Every rental property in Park City property management will eventually need some type of upgrade or repair. Whether this is the result of a feature of the property wearing out and needing to be replaced or if you are attempting to add a little pizzazz to your property to set you apart in the market there are many things you can do to a property that can enhance the perception of your investment and can result in less vacancy and turnover in your Park City property management operation. Here are a few tips you can use to make upgrades that are broken out by cost, from the least expensive on up. These are all intended to be reasonable upgrades and not complete remodels/structural additions that could drastically change the character of the property.
Least Expensive
Perhaps the easiest way to make a property appear more modern and updated in Park City property management is to replace things like door knobs and locks, light fixtures, or plumbing fixtures. If your property still has brass door knobs or light fixtures, or chrome plumbing fixtures it might be time for an update. For door knobs and kick plates I recommend a brushed nickel finish. This is typically less expensive than a rubbed bronze but will provide you with a more modern appearance than any type of chrome or brass knob. Look for clean, sleek designs that will also provide a more contemporary feel. Brass light fixtures were all the rage in the 90's but also look terribly dated in 2014. I'm sure you've all seen the brass framed, beveled glass fixture, you might even still have one in your home! But you'll be amazed at how inexpensive a new, updated fixture can be and how much it will change the character of a room. Chrome or brushed metal fixtures can be found at very reasonable prices and with some basic electrical knowledge can be installed fairly easily. The same can be said for ceiling fans and exterior carriage lights. Try to maintain continuity throughout the property with your light fixtures, this will enhance the ambiance of the property. In my experience plumbing fixtures will typically fail long before door knobs or light fixtures. Again brushed nickel is a great way to go, they are inexpensive and modern. Stick with minimal designs and make sure the fixture is compatible with your sink. These small changes can drive up the wow factor in Park City property management.
Moderately Expensive
Moderately expensive upgrades to a property would entail appliance upgrades. Maybe your dishwasher has gone out and it is time to replace it. Did you know there are second hand appliance stores that will buy your used appliances, running or otherwise? Obviously this wouldn't cover the cost of all new appliances but if one of your major appliances is on its way out you can recoup some of the cost of new appliances, upgrade the appearance of your kitchen and maintain continuity, and avoid adding another useful appliance to a landfill. Way to be green! Again brushed metal appliances are always good although for a washer/dryer it really isn't as much of a show piece of the property and doesn't need any real flair. Also recently there has been a trend of black faced appliances. Always consider what works for your property and maintain continuity throughout. Upgraded appliances are a great selling point in Park City property management.
More Expensive
Some easier but more expensive upgrades to a long term rental in Park City would include things like paint and flooring. Hold on a second, paint? But you can buy a couple gallons of paint down at Home Depot for cheap! Yes this is true, and if you plan on painting it yourself then your hard dollar costs are pretty low. But painting definitely ups the elbow grease quotient. You should view your investment property as a business. Your time should also have a dollar amount attached to it. I wrote a blog post about this concept titled "Park City Property Management For 62 Cents An Hour." Check it out if you have some time. Stick with neutral colors in both paint and flooring choices, you'll cast a wider net in attracting tenants and your bottom line will benefit from it.
If you would like more information on smart rental upgrades, 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 a landlord in Park City property management you have probably been faced with a decision to replace any number of components in your Park City long term rentals. Perhaps your faucet has broken beyond repair, the carpet is looking pretty shabby and starting to tear, or the walls have so many touchup spots they are starting to look like a collage. At times like these you are going to be making a decision on replacing one item with another. Should you find the cheapest faucet at Home Depot and throw it in? Or maybe buy a unit that will work better, last longer, and give your kitchen a little more appeal. And you've probably seen billboards that say "Carpet 3 rooms for $499!" When it comes to carpet however cheapest definitely does not equal best. Here are a couple of compelling reasons why upgrades make sense for Salt Lake City property management.
Higher Rent
You might be a master at jury rigging a shower head but if you are trying to maximize your rent then you should consider the appeal of newer or upgraded things like fixtures. Of course you don't need to put gold plated faucets in your mobile home rental, your goal should be something that is a step up from comparable rentals in the area. Even more expensive items like carpet or appliances can pay for themselves. If you are able to get an extra $25 a month after spending $1000 on a better carpet then what was previously in your rental this pays for itself in about 3 and a half years. When it comes time to replace items in your Park City long term rentals it pays both in the presentation and in the month rents to put in something better than what you took out. If all the rentals in your area, particularly if you rent a property in a large condominium community, have fairly basic appliances, fixtures, carpet, etc. and you choose to make a reasonable upgrade to these components you will find your property will stand out from the crowd and you can increase your rents. Set rents can be somewhat of an art so it may not translate directly into more dollars. Take a look at my post "4 Tips On Market Rent - Park City Property Management" for more help on establishing a rental rate.
Lower Vacancy
Nothing kills your cash flow on a property quicker than vacancy. As a landlord you want to attract and keep great tenants, they are the life blood of your Salt Lake City property management operation. Maybe you decide to replace your kitchen appliances. Rather than buying used or bargain basement items you get a nice matching set that is an improvement over what you previously had. This might cost you around $1200 but if your property rents for $1200 and new appliances help you avoid a month of vacancy they have already paid for themselves. If your dishwasher goes out and you want to keep your current tenants happy try putting in a nicer unit than the one they were used to. This goes a long way towards good tenant relationships and they will be more likely to stay. Now obviously you don't need to put in a high-end Wolf range in a war zone so choose your upgrades to be slightly above the norm for a given area.
