Park City Property Management Blog

DIY Maintenance For Park City Property Management

Dylan Taylor — Fri, 08 Aug 2014 13:27:00 GMT

As an investment property owner myself I very much understand the benefits of knowing how to perform basic property maintenance. It has helped me both in my own home and in my rental property and it can also help for Park City property management.

Whether you decide to use an awesome Park City property manager like myself or want to take a more hands on approach to property management you will want to know as much about a property as you can. And as one of my favorite childhood cartoons G.I. Joe taught me: Knowing is half the battle! So with that in mind here are a few DIY maintenance tips for Park City property management that can help save you money and give you a better understanding of how to maintain your long term rentals in Park City.

Garbage Disposals - Did you know that there is a red reset button on the bottom of your garbage disposal? And that there is also a nut on the bottom that you can use to turn the blades inside the disposal and free them when they are stuck? I've known more than a few tenants who seem to think a garbage disposal is the same thing as a garbage can! If you can quickly and easily clear a stopped up garbage disposal, reset the unit and get it unstuck you have saved yourself a costly visit from a plumber. Next time you've got your head under your kitchen sink take a look for the reset button and the nut!
Toilets - If you've ever peeked in the back tank of your toilet you may have seen a slightly complex series of pipes, valves and floats. But a toilet is really quite simple in its function and all the parts are easily replaced with common hand tools. If you've got a toilet that is not flushing well, runs constantly or has a slow leak these items can all easily be addressed. You've just saved yourself a call to the plumber in Park City property management!
Paint - As with many types of work performed by a subcontractor the single biggest expense when hiring a painter is labor. So if you can get to know the basics of painting you are only looking at buying supplies, which are relatively inexpensive, and your time. If you are starting with a bare wall that has never been painted before you should use primer first to seal the wall and then paint. It usually takes a couple coats to cover well so don't be surprised if your first coat doesn't look like a Rembrandt!
HVAC - The best and easiest thing you can do for your HVAC system is to change the filters regularly and keep it clean. What your HVAC system does, either when it is heating or cooling the property is transfer heat. If you have a dirty filter or a bunch of dust in the coils your are inhibiting the flow of air and thus the ability of the system to transfer heat. Keep vents and air returns clear, hose off AC condensers during the spring and summer, and even vacuum around the furnace portion of the system periodically. Your system will work better and last longer in Park City property management.

If you would like more information on trust accounts, 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

6 Things To Ask A Park City Property Management Company

Dylan Taylor — Tue, 29 Jul 2014 14:15:00 GMT

If you are considering hiring a Park City property management company for your long term rentals in Park City there are a few questions you should definitely ask. Hiring a property management company is an important decision for your investment property and you want to make sure you are comfortable with your choice. These are a few of the question you should ask that will help you get a better feel for the company.

Besides a management fee what other fees do you charge? A typical management fee for a Park City property management company is 10% of gross rents. This applies to long term rentals, if you are looking at nightly rentals you should be prepared for 50% and up. This fee will not typically cover things like maintenance and repairs so you should know what rates are charged for those services. You want to look for any other type of fee and leasing, inspections, etc.
How are maintenance calls handled? Along the lines of additional charges you want to know how maintenance calls are handled and billed. For example our contract requires that any repair in excess of $300 be approved by the property owner. This serves two purposes. First it allows maintenance to quickly handle any small repairs and keep tenants happy. Second it let's owners know to expect larger repairs and allow our company to provide a quote for services.
Do you have a trust account? I've written a previous post entirely about the importance of a trust account titled "Park City Property Management And Trust Accounts". Click the link for a more in depth explanation but basically if they don't have a trust account then don't use them. There are far too many opportunities for a mismanagement of your funds so just stay away.
How do you screen potential tenants? You might want to ask to take a look at their application as well to see how thorough it is and what questions are asked. They should be running a criminal, credit, and eviction background check as well as checking rental references. A great tenant is a very valuable component of your Park City property management operation and should never be underestimated. Conversely a bad tenant can cause you a nightmare's worth of problems.
How long have you been in business? You shouldn't necessarily discount a company because they are new to Park City property management. Steve Jobs had to start somewhere and you could end up with a great property manager. But with an established company there are certain benefits that come with having seen or done it before. A proven track record is perhaps one of the best references any company can provide. If they've been around for a while they probably know what they are doing!
Do you have references? This is along the same lines as how long a company has been in business. If a company can reference customers they've had for a few years or more then you can have peace of mind that at least SOMEONE has been willing to do business with them for an extended amount of time! I know from personal experience that a quality reference can go a long way.

6 Tenant Secrets In Park City Property Management

Dylan Taylor — Fri, 25 Jul 2014 13:33:00 GMT

The tenant-landlord relationship can be an interesting one in Park City property management. There is a healthy amount of information a good landlord should know about their tenants but they will not know everything and a tenant is expected to have a reasonable amount of privacy. For example a landlord can't enter a property without notice unless there are some type of emergency circumstances. So today I thought I would write a somewhat humorous post from the perspective of a "tenant in hiding". These tenants know they are breaking the rules and are trying to hide things from their landlords. This unfortunately happens in Park City property management and it is something you should look out for.

