Managing Tenant Turnover In Park City Property Management
As spring finally shows up in Park City there is a definite shift in the population and it has its effects on Park City property management. The majority of the properties I rent and managed are leased long term. There are always seasonal rentals in Park City; this is the nature of the ski industry and subsequently the housing industry. But even with most of my properties being long term rentals it seems that I have more lease expirations and subsequently more properties coming available in the summer and fall. And with turnover in a tenant comes additional expenses that normally don't occur. As a landlord you are looking to maximize the cash flow of your investment and when no one is paying rent your cash flow is gone too! So what can those of us in Park City property management do about turnover? Here are a few tips:
Minimize Turnover
The less turnover the better right? So what can you as a landlord do to keep good tenants paying rent in your long term rentals in Park City? Well the first step is making sure you get good tenants. Doing proper background and reference checks is a great place to start. I recently wrote a post titled "Park City Property Management: 10 Warning Signs When Finding Tenants." This is a great list of things to watch out prior to a tenant signing a lease and moving in.
Another thing you can do as a landlord is respond quickly and professionally to requests from tenants or maintenance items at your property. By responding quickly you are letting your tenants know that their concerns are a priority and that you will act quickly to maintain your property.
Keeping rent competitive within your market is another way to keep tenants long term. If a good tenant feels like they are paying a fair price to live in the property they are less likely to jump ship in Park City property management.
Plan Ahead
If your tenant is moving for an unavoidable reason such as job transfer or family matters then you should act quickly to minimize the time your property is vacant. Hopefully your lease is structured to require a 30 day notice if your tenant is moving at the end of the lease. If so this 30 day window is when you should kick your marketing into high gear, tour the property with proper notice to the current tenant, and try to secure a new tenant before the old one has even moved on. In looking back I cannot recall a time in the last few years where a property we manage has sat vacant for lack of a tenant. It takes time to build up to this level of performance but when you get there it makes Park City property management great!
Get Some Professional Help
If all this sounds like too much for you then you should look for some Park City property management help. A competent property manager will have already established pipelines and marketing tools to attract quality tenants, structures and employees in place to provide excellent customer service to current tenants, and processes that will reduce vacancy and keep your cash flow nice and steady.
If you would like more information on managing tenant turnover, 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.
