I will be the first person to admit I am not a gambler. Every time I find myself in Las Vegas, which is infrequent, I can't help but think of all the things I could by with the money I am losing. Maybe if I was better at gambling I might feel a little different but the fact is I don't like losing money. And I feel like most people in Park City property management are like me when it comes to money, they don't like losing it! So here are a few ways that I think some landlords in Park City property management are losing money in their property management business.
1. Rent
Losing money in rent? Really? Well what does the market have to say about what your property should rent for? If you are below market you are losing rent. Whenever a lease comes up for renewal it behooves a landlord to take a quick look at what the market is doing in Park City property management and adjust up if you are able. The other thing you should consider is the idea that paying a little extra each month is easier for some tenants than the prospect of moving. For example for the longest time I hated my internet and phone provider. I didn't like the service, felt like I was paying more than I should, and wanted to switch. But when I would actually look at it the process of switching seemed more of an inconvenience than the current service was. I think many cable companies rely on this concept of customer apathy. If you are considering raising the rent take a look at my post Raising Rent At Lease End In Park City Property Management for tips on dealing with tenants.
2. Vacancy
This is directly tied to rent and rent increases. If you bump the rent up too much you could be faced with some vacancy. That may be okay if the increased rent amount you can now obtain on the open market makes it worth it to have a little vacancy. As a landlord in Park City property management you should always act quickly when your tenant provides notice that they are moving out. Start advertising and marketing before the tenant has left the property. As a landlord you can enter a property for reasonable business purposes with proper notice and touring the property to a new tenant is certainly a reasonable business purpose. If there are repairs that will need to be made once the tenant has vacated act quickly to get them going and have your property returned to rentable condition. A savvy property manager in Park City will realize that the biggest single expense is the mortgage on the property but the SECOND biggest expense is vacancy.
3. Fees
If a tenant pays late are you charging them a late fee? Does your lease clearly state when rent is due and when it is late while proscribing a fee to charge for late payment? Fees really accomplish two things: First they can provide an additional income to your Park City property management operation. Second they reinforce the importance of paying on time. But this only happens if they are utilized. If you are not collecting the established fees from your tenant when they pay late (trust me, if it hasn't happened yet it will!) you are missing out and you are allowing a tenant to pay late which will create all kinds of frustration for you as the landlord.
If you would like more information or tips increasing rental rates., 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.
The subject of renting furnished or unfurnished in Park City property management comes up fairly often when talking about long term rentals in Park City. Often times a property that was previously used as a vacation rental has undergone new ownership who would like to utilize the property in a different manner. Or a property owner finds themselves no longer able to use a property they had purchased as a vacation or second home and would like to generate some income off the investment.
So how do you determine whether you should rent a property furnished or not? There are a couple of key things to consider when making this decision that I think a property owner in Park City property management should consider. Let's a take a look at a few items I've compiled based on my experience.
- Your Intended Use Of The Property: What is your end game with this particular property? Do you want to utilize it periodically during the year? Are you looking to eventually retire here or have this property as a vacation home a few years down the road? I have one property owner who likes to come stay in Park City a few times a year in the spring and summer. We rent his property furnished during the winter as this is the peak time for rentals in Park City. It rents for a premium and he enjoys it the rest of the year. Consider what your plan is with the property when it comes to furnishings.
- The Condition of The Furniture: If the property you have just purchased has been a rental for some time, or if it was your vacation property and you threw a hodge-podge of items together to make it livable then perhaps you should consider removing the furniture. Damaged or mismatching items do not command a premium in Park City property management.
- Most Long Term Tenants Have Furniture: When renting a property you want to cast the widest net possible. That way you create the largest pool from which to pick a qualified applicant. It really is a numbers game in many ways. And experience has taught me that the majority of people looking for a long term rental in Park City have their own furniture. Sure they may lack an item or two but the generally do not want or need another person's furniture.
These are just some of the things you should consider when dealing with a furnished property in Park City property management. But as a general rule of thumb if you want to rent seasonally then keep it furnished. If you want to rent long term then get rid of the furniture. In Park City a seasonal tenant will most likely need furniture as they may just be here for the ski season while a long term tenant is someone moving to the area more or less permanently and will bring their own items with you. This does not mean you must get rid of your furniture if you rent long term. But again it you are trying to cast the widest net possible don't limit yourself to a long term tenant who needs furniture.
