We all procrastinate in one way or another. Sometimes we are faced with a task that, by its very nature, we are disinclined to accomplish it. This happens in Park City property management and it has happened to me. So here is a chance for others to relate and perhaps make a change when it comes to procrastinating.
The Quarterly Report
I came into my current position with CC Realty in August of 2010. I had previously worked for a larger Park City property management company and was excited to take on a new roll. There was a lot to learn and a lot of problems what needed to be addressed in this company. I had no training from a former general manager and was basically thrown into the deep end of the pool. Shortly after I started a quarterly report from our payroll processing company arrived in the mail. I glanced at the report and realized it was a copy of the original that the processing company had filed on our behalf with the government. I figured my copy probably needed to be filed somewhere but I didn't take the time to figure that out and just tossed it in a drawer in my desk. Fast forward to 2013 and on day with a little down time I decided to clean out my desk. And low and behold there was a quarterly payroll report from 2010 at the bottom! I had since learned where those reports needed to be filed and passed it along to the accountant. We both had a good laugh about the situation and fortunately there was no harm done by my procrastinating ways. But it got me thinking how procrastinating in Park City property management can really put you in a bind.
Procrastinating Hurts
Maybe it is the nagging maintenance request that you are procrastinating. Something that isn't serious enough to demand an immediate response but troublesome enough that you dread taking care of it. Often it is these small, frustrating tasks that keep us from actually completing the job. Or perhaps you have to inform your tenants of some complaint about their behavior and you are dreading being the bad guy. It can be difficult telling a person they have to change their behavior or face further punishment, being the bad guy isn't easy. Or maybe your tenant is difficult to deal with in general and you avoid having the contact them for anything. They might start into a laundry list of problems with the Park City long term rental, or they launch into how awful the neighbors are. So what do you find yourself dreading to complete? Is there some task that you keep coming back to, some unfinished piece of business that you just don't feel like doing? Don't be afraid to jump in with your examples of procrastination, we've all been there. Hopefully, like my example of the quarterly report, it isn't something that has serious repercussions in your Park City property management operation. Anything that could lead to damage to your property or affect the health and safety of your tenants should be dealt with immediately.
If you would like more information 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.
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When it comes to Park City property management there is always more to learn and room to improve. One of my very first posts when I began blogging was "3 Tips For Successful Park City Property Management". As we approach the end of the year I thought I would offer up some additional tips that I feel really help any landlord who is involved in Park City long term rentals. These are some basic tips and by no means meant to be an exhaustive list. They are just a few things that I have found to be beneficial for landlords.
Quality Vendors
I happen to own my one rental property. And I am fairly handy around the house so I often do my own repairs. I recently replaced a dishwasher and before that a new garbage disposal. But everyone will eventually run into a repair or other type of replacement work that they are incapable of completing. Sometimes you just don't know how to fix the problem. Sometimes you do but lack the necessary equipment to do so. And sometimes you are just too busy taking care of things in your own life and don't have time to fix what is going wrong at your rental property. This is where a trusted vendor can save you time, money, and a lot of frustration for you and your tenants. Build a list of contacts for each type of trade you need. This should include plumbing, electrical, HVAC, appliance repair, carpet and flooring installation, windows and doors, and a general handyman if you are not the type of person to make repairs on your own. A good vendor does things right the first time, charges a fair rate and makes you look like an all star with your tenants.
Proper Procedures
At times Park City property management is the coordination of many moving parts in order to produce a superior result. One of the best ways to make sure that you get the right result every time is to have well-thought-out procedures in place for common things like tenant move ins and outs, tenant screening, and maintenance requests. These are things you are likely to encounter in property management and having an already established process for handling these requests takes the guess work out of sometimes complex issues. Things like move in and out forms, leasing applications for tenants, requiring maintenance requests be submitted in writing, list of house or property rules, contact lists, etc. are just some things that can help either avoid problems or solve them quickly.
Hire A Property Manager
Maybe the one thing that is keeping your Park City property management operation from running smoothly is you. Knowing if you have the skills, ability and time to handle a long term rental in Park City is the first step in deciding whether a property manager makes sense. A competent property manager brings with them a host of skills and abilities that the average person does not have. Things like property management laws and regulations, industry and market knowledge, and a professional staff only scratch the surface. A property management company takes the hassle out of managing a property and provides a professional face to your rental operation.
If you would like more information 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.