"I never put anything down the garbage disposal." I've heard this excuse more than a few times from a tenant who has called about a disposal not working or a drain that is clogged. And I've found either a variety of items mangled in said disposal or drain lines coated with grease and food particles. One unit in particular vehemently denied ever putting grease down their drain even when we took apart the drain pipe and showed them the thick layer of sludge caked inside the pipes!
"I never smoke in the property." Some people truly don't smoke in a property, especially if they are light or casual smokers. But when the snow starts falling and the temperature drops am I really supposed to believe that a chain smoking tenant is always going outside for their hourly fix? Smoke damage is expensive to remove in Park City property management so watch out for this one.
"I don't have any pets." A variation of this is "I only have one dog/cat." Despite the image of a dog friendly community there are few places in Park City property management where a tenant can have a pet. And unfortunately some people abuse the pet policies on a property.
"My friend is just visiting for a few days." This secret could also come out as "I don't have a roommate." Either way this tenant has an unauthorized person living in the property. You want to avoid this if at all possible as you don't know anything about this person and you may not want them living in your property.
"I'll bring in my rent check by the end of the week." Sometimes this works and sometimes it doesn't In either case having to track down delinquent tenants is a pain in the butt for anyone in Park City property management. Be prompt with your notices, enforce late fees and toe the line with your tenants.
"I have a few friends coming over." Of course this implies that your tenant tells you they are having a small get together in the first place. Most people are pretty respectful when it comes to their neighbors and having a small party. But if parties seem to happen with alarming frequency it might be time to find new tenants

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.

3 Mistakes Costing Landlords Money In Park City Property Management

Dylan Taylor — Wed, 23 Jul 2014 01:22:00 GMT

I will be the first person to admit I am not a gambler. Every time I find myself in Las Vegas, which is infrequent, I can't help but think of all the things I could by with the money I am losing. Maybe if I was better at gambling I might feel a little different but the fact is I don't like losing money. And I feel like most people in Park City property management are like me when it comes to money, they don't like losing it! So here are a few ways that I think some landlords in Park City property management are losing money in their property management business.

1. Rent

Losing money in rent? Really? Well what does the market have to say about what your property should rent for? If you are below market you are losing rent. Whenever a lease comes up for renewal it behooves a landlord to take a quick look at what the market is doing in Park City property management and adjust up if you are able. The other thing you should consider is the idea that paying a little extra each month is easier for some tenants than the prospect of moving. For example for the longest time I hated my internet and phone provider. I didn't like the service, felt like I was paying more than I should, and wanted to switch. But when I would actually look at it the process of switching seemed more of an inconvenience than the current service was. I think many cable companies rely on this concept of customer apathy. If you are considering raising the rent take a look at my post Raising Rent At Lease End In Park City Property Management for tips on dealing with tenants.

2. Vacancy

This is directly tied to rent and rent increases. If you bump the rent up too much you could be faced with some vacancy. That may be okay if the increased rent amount you can now obtain on the open market makes it worth it to have a little vacancy. As a landlord in Park City property management you should always act quickly when your tenant provides notice that they are moving out. Start advertising and marketing before the tenant has left the property. As a landlord you can enter a property for reasonable business purposes with proper notice and touring the property to a new tenant is certainly a reasonable business purpose. If there are repairs that will need to be made once the tenant has vacated act quickly to get them going and have your property returned to rentable condition. A savvy property manager in Park City will realize that the biggest single expense is the mortgage on the property but the SECOND biggest expense is vacancy.

3. Fees

If a tenant pays late are you charging them a late fee? Does your lease clearly state when rent is due and when it is late while proscribing a fee to charge for late payment? Fees really accomplish two things: First they can provide an additional income to your Park City property management operation. Second they reinforce the importance of paying on time. But this only happens if they are utilized. If you are not collecting the established fees from your tenant when they pay late (trust me, if it hasn't happened yet it will!) you are missing out and you are allowing a tenant to pay late which will create all kinds of frustration for you as the landlord.

If you would like more information or tips increasing rental rates., 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 The Pros Handle Your Park City Property Management

Dylan Taylor — Fri, 18 Jul 2014 13:37:00 GMT

Some people are cut out for Park City property management and some aren't. I've always felt that to be successful in this business you need to be a jack-of-all-trades. You need to know property maintenance and care, legal aspects to managing a property, be a good judge of character, have a handle on basic accounting, be a good salesman, and be able to make tough decisions and sometimes have a thick skin. Not everybody is built this way and not everyone has the resources available to make a Park City property management operation work. Let me tell you a story about a former client who tried to go it on their own with disastrous results.

The Beginning

As I mentioned this person, we'll call him Bill, was a former client. Bill lives out of state and we provided property management services to his property in Park City. We had done so for several years and felt like the relationship was a great one. We had always had really great tenants in Bill's property and it was a great example of how a long term rental in Park City should function. Bill would occasionally come out to Park City to visit and would even pick up a few items from Home Depot to spruce the property up. A new faucet here, some new light fixtures there, in general an owner who was interested in maintaining their property. On one of these trips Bill informed me that he would be taking over management of his property. He felt he could handle it from his home and wanted to save a little money by not using our services. We had a good conversation but Bill ultimately felt this was the best course of action for him. He took over management of the tenant we had placed in there and I wished him the best.

