Park City Property Management Blog

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.

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.

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.

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.

Clean Property Tips For Park City Property Management

Dylan Taylor — Fri, 21 Mar 2014 14:26:00 GMT

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.

Park City Property Management Blog

3 Mistakes Costing Landlords Money In Park City Property Management

1. Rent

2. Vacancy

3. Fees

Furnished Or Unfurnished Rentals In Park City Property Management

Managing Tenant Turnover In Park City Property Management

Minimize Turnover

Plan Ahead

Get Some Professional Help

8 Bad Practices For Park City Property Management

Clean Property Tips For Park City Property Management

New Landlord Tips For Park City Property Management

5 Simple Landlord Tips For Park City Property Management

1. Check Out Prospective Tenants

2. Keep Valid Contact Info For Your Tenants

3. Have Quality Subcontractors

4. Know The Law

5. Get Some Help

Handling Problematic Tenants In Park City Property Management

On Second Thought...

What To Do.

Landlord Tips For Park City Property Management

A Reserve Account

Good Tenants

When To Get A Co-Signer In Park City Property Management

What Is A Co-Signer?

When A Co-Signer Helps

When Should You Get a Co-Signer?

What Not To Do In Tenant Screening For Park City Property Management

Don't Put Yourself In A Tight Spot

Don't Wing It

Don't Say Something Stupid

Good And Bad Judgment in Park City Property Management

Premise

Application

Summary

3 More Tips For Park City Property Management

Quality Vendors

Proper Procedures

Hire A Property Manager

7 Tips To Lower Vacancy in Park City Property Management

Know The Market Rent

Good Online Ads

Sell The Property

Offer Incentives

Presentation

Have A Website

Be Responsive

What an Injured Duck Taught Me About Park City Property Management

Troubleshooting

Doing Good Doesn't Always Pay

Multiple Payment Options - Property Management Salt Lake City

Landlord Benefits

Tenant Benefits

Summary

Roommate Considerations - Park City Property Management

Who Signs The Lease?

Security Deposits

Quick Tip For Informing Tenants - Park City Property Management

Property Information

Utilities

Amenities

Property Inspections - A Good Idea For Park City Property Management

A Good Checklist

Take Photos

Encouraging On Time Rent Payments - Park City Property Management

Knowledge

Options

Maintenance

I Need Some Park City Property Management Help!

Finding Time

I Need A Property Manager

Going Beyond Expectations - Park City Property Management

I'm Not a Catering Company But...

The Things I've Learned

5 Tips For Keeping Tenants - Park City Property Management

1. Respond Quickly to Requests and Follow Through

2. Be Professional

3. Show Appreciation To Your Tenants