Park City Property Management Basics
In my experience there are many different types of property owners when it comes to Park City property management. They range between the complete do-it-yourself property owner who enjoys handling all aspects of their long term rentals in Park City, all the way to the completely absentee owner who you never hear from and who relies completely on a property manager. Whether you fall at one end of the spectrum or the other I feel it is a good idea to understand the basics of what a Park City property management company can do for you. This will help if you are looking to hire a company to manage your rental properties, if you are new to being a landlord and need some help getting started, or if you are an old hat when it comes to managing your rental properties but can still learn a thing or two.
Tenants
In order to find qualified tenants, tour a property, and place a tenant your average Park City property management company is going to charge a fee. Typically this fee is charged to the tenant in the form of a "lease initiation fee" and can vary in amount. This fee is beyond the average fee that a Park City property management company charges a property owner for management services. This will cover things like:
- Marketing vacant properties
- Touring interested parties
- Application processing
- Background checks
- Rental history verification
If you are interviewing a prospective company ask them about their procedure for qualifying applicants. Methods for marketing, scheduling tours, and their current vacancy rate are all good questions to ask.
Management Fee & Services
So the big question, how much is this going to cost right? A standard management fee is 10% of gross rents. I prefer this fee rather than a set monthly fee as this puts motivation on the property manager to maximize the rental income and thereby maximize their fee. This also serves as a good motivator to get a property rented as they are not making money when it is vacant. The next question to ask is what do you get for this fee. A good Park City property management company will do the following:
- Process monthly rents
- Provide monthly and annual statements and accounting
- Serve as point of contact for all tenant requests
- Provide professional face of your rental property
- Employ knowledgeable staff to manage property
- Respond to all owner requests/concerns
- Resolve tenant problems or concerns
- Enforce property specific rules
Maintenance
Having a capable maintenance staff is one of the best things a property manager can bring to the table. You will want to know the hourly rate at which maintenance is billed, are there any service call charges and what are they. A property manager will also have a maximum dollar amount of repairs that they may enact without informing the property owner. This helps a property manager quickly handle small maintenance requests and keeps the property owner from constantly being called for small repairs or maintenance items.
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.
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