The Middle

As always happens the tenant we had placed in Bill's property decided to move. Bill took out and ad and was able to find another tenant. Bill also decided to do some more upgrades to the property because he felt it would help him sell it in a few years. The tenant Bill found in Park City property management was a nice person. She had a pet and as near as I can tell reasonable references. I don't know how much Bill looked into her background but the tenant moved in and things went fairly well. However after less than a year the tenant moved out unexpectedly and left the place a mess. No serious damage but she did not fulfill the terms of her lease and there was some clean up that needed to be done. Bill decided to do some more serious renovation, again thinking this would help the property sell in a few years, and went looking for a new tenant. Each time the place became vacant Bill had to take a few days off work, fly in from out of town, get the place ready and meet with prospective tenants. Between you and me this probably cost more than our management services would but this was Bill's decision.

The End

Bill eventually found a tenant, a gentleman who was going to school at nights, said he had a healthy trust fund to pay rent, and could even do some work around the condo that Bill wanted to have done. Again I have no idea how much effort Bill went to in checking this man's background. It wasn't long after this man moved in that I started receiving complaints from the neighbors about him letting his dog out for potty time and not cleaning up after the dog or walking him on a leash. Maintenance was called for problems with the dishwasher, disposal and kitchen sink. They found a property that was absolutely trashed, all kinds of gunk down the sink including a fork, and the tenant claiming that maintenance hadn't installed the dishwasher properly. Then the rent payments quit coming in. Bill had to make several trips to Park City to initiate an eviction with the courts, is out thousands of dollars in rent, money for travel, and time. Bill's property, just recently renovated, has been trashed. Now all Bill wants to do is get this guy out and sell because he is so tired of the headaches. I had to shake my head and ask myself "What was Bill thinking?"

The Moral

Some people are cut out for Park City property management and some aren't. If you think it might not be the best fit for you then you should consider hiring some property management in Park City. If you are thinking of handling it on your own because you don't want to "waste money" paying for a professional management company then realize you could be saving a little money but end up paying thousands more down the line.

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.

Writing Great Rental Listings In Park City Property Management

Dylan Taylor — Tue, 15 Jul 2014 14:08:00 GMT

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.

8 Questions To Ask Future Tenants In Park City Property Management

Dylan Taylor — Fri, 11 Jul 2014 13:34:00 GMT

Making the wrong decision when it comes to tenants in Park City property management can be one of the worst decisions you will ever make. You have spent a considerable amount of money and time on your investment property and the last thing you want is to get the wrong person in there. Understand that it is very EASY to deny a person from renting your property before they have taken occupancy. But once they are in it can be very HARD to get them out. So in the spirit of saving everyone some headaches here are some great questions to ask future tenants.

Why Are You Moving? This is the first question you should ask. Is the person new to the area or are they moving up or down market? Or where the kicked out of their previous place? Once when I was interviewing a person for a maintenance position I asked them about their previous job. They proceeded to tell me how stupid everyone was at that place and they couldn't wait to get out of there. Needless to say they didn't get the job. Watch what they say about their landlord, this will give you a clue as to how they will act towards you.
Have You Ever Been Evicted? For obvious reasons you want to know the answer to this question. This is actually something we ask on our application in a couple of different ways, including disclosure. If they answer yes or hesitate follow up with a few questions about the circumstances.
Who Will Be Living In The Property? This should include all adults and minors. We require that everyone over the age of 18 have a background check and sign the lease. Minors are listed on the lease as well. This way there are no questions about who is living in the property. Be careful about how you ask questions as you don't want to run into any type of Fair Housing discrimination in Park City property management.
Do You Have Any Pets? Park City is a very interesting town. While seemingly very pet-friendly there are few condominium communities that will allow tenants to have pets. If your long term rental in Park City is in a community that doesn't allow tenants with pets you need to make sure you don't run afoul of your community rules.
Where Do You Work? Park City is becoming less of a winter and more of a year round destination. But there is still a busy season and a less busy season. If your prospective tenants have jobs that are only seasonal and nothing lined up for the summer this should be a concern. Always ask for employment information and a supervisor's name and phone number.
How Long Will You Be In Park City? Again the last thing you want is to settle on a year lease with tenants who will only be around for the ski season. If you are looking for a seasonal rental they are a great option for some people and you will have no trouble finding that for winter. Summer is a different animal though so if you are considering year round leasing in Park City be clear about it with prospective tenants.
Will You Be Able To Pay On Time? Perhaps you shouldn't phrase this so bluntly but being clear about when rent is due and when it is late is a great way to gauge a prospective tenant's ability to pay. If they balk about the timing then perhaps they are not the right fit for you.
What Questions Do They Have For You? This is just a general catch all and a good way to see where the prospective tenant's mind is at. You can gain a lot of insight by these types of open-ended questions.

Security Deposit Info For Park City Property Management

Dylan Taylor — Thu, 03 Jul 2014 13:45:00 GMT

The security deposit is a standby of property management in Park City. It can also be a source of contention between a tenant and landlord when it comes time to assess damage caused by a tenant versus normal wear and tear that a tenant is not responsible for. If you are new to Park City property management or have been managing long term rentals in Park City for some time these tips are designed to take some of the guess work out of security deposits, provide protection for you as a landlord, and make the process easier to deal with in general.

