Good And Bad Judgment in Park City Property Management
I know that sometimes I can be a little behind the times and this is one of those instances. Not necessarily in Park City property management but in other things! I just recently read the novel "Blink: The Power of Thinking Without Thinking" by Malcolm Gladwell. Yes I know the book was published in 2005, nearly a decade ago, and yes I know it is a great book. I had heard of it when it was originally published and remember it being referenced in different conversations I have had with people but I never got around to reading it until now. "So what does this have to do with Park City property management?" you might ask. Well that is the point of my blog today, so let's dive in.
Premise
For those of you unfamiliar with the book Gladwell posits that experts within their respective fields are able to make accurate, relatively uninformed decisions at a glance with a minimum of information. He terms the concept "thin slicing" and gives many examples from experts in various fields that are able to make quick and accurate judgments with limited information. Perhaps you have felt this in your own life, where your first instinct about a situation or decision was the correct one. Gladwell also notes that additional and sometimes exhaustive research is no better at producing a correct decision and can also lead to indecision. He also delves into stereotypes and how they can cause people to make inaccurate judgments. So what does this mean for Park City property management?
Application
There have been instances where I have made both the right and the wrong decision when it comes to accepting a tenant. I can recall specifically some tenants who checked out in every way, had decent credit scores and no red flags on their background check. They had good jobs and were ready to move in when I needed a new tenant. But something about them just seemed a little off. I couldn't put my finger on it and after doing my diligence as a Park City property manager I gave them the okay. Big mistake. They ended up being nightmare tenants, completely unreasonable and even confrontational to deal with. They were rude to their neighbors, didn't take care of the property, and it was a bad experience all around. Fortunately they asked to move out at the end of their lease but the problems did not stop there. The place was a disaster, they were completely unreasonable when it came to tours, after seeing the conditions they lived in no one wanted to rent the place. I eventually gave up tour and waited until they moved out. I should have followed my first instinct to deny them but I unfortunately made the wrong choice. I have also had instances where my first reaction to a prospective tenant was very positive. And despite low credit scores, rough appearance, and less than ideal results on background checks I decided to rent to these tenants and they have been great.
Summary
If you are new to Park City property management you should follow all the recommended steps when choosing a tenant and try to make as informed a decision as possible. If you are an old hand when it comes to property management in Park City Utah you should STILL do all those things but ultimately trust your first instincts. If all that sounds a little scary to you then you should hire a Park City property management company!
If you would like more informative tips on making good judgments, or further information about Park City property management in general click the link below for a free consultation. You will receive valuable information specific to your property that will help you make an informed decision. You will also receive a free, no-obligation quote on our property management services. At CC Realty we specialize in making investment property ownership a trouble free experience. Please contact us today for your free consultation.
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