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The life blood for any landlord in Park City property management is a quality tenant who pays rent on time and takes care of your property. Perhaps you purchased this property purely as an investment and are looking to keep it consistently occupied. Or maybe you plan to later use the property as a vacation home, relocate to the area or even retire and move into the property. Either way you are looking to cover your costs generate a little money through your investment. With any property repairs will come and go, they are an expected necessity and should be planned for. But one thing that kills property management in Park City faster than anything else is vacancy. So what can you do to keep your Park City long term rentals full and your tenants happy? Let's take a look at a few things that can help you keep your tenants. This isn't anything new or fancy, just some planning and leg work that will help you achieve better results. If you feel you aren't up for this kind of work the best thing you can do is hire a competent Park City property management company. They will handle all this work for you for a nominal fee and allow you to put your time and energy into other endeavors.
Plan Ahead
Don't wait for your tenant to either decide to stay or move out at the end of the lease, contact them before it expires! At CC Realty we typically contact a tenant at least 60 days before their lease expires and offer them renewal terms. This lets them know that we want them to stay and can open a dialogue about renewing. Sometimes this opens you up to some complaints or criticisms. Perhaps the tenant is contemplating moving due to some issue with the property. By contacting the tenant before the lease expires you will have a chance to address any issues and hopefully retain the tenant. I've had a number of tenants that ask for small concessions for renewing a lease like having the carpets cleaned or some nagging repair work taken care of. This cost is typically small and always significantly less than the cost of turning over a condo, vacancy and finding a new tenant. I've also found that this can be an opportunity to build stronger tenant and landlord relationships. I can think of a few instances where a complaint was brought up during the renewal process, we were able to resolve the issue and the tenants ended up staying on for several more years. Renewals from great tenants are one of the best things you can have in Park City property management.
Incentives
Other options for keeping a tenant who is on the fence about moving include offering different incentives. This could be a discount on rent for a month, hiring a professional cleaner, upgrade the property appliances, carpet or flooring. I'm not suggesting gold-plated fixtures and marble floors, but reasonable upgrades that make a Park City long term rental more attractive to live in can save you from having vacancy and turnover. Small things can go a long way towards that great relationship that results in longer tenancy and satisfied renters.
If you would like more information on tips for keeping 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.
Let me share with you a story of how renter's insurance is the right decision for Park City property management. It all started with a small cooking fire in the kitchen of a second floor condominium. Fortunately no one was hurt but this incident caused a chain reaction of problems for both the tenant and the landlord. I would like to lay out the incident and highlight a few of the ways renter's insurance could protect both the tenant and the landlord.
The Incident
It started as a small cooking fire in the kitchen. A meal on the stove top caught fire and did some damage to the stove. This particular condominium is in a community that has a fire suppression system in each building and this fire was enough to cause the sprinkler in the kitchen to go off and put out the fire. These types of system however do not measure or know when a fire is put out and so the sprinkler continued to spray until a maintenance person and the fire department responded and were able to shut off the water to the system. By this point there was significant water damage to both the condo the fire was located in and the condo directly below. The poor people downstairs had just finished installing a new wood floor that was almost completely ruined by the water. The worst part of this situation however was the fact that the tenant did not have insurance.
The Aftermath
Both the tenant and the people living in the condo below were displaced from their homes for a few weeks while repairs took place. Since the tenant did not have renter's insurance they were forced to pay for a place to stay while the condo was being fixed. The landlord ended up being responsible for all of the damage to both properties since it was caused by his tenants and they were not insured. The upgraded flooring in both units was a complete loss, there was a significant amount of sheetrock and paint damage along with the stove, cabinets and other items. The cost of repair of all the items was so significant that the landlord eventually lost the property to the bank and the tenant had to move. When you look back and the thousands of dollars spent in this instance the small amount you would pay per month for renter's insurance seems insignificant in comparison. Renter's insurance can also offer personal property protection for tenants and some type of housing money should there be a loss. It definitely makes sense for Park City property management.
What You Can Do
The first step is to make sure your tenants have some type of renter's insurance. Request a copy of the policy and if they can't produce one ask them to get it. Another option is to hire a competent Park City property management company. We have a blanket policy that covers renters at no cost to the home owner. The tenant is free to get their own policy or use ours and the property owners are all protected.
If you would like more information on renter's insurance, 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.