Know Your State Laws. This is really the first step when it comes to handling a security deposit in Park City property management. For example did you know that landlords are obligated by law to refund a security deposit, minus any expenses, within a certain amount of time? And that an explaination of charges or final statement is to be included with the security deposit? The last thing any competent property manager wants to go is get on the wrong side of the law. And in the case of Utah the laws regarding security deposits are solid, common sense applications that equally weigh the concerns of both landlords and tenants.
Use A Trust Account. One of the worst errors I think a property manager in Park City can make is to not have a trust account. This account should be a non-interest baring account establish separate from any operating account you have for your property management business. This is truly the proper way to account for a security deposit; it eliminates the potential for comingling of funds and ensures you never spend a deposit by accident.
Familiarize Yourself With The Market. A good rule of thumb for a security deposit is a month's rent. Hopefully you have an accurate understanding of what your property would rent for in Park City property management so that you can properly establish a security deposit. I have found that in some instances a large security deposit can protect a landlord but also provide a barrier to entry for a tenant that would otherwise be qualified. If you have a strong system in place and a potential tenant passes with flying colors you as a smart landlord have the ability to adjust the deposit to kick start business.
Hire A Park City Property Management Company. Sometimes if you want it done right you SHOULDN'T do it yourself! If you are looking to acquire some expertise in property management then look no further. CC Realty has been operating in the Park City area for over 10 years as the property manager of choice for many local and out-of-state property owners.

8 Things To Know For Park City Property Management

Dylan Taylor — Tue, 01 Jul 2014 14:41:00 GMT

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.

Smart Rental Property Upgrades In Park City Property Management

Dylan Taylor — Fri, 27 Jun 2014 14:06:00 GMT

Every rental property in Park City property management will eventually need some type of upgrade or repair. Whether this is the result of a feature of the property wearing out and needing to be replaced or if you are attempting to add a little pizzazz to your property to set you apart in the market there are many things you can do to a property that can enhance the perception of your investment and can result in less vacancy and turnover in your Park City property management operation. Here are a few tips you can use to make upgrades that are broken out by cost, from the least expensive on up. These are all intended to be reasonable upgrades and not complete remodels/structural additions that could drastically change the character of the property.

Least Expensive

Perhaps the easiest way to make a property appear more modern and updated in Park City property management is to replace things like door knobs and locks, light fixtures, or plumbing fixtures. If your property still has brass door knobs or light fixtures, or chrome plumbing fixtures it might be time for an update. For door knobs and kick plates I recommend a brushed nickel finish. This is typically less expensive than a rubbed bronze but will provide you with a more modern appearance than any type of chrome or brass knob. Look for clean, sleek designs that will also provide a more contemporary feel. Brass light fixtures were all the rage in the 90's but also look terribly dated in 2014. I'm sure you've all seen the brass framed, beveled glass fixture, you might even still have one in your home! But you'll be amazed at how inexpensive a new, updated fixture can be and how much it will change the character of a room. Chrome or brushed metal fixtures can be found at very reasonable prices and with some basic electrical knowledge can be installed fairly easily. The same can be said for ceiling fans and exterior carriage lights. Try to maintain continuity throughout the property with your light fixtures, this will enhance the ambiance of the property. In my experience plumbing fixtures will typically fail long before door knobs or light fixtures. Again brushed nickel is a great way to go, they are inexpensive and modern. Stick with minimal designs and make sure the fixture is compatible with your sink. These small changes can drive up the wow factor in Park City property management.

Moderately Expensive

Moderately expensive upgrades to a property would entail appliance upgrades. Maybe your dishwasher has gone out and it is time to replace it. Did you know there are second hand appliance stores that will buy your used appliances, running or otherwise? Obviously this wouldn't cover the cost of all new appliances but if one of your major appliances is on its way out you can recoup some of the cost of new appliances, upgrade the appearance of your kitchen and maintain continuity, and avoid adding another useful appliance to a landfill. Way to be green! Again brushed metal appliances are always good although for a washer/dryer it really isn't as much of a show piece of the property and doesn't need any real flair. Also recently there has been a trend of black faced appliances. Always consider what works for your property and maintain continuity throughout. Upgraded appliances are a great selling point in Park City property management.

More Expensive

Some easier but more expensive upgrades to a long term rental in Park City would include things like paint and flooring. Hold on a second, paint? But you can buy a couple gallons of paint down at Home Depot for cheap! Yes this is true, and if you plan on painting it yourself then your hard dollar costs are pretty low. But painting definitely ups the elbow grease quotient. You should view your investment property as a business. Your time should also have a dollar amount attached to it. I wrote a blog post about this concept titled "Park City Property Management For 62 Cents An Hour." Check it out if you have some time. Stick with neutral colors in both paint and flooring choices, you'll cast a wider net in attracting tenants and your bottom line will benefit from it.

If you would like more information on smart rental upgrades, 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.

Tenant Abandonment In Park City Property Management

Dylan Taylor — Tue, 17 Jun 2014 14:15:00 GMT

Every now and then, despite your best efforts at tenant screening and being a quality landlord in Park City property management, you will have a tenant that abandons a property. Sometimes they may tell you they are leaving, sometimes they may not. There are some differences between the two types of abandonment but there are also a lot of similarities. So what can you as a landlord do when a tenant bails? Let's take a look at the two different scenarios and what a landlord can do in Park City property management.

