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There are many property investors who take care of the management of their property on their own. I recently wrote a blog post dealing with my own frustrations of managing my rental property in a post titled "I Need Some Park City Property Management Help". If you are interested in reading about my experiences, and perhaps relating to them, you can click here. Today I would like to cover a few of the key points to consider when asking the question "Should I hire a property manager?" You can respond to these points honestly and decide for yourself if a Park City property management company is right for you.
How Close Is Your Property?
Are we talking a couple of blocks, on the other side of the city or in another state? As a rule of thumb if you can't get to the property quickly your ability to manage it yourself is seriously degraded. Every step in the management process from touring prospective tenants, handling maintenance problems, and collecting rent becomes more difficult as distance increases. If you are out of state or live a decent distance from your rental property you should seriously consider Park City property management.
How Much Time Do You Have?
Perhaps your idea of managing a property is taking a few phone calls throughout the year and cashing those rent checks. The reality can be far different. I often like to joke that most emergencies happen between 3-5pm on a Friday afternoon. Unless you are going out of town before the weekend, then the emergencies will adjust their schedule to your last day in the office. Property management can be chasing down late rent payments, fixing broken toilets and lighting pilot lights, responding to emergencies, doing something about noisy neighbors, and the occasional bounced check. If you don't have the time to deal with these types of problems it might be a good idea to bring in a pro.
Can You Deal Directly With Tenants?
If you are a proactive landlord who takes care of their property then a good portion of the interactions with your tenants will be positive. But even the best landlords have problems with tenants. In my time as a property manager I've had the nicest tenants who never pay rent on time. I've had to step into the middle of tense domestic disputes involving law enforcement and act as a mediator to solve the problem. I've had to tell tenants that the rent is going up and that new carpet isn't a possibility. If you are going to manage your own property you should realize that you will find yourself in tough situations where you will have to be the bad guy. Having a Park City property management company can put some distance between you and your tenants.
How Handy Are You?
A maintenance request is probably the most common type of call you will receive as a landlord. Having the knowledge and ability to repair all the many types of requests you receive does not automatically come with property ownership. You will need to either handle these types of requests or spend time coordinating with a reputable contractor who can.
If you would like more information about the benefits of hiring CC Realty to manage your property, 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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The term "outsourcing", in Park City property management or otherwise, probably doesn't conjure up a favorable impression with most people. I myself have been the victim of a bad case of outsourcing when I required some technical assistance on a Microsoft product. A woman named "Susan", who had an accent unlike any Susan I have ever met, spent nearly two hours with me on the phone and my problem never did get solved. So today I would like to dispel the negative impressions of outsourcing and explain how it is a good decision for Park City property management.
Property Management Is Work
A former coworker of mine described Park City property management in a lovingly, tongue-in-cheek manner by saying "Property management, its work." If you have visions of lounging on a beach, cigar in your mouth as you count your ever-increasing stacks of money you should look for another business opportunity. Property management requires time, effort, a particular set of skills and knowledge, and the proper structure in order to find success. Let's take a look at each of those requirements a little further.
- Time - You probably have your own job. You go there every day for 8 hours and when you get off work you're either ready to go have some fun or relax at home with your family. The last thing you want to deal with is a problem at your rental property. And what if the problem is so big it requires you to take time off of work? Now you are either burning your vacation time on something that is definitely not a vacation, or losing money at work and losing time on your investment. Remember if you don't hire a Park City property management company then you are the 24/7 manager of a property and everything that goes into it.
- Effort - In many ways effort is a key component of quality. Skill is also important and I will address that later. If you want a quality rental property that attracts quality tenants then you must run a quality operation and this takes real effort. As my former coworker aptly described Park City property management, it is work. A property manager is ready to provide the effort and quality it takes to manage your property. We do work, plain and simple.