In order to be successful in Park City property management you need to attract and place quality tenants into your Park City long term rentals. Finding the right tenant can keep you clear of a host of problems, from property damage and nuisance complaints to criminal behavior and evictions. Doing the leg work up front will go a long way towards ensuring you have good tenants who will take care of your property. One thing you can do to help ensure your investment property is well taken care of is to hire a Park City property management company. If you would like some more information take a look at my post "The Value of a Park City Property Management Company" or give us a call to talk about our services. But right now let's dive into some tenant screening tips that will help you filter out problem tenants.
You should have an application that requires prospective tenants to submit verifiable information about their rental and work history as well as a Social Security number and date of birth. The application I use also asks for bank account information which can be useful in the event of a collection. The application asks directly if the person has been arrested, filed bankruptcy or had an eviction order filed against them.
- Run A Criminal Background And Credit Check
Use the information you obtained on the application to run a credit and criminal background check. This will help you in several areas. It will allow you to verify whether there is any criminal history, give an indication of how likely a person is to pay their bills, and it can protect you against fraudulent use of a Social Security number. While all of these steps are important this one is a must for Park City property management. Charge to the potential tenant a small fee to process an application and you can cover the cost of running a background check.
Call previous landlords and current employers. Past performance is an accurate predictor of future performance. One of the best questions you can ask a previous landlord, besides "Why are they moving" is "Would you rent to them again?" If the answer is no you should ask for some more explanation. This shouldn't necessarily disqualify a person but you want to make an educated decision. In checking references I have run across prospective tenants that were not recommended by their current landlord. And based on the results of these conversations I have rented to some of them.
- Apply The Same Process To Every Prospect
Using the same process each time provides a few benefits for Park City property management. First it can keep you from running afoul of Fair Housing laws. If a person who fits into a protected class is treated differently than everyone else you are discriminating and this can be a costly mistake. Another benefit is repeatable results. If every tenant who applies is treated differently then you will have inconsistent results in your screening.
If you would like more information on how to screen 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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By nature an investment property will at some point be sold. Hopefully you have planned successfully, done your leg work, and purchased a property that provides you with some positive cash flow over the term of your ownership and through appreciation you are able to sell when the time is right rather than dump a property just to get out of it. In my experience in Park City property management I have been through several sales of Park City long term rentals. I have seen many different ways of handling the sale of an investment property and I would like to share a few does and don'ts for property owners.
Do
be the first person to talk to your tenants about the sale. Obviously you have talked to a realtor and probably signed a contract. But the tenant should hear about the sale from you, not some realtor they know nothing about. If you use a Park City property management company to handle all of your tenant relations then you should speak to them directly, not through your realtor. They can then contact the tenant and get everyone on the same page. There are many quality realtors in Park City property management but the notice of a property being sold should come through an already established relationship.
Don't
sign a new lease if you are thinking about selling. I have unfortunately seen this go both ways. I had a new tenant move herself and her two daughters into a place only to have the owner turn around and put it up for sale six weeks later. I then had to inform the tenant and she broke down and cried. She had just gotten settled and would have to move all over again. Moving is a difficult prospect for anyone, so consider your tenants during the sale. If a lease is coming up for renewal and you are thinking about selling then allow the tenant to go month to month rather than sign up for another year. This will give the tenant some flexibility in finding a new place. Otherwise they can be stuck until a buyer comes along.
Do
give a minimum of 24 hour notice to your tenants whenever you need to enter the property for showings. Always be respectful of the tenant's right to privacy and remember that 24 hour notice is the law when it comes to Park City property management.
Don't
assume that if you sell the property that the lease ends. Unless your lease specifically has a clause regarding the sale of the property you should know that the buyer can be obligated to fulfill the terms of the lease. Disclose the terms of the lease to the buyer and let them know they will have to honor it. Once a tenant takes possession of a property they have certain rights under Utah law. Don't get yourself in a legal bind by not honoring the terms of your Park City property management lease agreement.
If you would like more information about selling a rental 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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To the benefit of everyone fires are not a common occurrence in Park City property management. However uncommon does not mean impossible and these events can occur. I recently had a fire happen in a property I manage and would like to share with you some tips on what to do once a fire has occurred. Fortunately in this situation no one was hurt. Property can be repaired or replace, lives cannot. The worst thing any landlord or tenant could face is the prospect of a loss of life in an event such as this. A good post you might also want to take a look at is "Fire Prevention Tips For Park City Property Management" which you can find my clicking here. After a fire however there are a few things I can recommend to you that will be of benefit.