If you would like more information on rental management, 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.
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.
Problems happen in Park City property management, it is a fact of the business. Some things cannot not be avoided, like a surprise leak in a water heater, but many problems that you encounter in managing long term rentals in Park City are related to the behavior of either a tenant or a landlord. And while you can't always make another person change you are in control of your own actions in any situation you encounter in Park City property management. So for today I have created a list of 8 things that by doing or not doing you can make your life a lot more difficult. These are just a few tips and tricks that I feel help make a property management operation run smoother and hopefully will help you out.
- Not Communicating: Maybe you don't want to be bothered. Maybe you are busy. Maybe you just don't care. But if your tenant calls you with something that requires a response waiting a few days or not calling them back ever is unacceptable. Many small problems can easily become big problems if they are neglected rather than dealt with promptly. I'm not saying you need to be available 24-7 but if your tenant has a question or concern you should get back to them as quickly as is reasonably possible.
- Don't Maintain The Property: Maybe your tenant calls with a minor maintenance item. You are busy or not interested in fixing it so you let it go. Or after a tenant moves out you get the place cleaned and do little else. Unfortunately properties require maintenance, it is no different for Park City property management than anywhere else. Not attending to small maintenance items can cause them to turn into big maintenance items. And not doing preventative maintenance regularly can lead to costly repairs down the road.
- Have Your Buddy Take Care Of The Place: Maybe you used to live in the property but have had to move away. So you ask a buddy who lives nearby to help you take care of the place. He's a good friend and you want to make as much money as possible on your rental so you aren't paying him. Bad idea. Even the best of friends are going to put your rental property as their first priority. Your buddy isn't going to have any of the proper insurance or licensing and probably not any of the skills or knowledge necessary to manage a rental property.
- Don't Charge A Late Fee: If you never charge a late fee chances are you tenant will pay late. Some tenants are on the ball and always pay their bills on time. But some need that motivation provided by a late charge to keep them on time. You may need to do it only once but doing so is significantly better than chasing down a rent check in Park City property management.
- Refuse To Rent To Any Protected Class: In last Friday's blog titled "Questions You Can't Ask In Park City Property Management" I went through all of the different protected classes found in Fair Housing laws and types of questions you shouldn't ask regarding them. If you catch yourself not renting to any of these classes in a discriminatory manner you could find yourself in a lot of trouble. The simple answer is don't do it.
- Not Using Proper Notices: If you aren't using a proper notice for late payment, eviction, entering a property, etc. you are doing it wrong. A tenant has certain rights to a property and you can't just enter without either using a proper notice or obtaining permission first.
- Not Using A State-Specific Lease: Something you pulled of Google is better than nothing. If you aren't even using a lease then start ASAP. But even better find a lease that is written for your state. Each state has specifics and for Park City property management you need a lease to match them.
- Changing The Locks: You want your tenant out so you just change the locks. Simple, easy, done. Wrong! First it is illegal, second there is a specific process you need to go through in order to prevail in an eviction proceeding in court. Always do things the right way.
If you would like more information or tips on good practices, 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.
A few days ago I was performing a property inspection at a large condominium complex that I manage. Inspections are an important part of Park City property management. They give you a firsthand idea of the condition of the property and I highly recommend them. Part of my inspection is to walk all the hallways and stairways, inspect building exteriors and interiors, and the areas surrounding the buildings. I look for a wide number of items but one particular thing I noticed during this inspection was the amount of refuse generated by the occupants of the property.
There was a couch that had been cut in half and crammed into a dumpster. There was an older glass screen TV that had been abandoned on a third floor landing and was collecting dust. There were empty boxes stacked outside the door of one of the condos. It just reminded me that humans generate a lot of waste. About a month ago at the same complex some garbage dumpsters didn't get picked up on one of the pickup days (we have three a week). You would have thought the world was going to end by the reaction some people had to the mess that was created. People create garbage and garbage creates problems. So what can we do to combat this endless problem?
- Reuse: There are many options available that allow unwanted items to be reused. Locally we have the Habitat For Humanity Restore. They will take certain items that you can donate and are in good repair and sell them. This serves several purposes. It diverts waste such as household goods or construction materials from landfills to protect the environment and provides an inexpensive source for these items to low income families within the community. Restore then uses the money generated from the sale to fund low income housing. Some items that are not accepted at Restore will be taken by The Christian Center. They are both great sources for disposing of unwanted items in a responsible manner for Park City property management.