Abandoned Premises

Utah law has specific provisions for a tenant abandoning a premises, if you want to read the code yourself you can go here. As will all legal matters if you are unsure you should consult an attorney and I am not an attorney. The key first step in determining an abandon premises is if the rent is 15 days late. Once the 15 days has lapsed and there is either no reasonable evidence that the tenant is occupying the premises, whether they have left personal property behind or not, a property can be considered abandoned in Park City property management. If there is personal property left behind a landlord can have the property removed and must store it. If the property has not been claimed by the tenant after 15 days the landlord may sell the property to offset costs for moving and storage or donate the property to a charity. Once the personal property has been removed the landlord can attempt to re-rent the property. A tenant would be liable for the term of the lease, any unpaid rent up until a new tenant is found, reasonable commission or fee for renting property, plus any storage or moving fees and any damaged done ot the property.

Tenant Provides Notice

Sometimes in Park City property management when a tenant unexpectedly moves before the lease is up they may notify you beforehand. Hopefully this is done with enough time for you to begin touring the property and securing a new tenant before the current tenant moves out. This can really help make the best of a bad situation. If they tenant does not notify you ahead of time that they are leaving they are really making things worse on themselves. As in the situation with an abandoned premises the tenant is still responsible for rent up until the day a new tenant is found. If they are smart they will give you as much time as possible to find a new tenant or better yet refer a good tenant to you. If a tenant has an unexpected job transfer or family emergency that causes them to move and they proactively contact you about their situation you can really minimize costs for both yourself and the tenant.

Collection Options

If a tenant is left with unpaid rent I would recommend you turn the matter over to a collection agency once a total cost has been established. In order to do this you will need to keep accurate records and have proper lease and application information to provide to the agency. Submitting a collection my cost nothing or you may be required to pay a small fee. But trust me you are better off focusing on moving forward with your Park City property management operation and allowing the dirty work of collecting from former tenants be left to those who understand the legal aspect of collections.

If you would like more information on dealing with tenant abandonment, 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

Red Flags When Hiring Park City Property Management

Dylan Taylor — Fri, 06 Jun 2014 14:05:00 GMT

My experience in Park City property management has taught me a few things about what it takes to run a property management business in a competitive market. I've also learned some of the red flags that a person looking to hire a property management company in Park City should look out for. Now individually these items shouldn't deter a person from hiring any particular property manager. And I certainly haven't perfected every item discussed here. But if you are in need of some Park City property management here are a few thing to watch out for.

Poor At Communicating. This can manifest itself in a number of ways. I just recently had a property owner stop by to introduce himself. He lives in California and we manage a property for him here in Park City. He also owns an investment property in Evanston Wyoming of all places. He was on his way back from Evanston because he had to go there to "straighten out" his property manager! He complained that it would take multiple phone calls to this manager to ever get a response and they would not keep him updated on the condition of the property. The property had unfortunately deteriorated significantly and was in need of some serious repair. If you are looking into Park City property management check into the communication protocols of the company, you'll be glad you did.
Haphazard Bookkeeping. How regularly do you receive a statement from your potential Park City property management company? I would submit that anything less than monthly is not adequate. I employ an outside bookkeeping company to handle the nuts and bolts financial accounting once a week. Other qualified companies will have an inhouse person dedicated to bookkeeping. This is an aspect of really any business that can unfortunately be overlooked. You are making a serious decision with your investment property and you need to have accurate and timely financial statements when it comes to that investment. Also ask about a trust account. I recently wrote about the importance of trust accounts in an article titled "Park City Property Management And Trust Accounts."
New Company. Now obviously every company had to start somewhere and I don't think you should necessarily discount a Park City property management company just because they are new or small or just starting out. But I have unfortunately run into a few bad apples trying to start new companies. There was a previous owner in an HOA that I manage who was several thousand dollars in arrears on their HOA dues and had been turned over to an attorney. So I was very surprised to find that this person had begun operating a property management company here in Park City. Their first employee was their son who had recently be released from prison! All things equal you should go with a company that has been in business for a while. Certain things can only be learned through experience and you will be hiring a company with a proven track record.

If you would like more information on what to avoid when hiring 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

Retaining Tenants With Rewards In Park City Property Management

Dylan Taylor — Tue, 03 Jun 2014 14:49:00 GMT

A happy tenant is a tenant who stays. This could almost serve as a mantra for Park City property management. Now this doesn't mean we cater to every tenant's whim, some people just can never be pleased. If you are wondering how to separate the great tenants from the difficult ones check out my post "Park City Property Management: 10 Warning Signs When Finding Tenants". But for the sake of today's blog let's assume you've got great tenants, your long term rentals in Park City are being well cared for and rent is at or above the market rate. Basically things are good and you want them to stay that way. So how do you keep a tenant happy? Here are some tips I've shared with others or learned from landlords.