Health And Safety
The health and safety of yourself, your tenants, and anyone else affected by the fire is the primary concern. Furniture can be purchased again, carpet can be replaced and structures can be rebuilt. You should be concerned about the health and safety of your tenants, even if they are the cause of the fire. Make sure there aren't any further unsafe conditions in the property. If the damage is severe enough the tenant may need to relocate for a time. All the tenant's personal effects and items will need to be secured or removed. Taking care of the human element in this type of disaster should always be number one. The repair process will be lengthy so be prepared and don't expect an overnight result. Work through the situation with your tenant and help where you are able. If you employ a competent Park City property management company they can be invaluable in these situations, particularly if you do not live near the property. They should have knowledge, contacts and experience to help you navigate these difficult circumstances.
Coordination
Getting all your ducks in a row and all involved parties notified is one of the first big hurdles. Is your Park City long term rental part of a home owners association? If so you should notify the management company and the insurance agent for the association. Utah law has particular requirements as to who pays what and how much in a loss claim like this. You should notify all parties even if they eventually have nothing to do or contribute to the mitigation and repair. Once everyone is on the same page progress can be made towards restoring the property. Some mitigation work should be performed immediately such as removing any standing water and installation of fans and dehumidifiers if there was a fire sprinkler system that suppressed the fire. While a complete repair may take time these initial steps can help keep a bad situation from getting worse.
Insurance
As a landlord you should always carry insurance and you should always require your renters to carry renter's insurance. The last thing you want to is have an incident like this occur and not be covered. My management contract requires that an owner carry insurance and my lease requires it of a renter, you should do the same. Hopefully you aren't reading this after a fire and kicking yourself for not having done the right thing.
If you would like more information about handling fire damage 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.
Working in Park City property management I get a front row seat to watch the change of seasons. I have always felt very connected to nature and the rhythms of the seasons. I truly enjoy seeing the slow change from summer to fall to spring and back to summer. I appreciate the beauty and unique features of each season and I enjoy the various activities that become available with the turn of each month. When you feel that first chill in the air and the smell and dried leaves you know that fall has arrived. And while winter may still be a little ways away it is time to start thinking about what you need to do to winterize your Park City long term rentals. Let's take a look at some of the basics that will get your properties ready for winter.
Heating And Cooling Systems
In my experience HVAC companies are really busy at two different times during the year: the first hot week of summer and the first cold week of fall. The reason for this is that people wait until it gets hot to turn on their air conditioning or cold to turn on their heater. Rather than wait until it is needed you should fire up your heater before it gets cold. This is a great time to do a visual inspection of the unit, replace the air filter and even do some vacuuming around the flame sensors to make sure everything is clean and running smoothly. If you find the unit won't turn on these flame sensors are the first thing to check. Push the small button on each sensor to make sure they are reset and save you having to call an HVAC company. If you have a hydronic system with pumps and a heat exchanger you should make sure there is no air in the lines and the pumps are functioning properly. Heating systems work hard during the cold winter months and the last thing you want in Park City property management is a tenant without heat when the temperature gets below freezing. If there is a window mounted air conditioning unit or swamp cooler it is time to shut them down and clean them up. Any water lines running to these units should be drained and disconnected.
Plumbing
Make sure that any external hose bibs have been disconnected from any hoses. My plumber likes to joke that hose bibs that haven't been disconnected are what keeps him in business. I've heard too many stories of people not doing this and either getting a leak in the winter or finding a problem in the spring. If you have any plumbing lines that are not in a heated area make sure they are properly insulated. If the property will be vacant of any amount of time in the winter make sure the gas or the thermostat doesn't get turned off and or too low. If there are sprinkler lines in your Park City long term rentals make sure the main valve is turned off and have them blown out if possible. A little preventative work in the fall can save a lot of problems, headaches and money come spring time in Park City property management.
Additional Items
If you rent a home make sure the leaves get cleaned up. Check all the rain gutters to make sure they are clear of leaves and dirt as well. If you have heat tape on your roof or gutters make sure it is turned on and functioning properly. Any trees on the property should be cut back from the home to protect against damage from wind or snow loads. These simple steps will help protect your Park City property management investment.
If you would like more information on the winterization, 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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Here are a few helpful tips I've compiled for when a tenant moves in that are great for Park City property management. The ultimate goal of a tenant move in is to make it as painless as possible while educating the tenant on the property and setting expectations. You also want to make sure there is an agreement on the condition of the property so you are less likely to have any disagreements or problems when the tenant moves out. This is by no means an exhaustive list, just a few crucial things that I have found to be of great benefit to anyone in Salt Lake City property management.