- Recycle: I am regularly amazed at the different type of items the local Recycling Center in Park City will accept. Items like the TV I mentioned can be taken to the Recycling Center rather then tossed in the dumpster to clutter a landfill. There are even companies in the Salt Lake area that specialize in electronics recycling. We use an awesome company, Curb It Recycling, to pick up bins placed around the property for the collection of paper, cardboard, and mixed glass, metal, and plastic. Many municipalities offer recycling pick up as well and this should continue to grow in the coming years.
So what does this mean for Park City property management? Well the last thing you want is a property being overrun with garbage. Informing your tenants of local recycling options, proper refuse disposal, and general expectations regarding the condition of your long term rentals in Park City can really help combat possible problems with waste disposal. And this also goes back to my point about inspections. Keep an eye on your property and you will know of any potential problems before they get out of hand.
If you would like more information or tips on property management, 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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I can vividly remember the first time I went snowboarding. I grew up skiing with my dad but in my early teens snowboarding was coming on big time and some of my friends who had never skied were giving it a try and I wanted in! I got an old board, some bindings that worked with the board and a pair of regular old snowboard boots and headed to the mountain. I didn't have any lessons or pointers and the first day was so full of painful crashes that I almost quit! Fortunately I didn't and snowboarding became one of my most cherished activities and even provided me with some employment opportunities. Park City property management can be the same. There are plenty of opportunities for you to crash and burn in your first attempt at managing long term rentals in Park City. So I thought I would give a few pointers to help you keep the board side down in Park City property management.
- Know Your Market. How much should your property rent for? Some people think their mortgage, insurance, and condominium fees should determine how much your property rents for. They do not! The marketplace determines what your property should rent for. If you paid a lot for a property that rents for a little the only person you have to blame is yourself. Do your research and establish a competitive rate. Be flexible in your pricing, particularly if your property has been vacant for a few weeks or more. Offering incentives or discounts on a month's rent is a great way to attract attention in Park City property management.
- Know The Law. Be prepared to get an education in Utah landlord/tenant laws if you want to be involved in Park City property management. You should learn about everything from discrimination laws to maintenance and habitability requirements. "Winging it" might work for a while but could get you in serious trouble. There are a lot of nuances to Park City property management law that the average person has never thought of or encountered. The last thing you want is to be charged in a discrimination suit because you wouldn't rent to a family with young children or have an eviction claim tossed because you didn't serve the proper notice.
- Screen Your Tenants. Do a complete background check, call references and verify rental history. And do the same thing for every tenant, no exceptions. You have invested a lot of money in Park City property management and you want to get the type of tenant who will respect your property. The best predictor of future behavior is past behavior so figure out how your prospective tenant was as a renter. Ask previous landlords if they would rent to them again, why the left and how they took care of the property. Don't take the first person who can throw a deposit and some rent your way, make an informed decision.
- Hire Some Park City Property Management. A property management company will offer these services and more. They will take the hassle out of owning an investment property. They will also provide your property with a professional face and allow you to pursue other interests or activities. And all for a low monthly fee!
If you would like more information or tips for first time landlords, 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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In Park City property management there are good months and there are bad months. It seems as though I may go for a while without having any complaints, maintenance emergencies, and tenant problems. And then everything seems to happen at once and maybe you scratch your head and wonder why you got into this business in the first place! Well here are few tips that I have found will help you get through these difficult times. And I've even put them in a convenient list because we all love lists!
1. Check Out Prospective Tenants
I have a tenant right now that I should have never rented to. They had questionable references but a solid ability to pay. The first red flag came right after they moved in. They said they wouldn't be able to pay on time, not only this month but every month. Then when they did pay they ever paid a full amount. And the latest and greatest from this tenant is that they are moving in a few weeks to California. Part of me is happy to see them go but part of me is kicking myself for ever letting them move in. Make sure you do thorough background and reference checks on all prospective tenants and don't take on any future problems, you'll thank yourself for this. This is a crucial thing for Park City property management.