Handling A Problem

I recently had some friends who own a rental property ask me a question. The fridge in their condo had gone out and the tenant's food had spoiled. The fridge simply broke, there was no negligence on the part of the property owner and they fixed the fridge in a timely manner. But as you know food can go bad quickly and the tenant was upset and wanting some compensation for the lost food. My friend was inquiring what, if any, legal obligation he had to provide some compensation for the spoiled food. The short answer I gave them was no, in Park City property management the landlord is not under any obligation to cover the cost of food that spoiled through no fault of the landlord. But the long answer is a little more tricky. I told them that they should consider whether the current tenants have been good tenants, if they are wanting to keep them in the property, and if they are interested in maintaining a good relationship. Because even $100 reduced rent as compensation for the food is significantly less expensive than a tenant moving out at the end of a lease because they are unhappy with you and the property. Factor in costs to return the property to rentable condition, marketing and touring new tenants, and of course the biggest cost of vacancy. When looked at from that angle it is well worth it to keep good tenants happy and take a little less rent for one month.

Tenant Rewards

My brother had a single family rental for a number of years. He had the same tenants the entire time and one of the reasons were his "tenant appreciation nights". My brother would randomly stop by every so often with a case of beer for his tenants. Now they weren't partiers. They took care of the property, paid on time, and there were never any complaints. But the tenants go a kick out of it, my brother got to keep an eye on his property, and everyone was happy. A case of beer is pretty inexpensive and the time commitment from my brother was pretty minimal. But from this simple tenant rewards he never had any vacancy over the course of a few years. When you look at it in those terms it just makes sense to show a little appreciation to your tenants in whatever form you think works best for them. In my own rental property we usually do a little holiday gift for my tenants and they are very appreciative. They have been there several years and have no intentions of moving. Simple things like this can really help your tenant relations in Park City property management. And good tenant relations translates into happy tenants, less vacancy and better maintained properties.

If you would like more information on how to retain 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.

Raising Rent at Lease End in Park City Property Management

Dylan Taylor — Fri, 30 May 2014 14:36:00 GMT

When a lease comes up for renewal raising the rent can sometimes be a difficult subject to broach with tenants in Park City property management. If you are wondering what your property should rent for you can check out an earlier post I have on that subject titled "What Should My Rent Be In Park City Property Management?". If you have already established a market rent but during the term of the current lease the market has changed you may want to increase the rent. Right now in Park City property values are climbing back up. This also results in an increase in rental rates. As the properties I manage are coming available I am increasing rates, either with renewals or vacant units. So here are some tips for approaching a tenant about raising the rent.

Make the increase reasonable: This number should be a reflection of the rental rate. A $200/month increase might be completely reasonable for a single family home but not for a studio. Do your research on what similar vacant units are renting for and try to match that rate. If it ends up being a significant increase you may want to scale back. The goal is to keep the tenant while pricing the property for the market, not raise rent to unreasonable levels.
Let The Tenant Know You Want Them To Stay: Some people may interpret the increase in rent as a desire to have them leave. You should be careful as a landlord to avoid being accused of retaliation by a tenant in Park City property management. Make it clear to them you want them to stay and that the increase is no punitive or designed to force them out. If they are resistant it may also be useful to explain all the costs of money, time and effort that go into moving. Some tenants may have a gut reaction without actually thinking through what moving will require. Things like deposits and first month's rent, moving trucks, etc. are just some of the costs of moving.
Explain The Reason For The Increase: In general as a property ages it will require more money to maintain. Property taxes also typically go up. If you are paying any utilities or HOA fees these also tend to go up. Other outside factors can also warrant an increase in rent such as increasing property values, new property or business development in the area, etc. Explain your reasons behind the increase to your tenants so they will hopefully understand where you are coming from. Long term tenants are valuable for long term rentals in Park City.

As a landlord you need to balance your goal of maximizing revenue through rental rate increase with the potential costs associated with vacancy. Talk this through with your tenants and be willing to work out an amicable compromise.

4 Landlord Qualities For Park City Property Management

Dylan Taylor — Tue, 27 May 2014 14:45:00 GMT

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.

Park City Property Management And Trust Accounts

Dylan Taylor — Thu, 22 May 2014 14:01:00 GMT

Many of you involved in Park City property management have probably heard the phrase "trust account" used before. You may think if it in terms of a trust fund which is essentially a bank account administered by a trustee for the benefit of another party. This is not dissimilar to how a trust account is utilized in property management. But why is it necessary for a property manager to have a trust account? Let me share with you a personal story about trust accounts and their implications.

The Wrong Way

I previously worked for a Park City property management company that I came to find out was grossly mismanaging its accounting. First they did not have a trust account established. All money paid to the company for the rental of a property went into one giant account. And from this account they would pay the property owner's portion of money collected but also the bills, expenses, and commissions due to the company. There is a fun little term for this type of thing, it's called comingling. And it is bad! Unfortunately for all the employees of this company, including myself, these funds that had to be paid to owners were also being utilized while they were being held in an account. The company was directly funds to business ventures outside of the state and then relying on lines of credit from banks to pay the owner's portion of rental income when it was due. And when the economy took a dump in 2008 and banks tightened their lending restrictions there was no money to pay the owners, the company went bankrupt and a lot of people lost their jobs.

