a late charge to keep them on time. You may need to do it only once but doing so is significantly better than chasing down a rent check in Park City property management.
- Refuse To Rent To Any Protected Class: In last Friday's blog titled "Questions You Can't Ask In Park City Property Management" I went through all of the different protected classes found in Fair Housing laws and types of questions you shouldn't ask regarding them. If you catch yourself not renting to any of these classes in a discriminatory manner you could find yourself in a lot of trouble. The simple answer is don't do it.
- Not Using Proper Notices: If you aren't using a proper notice for late payment, eviction, entering a property, etc. you are doing it wrong. A tenant has certain rights to a property and you can't just enter without either using a proper notice or obtaining permission first.
- Not Using A State-Specific Lease: Something you pulled of Google is better than nothing. If you aren't even using a lease then start ASAP. But even better find a lease that is written for your state. Each state has specifics and for Park City property management you need a lease to match them.
- Changing The Locks: You want your tenant out so you just change the locks. Simple, easy, done. Wrong! First it is illegal, second there is a specific process you need to go through in order to prevail in an eviction proceeding in court. Always do things the right way.
If you would like more information or tips on good practices, 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.
As a landlord in Park City property management you want to know a good deal of information about a prospective tenant before you allow them to move in to your long term rentals in Park City. Things like rental history, credit score, occupation, etc. are great indicators of how a prospective tenant will perform in your rental property. It is natural for a landlord to ask a lot of questions when determining the suitability of a person. Over the course of touring a property I usually ask prospective tenants how long they have been in the area, what they do for work, and what they are looking for in a rental property. Some of these questions are duplicates of what I ask for on an application but it is good to get some back story on each situation. If you would like some more information on handling prospective tenants check out "Tenant Screening Tips For Park City Property Management". It will give you some tips on how to set up a process for your property management business.
But there are certain questions you should never ask a prospective tenant. These may seem like reasonable questions but can in interpreted as a form of discrimination that will run you afoul of Fair Housing laws. Let's take a look at a few examples.
- Race: Do you speak Spanish? What Asian restaurants do you like around here?
- Religion: Have you been to the new Jewish temple in town? What holidays do you like to celebrate?
- Color: We have a lot of Hispanic families here, are you okay with that? You have beautiful features, where are you from?
- Disability: Why do you need a handicap parking spot? What does your service animal help you with? Are you sure you want to live on the third floor with your disability?
- Familial Status: We only rent first floor properties to families with children, are you okay with that? Have you had complaints on your children's behavior at previous properties?
- Sex: We don't have many single female tenants, are you sure you want to rent here? I can't remember the last time a male tenant asked me that, are you sure you can't figure out the thermostat?
- National Origin: What country is your family from? Your English is amazing; did you study it growing up?
These are example questions for all the protected classes that are covered in Fair Housing law. Some of these protected classes may be new to you so I would recommend a little test you can use to determine if a question is discriminatory. For example if you were asking someone if they would like a "kid-friendly" property try replacing "kid" with "black" or "Muslim" and then assess the question. If you for example substitute a race or religion into the question and it seems discriminatory then chances are your original question is also discriminatory to another protected class. The last thing you want in Park City property management is to get in trouble with any type of discrimination in your property management business.
If you would like more information or tips on questions you can't ask, 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.
I will admit to being a casual fan of The Simpsons, an animated show about a family from Springfield that I'm sure you are all familiar with. One of the characters I always find amusing is Barney Gumble, the town drunk. Barney is a loveable piece of comic relief and sometimes a source of insightful commentary despite his constant inebriation. He is the classic example of a person that you love even when they are a huge problem. I'm sure we have all had friends or family in our lives that fit into this mold. In Park City property management there are also tenants who fall into this category as well. They may be charming and friendly or hapless and apologetic but they always seem to be a problem for property management in Park City. I've had the opportunity to interact with a wide array of people and personalities in my time working in Park City property management. Let me share a few things I've learned and some types of people to avoid in your rental management business.
Late Payers
These tenants can be some of the most frustrating people to deal with. First let me say that I am the type of person that is proactive in handling my problems. If I ever had to be late on a rent payment I would contact my landlord ahead of time and work out a compromise that both parties were agreeable to. Late Payers, and I'm talking habitually late, never seem to do this. The 5th of the month just sails on by and they do nothing. We post notices, make phone calls, threaten eviction and it always seems like they push things until the absolute last moment before they come in and pay. I actually had a person tell me, RIGHT after they signed a lease, that they wouldn't EVER be able to pay on time! Really? Never? Perhaps you should have been up front with me and then I wouldn't have this problem on my hands. I understand that bad things happen to good people and we all may encounter unforeseen circumstances where our cash flow is tight. But for most people this is a temporary problem and they get back on their feet. But Late Payers never seem to do this. One Late Payer told me how excited they were to maybe buy a boat this summer. Really? A boat? Maybe you should work on paying your rent on time first! To avoid these type of troublemakers always run a credit and background check. Credit reports will indicate if people are habitually late on their bills. And if they are late on their bills they will probably be late on the rent. In the worst case scenario you can refuse to take a late payment and move forward with an eviction to get them out. The less stress you have in Park City property management the better!
