4 Questions To Ask Your Park City Property Manager
Today's blog post is for the property owner who is considering Park City property management to take care of their property. If you already have a management company this can be a good guide for you in assessing if they are the right management company for you to use. I've put together a few questions that summarize things I have learned over the years about what I think it takes to succeed in Park City property management. There are a lot of things that go into handling long term rentals in Park City so really this list could go a lot longer. But I wanted to boil it down to 4 big things that I think are crucial for property owners to know about their prospective management companies.
1. Do They Use A Trust Account?
Does your Park City property management company use a trust account to handle rent payments? Let me explain how it should work and then you can be armed with some knowledge. When a property manager takes in a check or some form of rent payment this money should be deposited into a non-interest bearing account called a trust account. At that point there should only be two types of debits made from that account, one to you the property owner and one to the property manager for their commission and fees. Any bills that a property manager has to pay to operate their business should not come out of this account. If your property manager is deposit rent payments into the same account they are paying their own bills out of this is called commingling of funds and is a big red flag. Make sure your Park City property management company is using a trust account for rental income disbursements and commission and fees only, anything less can lead to trouble.
2. Are Their Documents Prepared By An Attorney?
And I'm talking a real attorney in the state in which they operate, not one with the name "Google" or "Wikipedia". Every state has particular laws and regulations for property managers, tenants, basically everything you can think if related to property management. The lease and addenda used by your property manager should be specific to the state in which the property is located and drafted by an attorney knowledgeable in state law. This will provide the highest level of protection for you and your property. Attorneys that practice in property management are also up to date on changes to state law and keep their clients informed. Hopefully you will never need to utilize all the provisions and protections this type of service can bring but it is nice to know that should something occur you will be well represented.
3. How Do They Market To And Screen Tenants?
What process does your potential Park City property management company use for finding and screening tenants? Quality tenants are the life blood of your operation. Getting and keeping good people in your rental property is the key to long term success. A good property manager will have established and successful methods for finding good tenants, including a positive reputation and good word of mouth. They will also have a standard set of procedures for screening tenants. Putting an ad in the classifieds and taking the first person who can put down a month's rent is not going to cut it.
4. How Do They Handle Emergency Maintenance?
Emergency maintenance, while infrequent, can be a crucial time for a property owner, tenant, and Park City property management company. You want to make sure that your prospective property manager has an established avenue for responding to afterhours or emergency service calls. How quickly they are able to respond can be the difference between a small leak and a large flood. Make sure they have the capability to respond quickly with experienced employees.
If you would like more information about choosing the right 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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