Red Flags When Hiring Park City Property Management
My experience in Park City property management has taught me a few things about what it takes to run a property management business in a competitive market. I've also learned some of the red flags that a person looking to hire a property management company in Park City should look out for. Now individually these items shouldn't deter a person from hiring any particular property manager. And I certainly haven't perfected every item discussed here. But if you are in need of some Park City property management here are a few thing to watch out for.
- Poor At Communicating. This can manifest itself in a number of ways. I just recently had a property owner stop by to introduce himself. He lives in California and we manage a property for him here in Park City. He also owns an investment property in Evanston Wyoming of all places. He was on his way back from Evanston because he had to go there to "straighten out" his property manager! He complained that it would take multiple phone calls to this manager to ever get a response and they would not keep him updated on the condition of the property. The property had unfortunately deteriorated significantly and was in need of some serious repair. If you are looking into Park City property management check into the communication protocols of the company, you'll be glad you did.
- Haphazard Bookkeeping. How regularly do you receive a statement from your potential Park City property management company? I would submit that anything less than monthly is not adequate. I employ an outside bookkeeping company to handle the nuts and bolts financial accounting once a week. Other qualified companies will have an inhouse person dedicated to bookkeeping. This is an aspect of really any business that can unfortunately be overlooked. You are making a serious decision with your investment property and you need to have accurate and timely financial statements when it comes to that investment. Also ask about a trust account. I recently wrote about the importance of trust accounts in an article titled "Park City Property Management And Trust Accounts."
- New Company. Now obviously every company had to start somewhere and I don't think you should necessarily discount a Park City property management company just because they are new or small or just starting out. But I have unfortunately run into a few bad apples trying to start new companies. There was a previous owner in an HOA that I manage who was several thousand dollars in arrears on their HOA dues and had been turned over to an attorney. So I was very surprised to find that this person had begun operating a property management company here in Park City. Their first employee was their son who had recently be released from prison! All things equal you should go with a company that has been in business for a while. Certain things can only be learned through experience and you will be hiring a company with a proven track record.
If you would like more information on what to avoid when hiring 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