The Right Way

For Park City property management a trust account is a necessity. All money received from a tenant by a property management company should be placed directly into a trust account. There should then only be two types of payments made from that trust account: the commission and fees due to the management company per their agreement and rental income due to the property owner. Trust accounts should also be reconciled frequently. This should be a standard part of the bookkeeping practices for any property management company. Any bills a property manager receives should be paid from their own operating account and never comingled with trust account money. If you are looking at hiring a Park City property management company ask them detailed questions about how monies received from a tenant for rent payment are handled. If that money isn't put directly into a trust account then you should look elsewhere.

The Value Of Park City Property Management

Dylan Taylor — Tue, 13 May 2014 14:15:00 GMT

For some people the concept of value is closely related to the concept of a "deal". If you feel you are receiving a good or service at a below-market price then you might consider there to be value in the transaction. But there is more to value than simply getting a good price. When it comes to Park City property management there must be an understanding of what services are provided for a given commission or fee.

"Well I don't need to pay somebody to just collect rent."

This idea, or some variation of it, is one commonly used to dismiss the value a property manager provides to a property owner. But I view this as an opportunity to explain exactly what a property manager can do for you at a very reasonable cost. If you are looking for a good breakdown of cost then you can check out a post I wrote titled "Park City Property Management For 62 Cents An Hour." That posts succinctly explains the cost in relatable terms. But when talking about value the basic question is what do I get for the money I pay? Is there any worth for a property owner in the services provided by a Park City property management company?

Landlord Grief

I recently spoke with a woman who was having trouble with her tenant. The tenant was two months behind on rent, was supposed to have done some work for her in the property but had not and she was now facing the prospect of evicting the tenant. And she was attempting to manage all of this from Arizona. No local contacts in Park City property management, other then myself, to look after the place, find a good tenant, serve proper notices for late payment or lease violations, inspect the property, perform maintenance, etc. She didn't know or understand the basics of Utah eviction laws or what was necessary for her as a landlord to do when beginning the eviction process. And now she was in a bad spot with a bad tenant and not sure where to turn. This is a classic example of what I like to refer to as "landlord grief". Being a landlord is all sunny beaches and margaritas, waiting for a rent check to show up. Sometimes it is time consuming, stressful, ugly and just plain work. These are things that a Park City property management company will take care of for you. Know more hassles and dirty work, you actually can sit on the beach and enjoy your margarita!

Asset Manager

A property manager is really an asset manager. Your investment property is a substantial asset. For most people a home is the single largest expense they will have in their entire lives. If you aren't taking care of it then who will? Property managers charge a reasonable fee and have a particular set of skills related to maintaining and protecting a very expensive asset. Far from just sitting back and collecting rent checks and property manager will place qualified tenants into a property who will also help to maintain and even enhance the value of your long term rentals in Park City. A property manager should be a trusted component of your wealth-building goals and work with you to maximize the short and long term goals you have with your investment property.

If you would like more information on the value of 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.

Furnished Or Unfurnished Rentals In Park City Property Management

Dylan Taylor — Fri, 09 May 2014 14:04:00 GMT

The subject of renting furnished or unfurnished in Park City property management comes up fairly often when talking about long term rentals in Park City. Often times a property that was previously used as a vacation rental has undergone new ownership who would like to utilize the property in a different manner. Or a property owner finds themselves no longer able to use a property they had purchased as a vacation or second home and would like to generate some income off the investment.

So how do you determine whether you should rent a property furnished or not? There are a couple of key things to consider when making this decision that I think a property owner in Park City property management should consider. Let's a take a look at a few items I've compiled based on my experience.

Your Intended Use Of The Property: What is your end game with this particular property? Do you want to utilize it periodically during the year? Are you looking to eventually retire here or have this property as a vacation home a few years down the road? I have one property owner who likes to come stay in Park City a few times a year in the spring and summer. We rent his property furnished during the winter as this is the peak time for rentals in Park City. It rents for a premium and he enjoys it the rest of the year. Consider what your plan is with the property when it comes to furnishings.
The Condition of The Furniture: If the property you have just purchased has been a rental for some time, or if it was your vacation property and you threw a hodge-podge of items together to make it livable then perhaps you should consider removing the furniture. Damaged or mismatching items do not command a premium in Park City property management.
Most Long Term Tenants Have Furniture: When renting a property you want to cast the widest net possible. That way you create the largest pool from which to pick a qualified applicant. It really is a numbers game in many ways. And experience has taught me that the majority of people looking for a long term rental in Park City have their own furniture. Sure they may lack an item or two but the generally do not want or need another person's furniture.

These are just some of the things you should consider when dealing with a furnished property in Park City property management. But as a general rule of thumb if you want to rent seasonally then keep it furnished. If you want to rent long term then get rid of the furniture. In Park City a seasonal tenant will most likely need furniture as they may just be here for the ski season while a long term tenant is someone moving to the area more or less permanently and will bring their own items with you. This does not mean you must get rid of your furniture if you rent long term. But again it you are trying to cast the widest net possible don't limit yourself to a long term tenant who needs furniture.

If you would like more information on rental 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.

