Landlord Tips For Park City Property Management
Today I would like to share a few of my favorite landlord tips that I've learned over the years and found to be very beneficial to anyone working in Park City property management. This is far from an exhaustive list and are really just a few of my favorites. The key to being a good landlord is to somewhat be a jack of all trades. 
You need to be a handyman, marketer, investigator, conflict resolution specialist, and above all an honest person. There are many things that go into a successful operation and here are a few that I feel are important.
A Reserve Account
As a property manager who also does Park City HOA management I am very familiar with the concept of reserve accounts. Essentially a reserve account is money set aside in anticipation of future repairs to a property. Along with death and taxes property repair is a sure thing. Obviously you keep a security deposit in the event that a tenant does damage to a property, but are you keeping money in the event that something in the property breaks? Water heaters leak, furnaces break, appliances die, and in general the components of your house only have a certain useful life. I have too often run into a property owner who is caught completely unprepared for an unanticipated expense. I say unanticipated but is a 15 year old water heater developing a leak truly unanticipated? And when something as crucial as a water heater goes there isn't any wiggle room with getting by, performing and band aid repair, or telling the tenant you will "get to it soon". As a property owner you should have an account set aside for repairs and maintenance of your long term rentals in Park City. Establish the account when you purchase the property and make sure to put a little money into it every month. This way when repairs come up you can act swiftly and you will have happy tenants who recognize your willingness to maintain your property and respect the property as well.
Good Tenants
Good tenants are truly invaluable. I have seen all types of tenants in my time with a Park City property management company and I can tell you that some tenants are just not worth the problems they bring. As a smart landlord you should always be thorough in you background checks. You want to make sure you get the right people. Once a tenant has taken occupancy it can be a difficult process to have them removed. But when they are prospects all it takes is a simple no. Do your research and get the right people. And once you have those great tenants make sure you take care of them. Be a responsive, courteous landlord. Some tenants are not comfortable with a landlord entering a property when they are not present, respect this. When you receive a maintenance request respond quickly and thoroughly to the request. From a tenant's point of view they are paying a good amount of money and they expect a landlord to do certain things. If you have a good tenant who happens to have a month when rent is late don't treat them as though they are suddenly a criminal out to rip you off. Speak with them directly and honestly to see what they can pay and when. Use your best judgment in these situations. You should carefully weigh the tenant's proposal against your needs as a landlord and the requirements of the lease agreement.
If you would like more useful landlord 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.
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