Quality Tenants
The best thing you can have in Park City property management is quality tenants. They maintain your property, pay on time, don't create problems in the community, and generally are great to work with. If shelling out a few extra dollars for nicer items helps you attract quality tenants then it is definitely worth it. Tenants who realize you are a property owner who takes care of their property, and not a slum lord trying to squeeze every dime out of a shanty, they will take care of your property as well.
If you would like more information on upgrading a rental, 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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Eventually all investment properties will be sold. Hopefully there has been a steady stream of both income and equity built by your investment that you can liquidated and utilize elsewhere. If your investment property is a long term rental in Park City there are a few things you should consider before beginning the sales process. These tips come from my position as a property manager for investment properties and my experience dealing with sales in Park City property management. If you are also in need of real estate advice CC Realty has the contacts available to provide you with knowledge of the Park City marketplace that will aid you in your decisions. Here are a couple of tips I recommend for those looking to sell an investment property.
Wait For Vacancy
Perhaps the easiest and most pain free way of selling an investment property is to wait until it becomes vacant. I know this is not always ideal from the position of the property owner but it will definitely make for a smoother sales process. If a tenant is currently on a month to month basis you can inform them of your desire to sell the property and see if they would be interested in either buying or moving out in the next few months. Try to be as accommodating as possible and realize that asking tenants to move, especially if they have been there long term, can be an upsetting experience. If the lease is set to expire in the near future then you should notify the tenant of your intent to not renew the lease and place the property up for sale. Again giving as much notice as possible is ideal. The last thing you want to do is renew a lease or find a new tenant to move in only to turn around and sell the property in a few months. This is a poor business practice in general and definitely a hardship on tenants. Plan ahead, pay attention to the marketplace and be up front in your dealings in Park City property management.
Selling An Occupied Property
Sometimes you can sell to another property investor who is looking to slot into a property that is already set up with a quality tenant. It is still necessary to notify your tenant of your intent to list a property, as well as provide 24 hour notice for any showings or property tours. Utah property management law provides protections for tenants with regards to entering a property so make sure you abide by these laws in Park City property management. You can market the property as having a quality tenant for investors or for a move in for home buyers. Just make sure you provide proper notice to a tenant when you need to access the property.
Considerations
You should always use a lease that contains a clause regarding the sale of the property. for example the lease I use states that an owner "may terminate this lease with thirty (30) days written notice. Such notice may be given at any time after Owner has entered into a final earnest money agreement with a bona fide third party purchaser." Remember that the terms of the lease survive the change in ownership. If a new investor purchases the property they are bound by the terms of the current lease. Always review these items when making a purchase or sale in Park City property management.
If you would like more information on selling a investment 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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Anyone who has owned rental properties has probably asked themselves "Should I Hire A Park City Property Management Company?" at some point. Whether they were struggling to find a new tenant, taking a phone call about leaking pipes in the middle of the night, or having to deal with the unfortunate process of eviction, having a rental property can take up both your time and patience. I have put together a few key points to analyze when asking this question.
1. Do You Live Near The Property?
The Princeton economist Alan Blinder put it best when he said "You can't hammer a nail over the Internet." This simple phrase succinctly explains the problems that can arise from managing a property from a distance. At some point, something will happen that requires direct action to solve. Touring a potential tenant through a property, posting a notice of late rent, and of course maintenance requests are just a few examples of the different tasks carried out in the usual course of managing a property. If you don't live close enough to respond to these and other types of issues in a timely manner then a property management company may be right for you. Along with being able to respond quickly to the needs of your property a quality property manager brings with them comprehensive knowledge of the rental market and housing industry. They will also have important connections within the industry to assure that your property is cared for in the best way possible. Park City property management companies can be a trusted and valued asset in managing your property.
2. Do You Have The Time And How Do You Value It?
Do you have the time to properly manage your rental property? We have established that Park City property management is a hands on enterprise so if you feel that you don't have enough time to devote to the demands of a rental property then consider your alternatives. Murphy's Law definitely applies to property management so if your life is already full with work, family commitments, taking care of your own home, and trying to find a little R&R in between the last thing you need is to fix a leaking sink or chase down some late rent payments. Everyone values their time but I most people don't try to put a dollar amount on that value.
Let me give you an example. Let's assume, on average, managing your property requires 5 hours every month. Those 5 hours can be anything from talking to your tenant about a maintenance call to depositing the rent check into your bank. Let's also assume that you can hire a property manager to do all the things you do, plus some things you either can't or won't, for $100 a month. Now you have a decision to make. You can either hire a property manager at $20/hour to take care of your property, or you can hire yourself to work as a property manager for $20/hour. If you feel that $20/hour is the going rate for your time then a property manager might not be the answer. If not then you have some things to consider.
3. Do You Have Multiple Properties?
If you have purchased more than one investment property you should definitely consider a property manager. Obviously time is a factor in this but the other point to consider is the hiring of an employee. If your investment properties keep you busy to the point that you are thinking about hiring an employee then an easier solution is to hire a Park City property management company. This saves you the necessity of establishing yourself as an employer, hiring and managing employees, and all the legal requirements that go along with this. In several ways outsourcing the management of your investment property to a professional can save you time, provide you with peace of mind, and allow you to pursue the more important aspects of your life.
If you would like to learn more about property management Park City Utah, download our free white page "5 Questions Every Landlord Should Ask Themselves".