Managing Tenant Turnover In Park City Property Management

Dylan Taylor — Tue, 06 May 2014 14:24:00 GMT

As spring finally shows up in Park City there is a definite shift in the population and it has its effects on Park City property management. The majority of the properties I rent and managed are leased long term. There are always seasonal rentals in Park City; this is the nature of the ski industry and subsequently the housing industry. But even with most of my properties being long term rentals it seems that I have more lease expirations and subsequently more properties coming available in the summer and fall. And with turnover in a tenant comes additional expenses that normally don't occur. As a landlord you are looking to maximize the cash flow of your investment and when no one is paying rent your cash flow is gone too! So what can those of us in Park City property management do about turnover? Here are a few tips:

Minimize Turnover

The less turnover the better right? So what can you as a landlord do to keep good tenants paying rent in your long term rentals in Park City? Well the first step is making sure you get good tenants. Doing proper background and reference checks is a great place to start. I recently wrote a post titled "Park City Property Management: 10 Warning Signs When Finding Tenants." This is a great list of things to watch out prior to a tenant signing a lease and moving in.

Another thing you can do as a landlord is respond quickly and professionally to requests from tenants or maintenance items at your property. By responding quickly you are letting your tenants know that their concerns are a priority and that you will act quickly to maintain your property.

Keeping rent competitive within your market is another way to keep tenants long term. If a good tenant feels like they are paying a fair price to live in the property they are less likely to jump ship in Park City property management.

Plan Ahead

If your tenant is moving for an unavoidable reason such as job transfer or family matters then you should act quickly to minimize the time your property is vacant. Hopefully your lease is structured to require a 30 day notice if your tenant is moving at the end of the lease. If so this 30 day window is when you should kick your marketing into high gear, tour the property with proper notice to the current tenant, and try to secure a new tenant before the old one has even moved on. In looking back I cannot recall a time in the last few years where a property we manage has sat vacant for lack of a tenant. It takes time to build up to this level of performance but when you get there it makes Park City property management great!

Get Some Professional Help

If all this sounds like too much for you then you should look for some Park City property management help. A competent property manager will have already established pipelines and marketing tools to attract quality tenants, structures and employees in place to provide excellent customer service to current tenants, and processes that will reduce vacancy and keep your cash flow nice and steady.

If you would like more information on managing tenant turnover, 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.

Park City Property Management: 10 Warning Signs When Finding Tenants

Dylan Taylor — Fri, 25 Apr 2014 14:24:00 GMT

When it comes to screening potential tenants in Park City property management you need to use every tool at your disposal. You have probably invested a significant amount of time and money into being a landlord and owning a long term rental in Park City. You want to make sure that you are taking the right steps so you don't end up with a problem down the road. If you would like some information on basic tenant screening check out "Tenant Screening Tips For Park City Property Management." This will get you started in the right direction when it comes to selecting tenants and placing them into your rental property.

If you've already got an application process in place but are just looking for a few extra methods of determining the suitability of a tenant then take a look at this list I've compiled. While any one of these items taken on their own may not be enough to disqualify a person if you have a few of these come up during the application process it may be time to look elsewhere.

Asks about getting out of the lease early before the lease is even signed. This can be an even bigger warning sign of you are starting a year lease in November/December as this person may want to bail at the end of the ski season. You don't want to rent to someone who is already looking to move again.
Lying on an application. Be up front that you are going to run a background check. If something comes up on the check that they didn't disclose you could be in trouble. Also lying about things like pets, number of people that will be living in the property, etc. are all problems in Park City property management.
Complains about the property before even moving in. You don't want to rent to someone who doesn't want to live there! Having a few items that need to be addressed during move in is fairly standard. But if a prospective tenant is already unhappy with the property you could end up with a year's worth of headaches.
Can't keep an appointment or show up on time. If they can't make it to a showing in time they might not be all that interested in paying rent on time either. You don't want to spend the next year chasing down rent checks.
Asking if they can pay full rent or deposit after moving in rather then up front. An inability to pay rent or deposit is not good and starting off being unable to do so is also a big warning when it comes to Park City property management.
If they appear to be intoxicated, high, etc. You really don't want to rent to a person who attempts to do normal activities under the influence of any type of substance.
If they are first-time tenants who have just moved from home. Again nothing on this list by itself could disqualify a person but you also don't want your long term rentals in Park City to turn into a party house either. Check all references and maybe get mom or dad to cosign.
If their current landlord has problems with them or if they have problems with their current landlord. This situation deserves a little detective work if the tenants seem otherwise great. I have seen it go both ways and you should use your best judgment in Park City property management.
They reek of cigarette smoke and you do not want to rent to a smoker. They may say they will never smoke in the property but they will most certainly be in the property along with all their person effects that smell like smoke. And on those cold, snowy winter nights when they need a smoke who knows if they will actually go outside.
They own a lot of vehicles. You don't want your property looking like a parking lot.

If you would like more information on how to screen 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.

Basic Tenant Rights For Park City Property Management

Dylan Taylor — Tue, 22 Apr 2014 14:04:00 GMT

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

Dylan Taylor — Fri, 18 Apr 2014 13:58:00 GMT

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.

HOAs And Rentals In Park City Property Management

Dylan Taylor — Tue, 15 Apr 2014 14:46:00 GMT

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.

What Should My Rent Be In Park City Property Management?

Dylan Taylor — Fri, 11 Apr 2014 14:18:00 GMT

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.

photo credit #1

8 Bad Practices For Park City Property Management

Dylan Taylor — Tue, 01 Apr 2014 14:02:00 GMT

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.