2. Keep Valid Contact Info For Your Tenants
I can't tell you how many times I have emailed a tenant and had my message bounce back. Or made a phone call to a tenant and received messages like "this number has been disconnected" or "this subscriber does not accept incoming phone calls". And if you get lucky enough to get a voicemail and it either only lists the number so you don't know for sure if you are calling the right person or you get a message saying they "the voicemail box is full". Come on people, get your act together! Lately we have been auditing our information on tenants to make sure we have valid, working contact information and I recommend you do the same. Emergency situations happen in Park City property management and you need to be able to quickly get a hold of your tenants.
3. Have Quality Subcontractors
Let me first say that there is never an opportune time for a water heater to start leaking. But when it is 15 degrees outside and it is a Friday afternoon and the tenant needs to go to work and do the dishes and the laundry is piling up and they have a young baby that needs a bath and well I think you get where I am going with this. A trusted subcontractor can really help you out in a bind, keep your tenants happy and make your life a lot easier. Keep a good list for your Park City property management operation and you will be ready for anything.
4. Know The Law
One quick way to get yourself in trouble is to break the law when it comes to Park City property management. Know about Fair Housing, service or companion animal, property possession, security deposit, and tenant/landlord laws. The last thing you want is to have a legal problem on your hands.
5. Get Some Help
If all this sounds like too much for you to handle then get yourself a professional Park City property management company. For around 10% of gross rents you can have a competent company handle all these aspects of long term rentals in Park City for you. Even if you don't utilize the full services of a property management company consider using trusted vendors for certain repairs that you either can't or don't want to do.
If you would like more information or tips on being a landlord, 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.
First let me say that good tenants are the lifeblood of Park City property management. They take care of a property, pay rent on time, and are responsible people who respect the relationship that exists between and landlord and a tenant. And if all tenants were this way I wouldn't have much to write about today. Sadly some tenants can be very difficult to deal with. Today I would like to focus especially on tenants who complain or nitpick very small issues in long term rentals in Park City. I'm sure you know the type, they make mountains out of mole hills and demand that every small item be fixed. Things that are acceptable to most people are completely unacceptable to these individuals. Let me share with you an experience I had with this type of person.
On Second Thought...
About a year ago I had an interested person tour a rental property. The current tenant still occupied the property and was in the process of moving out so they place did not show well. The prospective tenant was willing to overlook some of the clutter and I explained to him that we would have the place cleaned and ready for his move in. A few weeks later the old tenant was gone, we had the property and carpets cleaned and maintenance did some touch up work in the property. Unfortunately what I thought would be a regular move in turned out to be anything but. The tenant said the property was completely unacceptable. They found everything wrong they possibly could and started making demands as to what would had to be fixed and when. The straw that finally broke this camel's back was a demand that the carpet be replaced immediately. And by immediately they meant TODAY! I began to get the feeling that with this individual it wouldn't matter what we fixed it would never be good enough. I spoke with the owner of the property and recommended that we refund this person's money on the basis of being unable to meet their timeline for the required repairs. After describing the situation the owner agreed and I happily bid this person a fond farewell. Fortunately I was in a position where the tenant had not moved in and I could cut ties with them quickly and cleanly. But what if you aren't in this situation? Let's take a look at some options for Park City property management.
What To Do.
So if you find yourself dealing with a difficult tenant who seems impossible to satisfy here are a few things you can use as a landlord to help the problem.
- Use a move in/move out sheet. This document is used by the tenant when they move in to make note of any damage or existing conditions in the property. Be clear with the tenant that they will not be charged for any item they make note of on this sheet when they move out. This may help alleviate any concerns the tenant has about being charged for something they didn't do.
- Be firm and clear on what your responsibilities as a landlord are. Park City property management has specific laws regulating what landlords must take care of. Tell the tenant that you are there to fix things that break and take care of emergencies but you are no their person handyman. They toured the property before taking occupancy and they did so willingly. Be polite but firm and make sure they understand what is acceptable and what is excessive.
- Ask them to leave. If push comes to shove you may just want the tenant to leave. Be kind and tell them that you feel like you are unable to meet their requirements and that you are releasing them to find a property more suitable to their needs. If they are as unhappy with the place as they seem to be they will probably be glad to leave.
If you would like more information on dealing with problem tenants, 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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Today I would like to share a few of my favorite landlord tips that I've learned over the years and found to be very beneficial to anyone working in Park City property management. This is far from an exhaustive list and are really just a few of my favorites. The key to being a good landlord is to somewhat be a jack of all trades. 
You need to be a handyman, marketer, investigator, conflict resolution specialist, and above all an honest person. There are many things that go into a successful operation and here are a few that I feel are important.
