8 Things To Know For Park City Property Management
If you are considering becoming a landlord in Park City property management or if you've already taken the leap by purchasing an investment property there are a few tips that I would recommend to you. So get educated on some of the things necessary in order to make a successful foray into property management in Park City, Utah.
- You Are In Business. There really isn't any other way to look at it. Perhaps you are renting a property you previously lived and and consider your home. Perhaps you know or even like your tenants. But you are now running a business and you should comport yourself at all times as such. Keep a professional demeanor in all your interactions and transactions.
- Know The Law. You should have a solid grasp of not only your rights as a landlord but your tenant's rights as well. Laws differ from state to state so what may work in Tennessee may not be the same in scenic Utah. A savvy landlord in Park City property management will have a good understanding of the law and resources on hand should new questions arise.
- Know Your Market. The old adage "location, location, location" applies just as much in Park City property management as it does in real estate. Doing research on what comparable properties rent for is key to keeping yourself competitive and minimizing vacancy.
- Have A Cash Reserve. Nothing is more frustrating for a Park City property management company than a property owner who can't afford necessary repairs because they are paycheck to paycheck in their own finances. I know sometimes people fall upon hard times or find themselves in a rough patch financially. But you should establish an account in conjunction with your property that is kept aside for repairs.
- Repairs Happen, Get Used To It. This goes right in line with having a cash reserve. You should expect repairs. I jokingly like to say that if you have too much time and money on your hands buy a home. Repairs will come so plan for them. Preventative maintenance can help in many ways and should be done. But you will always have repairs in your long term rentals in Park City.
- Cash Flow. A wise investment will be cash flow positive. You should never count on appreciation to be your source of income. Cash flow will not tie you as tight to the housing market and keep your Park City property management operation running smooth.
- Verify Your Tenants. Some people are honest. And some are not. It is your job as a landlord to figure out the truth when it comes to potential tenants. And the best way to do that is background checks and references. You should establish a protocol for screening tenants and stick to it. Everyone has a story and you don't want to get burned.
- Consider Property Management. One of the best ways to make sure your investment operates smoothly is to hire a Park City property management company. They will have the expertise, operation and know how to expertly manage your investment property.
If you would like more information or 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.