- Skill - Can you install a garbage disposal? Do you know how to lay a good, clean bead of caulk without making a huge mess? How good are your painting skills and what do you know about electrical work? Have you ever repaired or installed a household appliance? What about patching, sanding and texturing dry wall? These are just some of the skills necessary to succeed in Park City property management. If you think you aren't up to it you should consider hiring someone who is.
- Knowledge - What are your thoughts on SB 167 and it's implication for condominium owners? Is a broken microwave a violation of the standard of habitability or are you even familiar with the Fit Premises Act? When is it appropriate to post a 3 Day Pay or Vacate notice? How about the market rate for your property? You can either devote hours of your time and energy towards learning all the intricacies of Park City property management or you can hire someone who already knows and get on with your life.
- Structure - Do you know reputable plumber? What kind of bookkeeping software do you use? Is there an emergency number your tenants can call after hours? How much are you paying your receptionist to answer the phone during the day? All of these reasons and more are why outsourcing your Park City property management just makes sense.
If you would like more information on the benefits of a professional Park City property management company please click on the link below for a free consultation. You will receive valuable information about your property and a free, no-obligation quote on our management services.
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In Park City property management, as in many things, an ounce of prevention is better than a pound of cure. Many complaints can be mitigated by being a proactive property manager or landlord. Complaints are also a great opportunity to strengthen landlord-tenant relations through effective communication and problem solving. I firmly believe in the idea that good landlords make for good tenants so take some time to review the following complaints I have listed as well as possible solutions. They will help your forays into property management to be successful endeavors.
1. Something is Broken
Any property owner can testify that eventually something will break. Plumbing will develop a
leak, appliances will fail, components like door knobs and window latches wear out. Everything in a property has an expected useful life and will eventually need to be repaired or replaced. Rather than viewing a maintenance item as an annoying problem it should be viewed as an opportunity to reconnect with tenants, view the condition of the property, and grow the relationship of trust that should exist between property managers and tenants. Respond quickly to a request, no matter how small, and let the tenant know how quickly it can be addressed. Even if you are not able to get to the request within a few days staying in communication with a tenant will let them know you are invested in solving the problem and concerned about the condition of the property. You will find that most tenants are reasonable to work with if they know action is being taken. If you would like more information about handling maintenance requests, legal requirements, and best practices check out my blog post Maintenance Laws For Park City Property Management.
2. The Neighbors are Noisy
Unless the property you rent is a cabin in the middle of nowhere you will eventually hear from your tenants complaining that the neighbors are doing something annoying. The first step in solving the problem, similar to a maintenance request, is a timely response acknowledging the tenant's complaint and letting them know you are working on a resolution. Are you beginning to see a theme here? Whether the property is part of a condominium or apartment community with specific quiet hours or a single family home that is subject to local noise ordinances this is an instance where knowledge is the best weapon for a landlord. Get educated on what constitutes an actionable nuisance with the community where your property is located and what are the steps that can be taken to resolve the problem. If the complaint submitted by your tenant does not qualify as a nuisance an honest conversation about expectations is in order. If there is a legitimate nuisance asking your tenant if they have attempted to have a conversation with their neighbors about the problem is the first step you should take. Encourage them to open a dialogue with their neighbors if they are willing. If the problem persists it may be necessary to get a home owner's association or local law enforcement involved. For more information and resources on Utah nuisance laws check out my blog post Nuisance! Definition And Info For Park City Property Management.
3. It Was Like That When I Moved In
This could also be described as a tenant excuse depending upon the situation but when it
comes up a smart landlord should have a few tools at his disposal. If the problem being brought to your attention was legitimately present when the tenant moved in then making a good faith effort at fixing the problem is the only course you should pursue. If not there should be two things you can fall back on to determine how the situation occurred. The first thing a landlord should do is inspect a property before a tenant moves in. When the tenant moves in they should be provided with a move in form where they can make note of any conditions present in the property that existed upon move in. These two items can help landlords and tenants avoid misunderstandings.
If you are interested in learning more about property management Park City Utah download our free white page "5 Questions Every Landlord Should Ask Themselves".
