Park City Property Management For 62 Cents An Hour!
One of the first things anyone interested in Park City property management will ask is "How much does it cost?" And while this number can vary a good rule of thumb is 10% of gross rents plus maintenance costs as they occur. But I like to take that a step further and translate that into a number with some more meaning. Essentially I like to answer the question of value. Cost is easy but value is a more slippery thing to grasp. What is the value of the service provided in Park City property management? I have a pretty easy way of breaking it down into a very compelling argument.
A Little Math
Be forewarned, I am not very good at math. I struggled through algebra and to this day disagree with my math teacher's presumptions that I would use these skills later in life. But accounting I can do, and if you have a firm grasp on addition, subtracting, multiplication and division then I think you are set for life! So let's say your long term rental in Park City rents for $1000 a month. If your Park City property manager charges 10% you are paying them $100 a month. One way to look at a property management company is as a contract employee for your personal rental property business. So basically you have an employee for your business who will work for $100 a month. But the key here is that a property manager is working for you full time, 40 hours a week, 52 weeks a year. To break it down into an hourly rate you have a fulltime employee for your rental management business who works for $.62 an hour! And most Park City property management companies have multiple employees who handle tenant relations, marketing, accounting, maintenance, etc. And that $.62 an hour doesn't include after hours or emergency availability! Are we starting to see the value now? If not than think about putting a classified ad in your local paper offering a fulltime job for $.62 an hour and see how much response you get!
The Big Question
Now you have to ask yourself "Am I a 62 cent an hour employee?" You need to understand that you are running a business when you own a rental property. There has yet to be a built a home that takes care of itself and I have yet to find a tenant that is their own landlord too. You are running a business and you need to pay someone to do the work. So how much are you willing to work for? If the answer is more than $.62 an hour then perhaps you should take a look at Park City property management. Not only are our wages great for your business but we have competent and professional employees, a wealth of knowledge on managing properties, excellent contractors and vendors, and established and successful strategies and marketing. So stop being a 62 cent an hour employee and start doing better things with your time! When you really break down what you get for what you pay there really is a lot of value in Park City property management.
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.
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