6 Things To Ask A Park City Property Management Company
If you are considering hiring a Park City property management company for your long term rentals in Park City there are a few questions you should definitely ask. Hiring a property management company is an important decision for your investment property and you want to make sure you are comfortable with your choice. These are a few of the question you should ask that will help you get a better feel for the company.
- Besides a management fee what other fees do you charge? A typical management fee for a Park City property management company is 10% of gross rents. This applies to long term rentals, if you are looking at nightly rentals you should be prepared for 50% and up. This fee will not typically cover things like maintenance and repairs so you should know what rates are charged for those services. You want to look for any other type of fee and leasing, inspections, etc.
- How are maintenance calls handled? Along the lines of additional charges you want to know how maintenance calls are handled and billed. For example our contract requires that any repair in excess of $300 be approved by the property owner. This serves two purposes. First it allows maintenance to quickly handle any small repairs and keep tenants happy. Second it let's owners know to expect larger repairs and allow our company to provide a quote for services.
- Do you have a trust account? I've written a previous post entirely about the importance of a trust account titled "Park City Property Management And Trust Accounts". Click the link for a more in depth explanation but basically if they don't have a trust account then don't use them. There are far too many opportunities for a mismanagement of your funds so just stay away.
- How do you screen potential tenants? You might want to ask to take a look at their application as well to see how thorough it is and what questions are asked. They should be running a criminal, credit, and eviction background check as well as checking rental references. A great tenant is a very valuable component of your Park City property management operation and should never be underestimated. Conversely a bad tenant can cause you a nightmare's worth of problems.
- How long have you been in business? You shouldn't necessarily discount a company because they are new to Park City property management. Steve Jobs had to start somewhere and you could end up with a great property manager. But with an established company there are certain benefits that come with having seen or done it before. A proven track record is perhaps one of the best references any company can provide. If they've been around for a while they probably know what they are doing!
- Do you have references? This is along the same lines as how long a company has been in business. If a company can reference customers they've had for a few years or more then you can have peace of mind that at least SOMEONE has been willing to do business with them for an extended amount of time! I know from personal experience that a quality reference can go a long way.
If you would like more information on trust accounts, 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