A Reserve Account
As a property manager who also does Park City HOA management I am very familiar with the concept of reserve accounts. Essentially a reserve account is money set aside in anticipation of future repairs to a property. Along with death and taxes property repair is a sure thing. Obviously you keep a security deposit in the event that a tenant does damage to a property, but are you keeping money in the event that something in the property breaks? Water heaters leak, furnaces break, appliances die, and in general the components of your house only have a certain useful life. I have too often run into a property owner who is caught completely unprepared for an unanticipated expense. I say unanticipated but is a 15 year old water heater developing a leak truly unanticipated? And when something as crucial as a water heater goes there isn't any wiggle room with getting by, performing and band aid repair, or telling the tenant you will "get to it soon". As a property owner you should have an account set aside for repairs and maintenance of your long term rentals in Park City. Establish the account when you purchase the property and make sure to put a little money into it every month. This way when repairs come up you can act swiftly and you will have happy tenants who recognize your willingness to maintain your property and respect the property as well.
Good Tenants
Good tenants are truly invaluable. I have seen all types of tenants in my time with a Park City property management company and I can tell you that some tenants are just not worth the problems they bring. As a smart landlord you should always be thorough in you background checks. You want to make sure you get the right people. Once a tenant has taken occupancy it can be a difficult process to have them removed. But when they are prospects all it takes is a simple no. Do your research and get the right people. And once you have those great tenants make sure you take care of them. Be a responsive, courteous landlord. Some tenants are not comfortable with a landlord entering a property when they are not present, respect this. When you receive a maintenance request respond quickly and thoroughly to the request. From a tenant's point of view they are paying a good amount of money and they expect a landlord to do certain things. If you have a good tenant who happens to have a month when rent is late don't treat them as though they are suddenly a criminal out to rip you off. Speak with them directly and honestly to see what they can pay and when. Use your best judgment in these situations. You should carefully weigh the tenant's proposal against your needs as a landlord and the requirements of the lease agreement.
If you would like more useful landlord 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.
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In the search for a tenant in Park City property management you may come across a tenant who is lacking in either rental history or an acceptable credit score. This of course assumes that you are using your already established method for determining a tenant's qualifications. If you would like more information on that subject you can check out "5 Ways Tenant Screening Helps - Park City Property Management." But for the sake of today's blog let us assume you've already got that aspect of your Park City long term rental operation dialed and are considering renting to someone who has a deficiency in the previously mentioned areas. One good way to protect yourself is with a co-signer.
What Is A Co-Signer?
As most of you are aware a co-signer is a person who willingly signs their name on a lease and becomes a party to the agreement. A key for understanding co-signers is the idea that anyone who signs on a lease is wholly and equally responsible for the terms of the lease. There is no 50/50 split or anything of that type. If there are two parties they are both equally responsible for ALL the terms of the lease. Typically a co-signer does not actually pay rent for a property but again any type of arrangement between the co-signer and the person residing in the property is up to them. The important thing to know is that both parties agree to pay the full rent every month.
When A Co-Signer Helps
I had a tenant several years ago who had less than adequate credit. I decided to take him on with the condition of having a parent co-sign on the lease. That turned out to be one of the best decisions ever. The tenant was frequently late on rent payments and generally avoided my phone calls and notices after the 5th of the month when rent was late. But a simple email to his mother and either he would be right in to pay or a check from mom would be in the mail. After a year lease I elected not to renew to the tenant as chasing down rent payments is tedious and I had no desire to keep myself in the middle of a parent/child dispute. But in this instance a co-signer was all that kept the tenant from being evicted.
When Should You Get a Co-Signer?
First, it a potential tenant willingly volunteers to have a co-signer you should definitely take them up on it. It may be that nothing goes wrong but a co-signer is a little bit of additional insurance for your Park City property management operation. If a potential tenant is just starting out on their own you should require a co-signer. Most people of this age still have some dependency on their parents and asking this of a first-time renter is not unreasonable. I have also asked for co-signers of people who recently went through a bankruptcy. Having verified income helps but again that extra bit of insurance a co-signer brings can alleviate concerns about a potential tenant. You should always run a co-signer through the same process you put every potential tenant through. They should fill out your application, have a credit and criminal background check run, and verify income.
If you would like more information about tenant screening and co-signers, 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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