House or Community Rules
If your Park City long term rentals are part of a condominium community you should have a copy of the community rules and this should be your starting point. Your lease should include mention of house or community rules and the violation of those rules should be considered a violation of the lease. Set clear expectations with your tenants that those rules are meant to be followed and they are expected to do so. There may even be instances where the community rules are not enough for your particular rental property. For example the community rules could allow residents to have a dog or cat but you as the property owner are not willing to allow that. Make sure you have specific house rules as well if they differ or go beyond the community rules.
Checklist and Walkthrough
Providing a checklist to the tenants that can be used to make note of any conditions present in the condo, already existing damage, or items that need to be repaired is a crucial thing for Park City property management. I typically give the move in form to the tenants and allow them a few days to fill it out before turning it in. It is often difficult for a person to notice everything about a property by performing a brief walkthrough. In my opinion a walkthrough is great for noting the general condition of a property but a checklist or move in form is ideal for a more through reporting of the condition of the property. Another key feature to have on a move in form is prices for replacement or cleaning of common items. This way the tenant is aware they may be charged a specific amount for certain items should the not take care of them upon move out.
Copy of The Lease
Perhaps this is a no-brainer but you should always give a copy of the lease to the tenant. Not only is the tenant going to want to know what they just signed (if they haven't read it already) but they may actually need the lease for certain things. Perhaps they need to provide proof of residency for things like a new driver's license, setting up utilities or getting the mail forwarded. It can also help reduce the number of questions a tenant has as they can easily refer back to the document. I have also put together some information about lease end that can be of value too. Click on "Park City Property Management - 3 Key Time Periods For Lease End" for more information.
If you would like more information on the tenant move in process, 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 you will inevitably be confronted with a choice that may not be entirely clear to you. Perhaps you have two tenants who are both interested in your Park City long term rentals. Or maybe there has been an unexpected maintenance item pop up and you have a couple of options for repair. Sometimes in these situations the quick and easy solution also happens to be the right solution. But sometimes the easy way around the problem is not the right way at all. I'd like to share a few instances where doing the right thing first would have saved a lot of time, energy, money and more for the individuals in each situation. As a landlord in Salt Lake City property management you may not have the most flexible schedule or the most time available and when confronted with a choice it is very appealing to take the easy route every time. Let's see how cutting corners can lead to greater problems.
Trouble
I recently had a tenant provide 30 day notice and we placed the unit on the market. Unfortunately the tenant was a fairly messy person so the place did not show well. My assistant toured the property with a gentleman and he amazingly agreed to rent it despite the condition it was currently in. He was under a time constraint and wanted to move in quickly so I told him we could get the place cleaned and ready in a few days. He said he understood and would be fine with that. When the guy moved in though his tune had drastically changed. Nothing in the condo was acceptable, he wanted it completely re-carpeted and re-painted and he wanted it done yesterday. He was already talking about us paying for a hotel room for him to stay in while the work was done along with refunding this rent for the time he was not living there. FACEPALM! Now I could have tried to work with this guy, make things right and keep him in. But my gut was telling me he would be nothing but problems going forward and it would be better to cut my losses. I politely told him that we simply wouldn't be able to make the repairs within the time frame he required and that I would refund all of his money. He agreed and we thankfully parted ways. We were able to spend a little more time getting the property ready, including replacing the carpet, and found a wonderful tenant who is perfect for the place. Doing the right thing first is the way to go in Park City property management.
Dangerous
At a Park City condominium association I manage a property owner came in and asked for some help with his water heater. The unit had gone out and would need to be replaced. Fortunately we have an excellent plumber who charges a very fair rate and does amazing work. My assistant gladly gave him a quote on the work and he lost it. These particular properties have a complex hydronic heating system so a regular water heater won't fit the bill. This gentleman claimed that "I'm an engineer and your plumber is ripping people off!" and told us he would do it himself. I'm not aware of exactly what he did but I am aware of the results. His neighbor informed us one morning that the paramedics had been called to his condo and that he had nearly died from carbon monoxide poisoning. Now how foolish does it seem when you try to save a few bucks and end up nearly killing yourself! If you are going to do something in Park City property management you should do it right the first time.
If you would like more information on doing things right the first time, 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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