The Antagonist
I have met some extremely charming and enjoyable people who comfortably feel that they are never the problem in any situation. They can be adversarial or dismissive of complaints about their actions or behavior. I have had a resident who allows their young child to run and jump around the condominium as late as 1 or 2 am but insists they are not the problem because they don't throw parties. Another resident routinely parks in their neighbor's driveways and even invites their friends to park in the same driveways because "my neighbors are never around". This isn't first grade, we don't have to save our spots! Checking references from previous landlords is great way to understand how a prospective tenant will behave in regards to community rules. Always do a thorough background check to avoid dealing with troublemakers in Park City property management.
If you would like more information or tips on property management, 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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A few days ago I was performing a property inspection at a large condominium complex that I manage. Inspections are an important part of Park City property management. They give you a firsthand idea of the condition of the property and I highly recommend them. Part of my inspection is to walk all the hallways and stairways, inspect building exteriors and interiors, and the areas surrounding the buildings. I look for a wide number of items but one particular thing I noticed during this inspection was the amount of refuse generated by the occupants of the property.
There was a couch that had been cut in half and crammed into a dumpster. There was an older glass screen TV that had been abandoned on a third floor landing and was collecting dust. There were empty boxes stacked outside the door of one of the condos. It just reminded me that humans generate a lot of waste. About a month ago at the same complex some garbage dumpsters didn't get picked up on one of the pickup days (we have three a week). You would have thought the world was going to end by the reaction some people had to the mess that was created. People create garbage and garbage creates problems. So what can we do to combat this endless problem?
- Reuse: There are many options available that allow unwanted items to be reused. Locally we have the Habitat For Humanity Restore. They will take certain items that you can donate and are in good repair and sell them. This serves several purposes. It diverts waste such as household goods or construction materials from landfills to protect the environment and provides an inexpensive source for these items to low income families within the community. Restore then uses the money generated from the sale to fund low income housing. Some items that are not accepted at Restore will be taken by The Christian Center. They are both great sources for disposing of unwanted items in a responsible manner for Park City property management.
- Recycle: I am regularly amazed at the different type of items the local Recycling Center in Park City will accept. Items like the TV I mentioned can be taken to the Recycling Center rather then tossed in the dumpster to clutter a landfill. There are even companies in the Salt Lake area that specialize in electronics recycling. We use an awesome company, Curb It Recycling, to pick up bins placed around the property for the collection of paper, cardboard, and mixed glass, metal, and plastic. Many municipalities offer recycling pick up as well and this should continue to grow in the coming years.
So what does this mean for Park City property management? Well the last thing you want is a property being overrun with garbage. Informing your tenants of local recycling options, proper refuse disposal, and general expectations regarding the condition of your long term rentals in Park City can really help combat possible problems with waste disposal. And this also goes back to my point about inspections. Keep an eye on your property and you will know of any potential problems before they get out of hand.
If you would like more information or tips on property management, 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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In my experience there are many different types of property owners when it comes to Park City property management. They range between the complete do-it-yourself property owner who enjoys handling all aspects of their long term rentals in Park City, all the way to the completely absentee owner who you never hear from and who relies completely on a property manager. Whether you fall at one end of the spectrum or the other I feel it is a good idea to understand the basics of what a Park City property management company can do for you. This will help if you are looking to hire a company to manage your rental properties, if you are new to being a landlord and need some help getting started, or if you are an old hat when it comes to managing your rental properties but can still learn a thing or two.
Tenants
In order to find qualified tenants, tour a property, and place a tenant your average Park City property management company is going to charge a fee. Typically this fee is charged to the tenant in the form of a "lease initiation fee" and can vary in amount. This fee is beyond the average fee that a Park City property management company charges a property owner for management services. This will cover things like:
- Marketing vacant properties
- Touring interested parties
- Application processing
- Background checks
- Rental history verification
If you are interviewing a prospective company ask them about their procedure for qualifying applicants. Methods for marketing, scheduling tours, and their current vacancy rate are all good questions to ask.
Management Fee & Services
So the big question, how much is this going to cost right? A standard management fee is 10% of gross rents. I prefer this fee rather than a set monthly fee as this puts motivation on the property manager to maximize the rental income and thereby maximize their fee. This also serves as a good motivator to get a property rented as they are not making money when it is vacant. The next question to ask is what do you get for this fee. A good Park City property management company will do the following:
- Process monthly rents
- Provide monthly and annual statements and accounting
- Serve as point of contact for all tenant requests
- Provide professional face of your rental property
- Employ knowledgeable staff to manage property
- Respond to all owner requests/concerns
- Resolve tenant problems or concerns
- Enforce property specific rules
Maintenance
Having a capable maintenance staff is one of the best things a property manager can bring to the table. You will want to know the hourly rate at which maintenance is billed, are there any service call charges and what are they. A property manager will also have a maximum dollar amount of repairs that they may enact without informing the property owner. This helps a property manager quickly handle small maintenance requests and keeps the property owner from constantly being called for small repairs or maintenance items.
If you would like more information or tips on property management, 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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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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