So you've put in your elbow grease getting your long term rental in Park City ready to rent. You've had a few tours and found an interested party. You had them fill out an application, ran a background check and spoke with their previous landlord about how they were as tenants. Everything looks good so you take a deposit and the next step is to hand them keys and start collecting rent right? Wrong. You've missed out on one of the most important steps in running a successful Park City property management business, the tenant move in process.
Start With A Checklist
Ideally you should put together a checklist for yourself to make sure the process is consistent and repeatable for every tenant, whether you own on property or one hundred. A checklist should contain standard things like house rules, lease signing, deposit collection, key check out, and a move in sheet with utility company phone numbers. You can also get property specific if there are certain things that your tenants should be aware of like heat tape, swamp coolers, hot tub maintenance, etc. Most of our properties have water softeners so we make sure the tenant is aware of how to check the salt level and keep it full. When you are putting your checklist together take some time to think about the important components of a tenant moving in and include those items in your list.
Review The Lease
Go over the terms of the lease with your tenant and provide them with a copy. Make sure they are aware of any charges or fees that apply should they violate the terms of the lease. Explain things like late fees and when rent is due. Some people go to the extent of reading the lease to the tenant, if you feel this is necessary then by all means do so. Make sure you are using a lease specific to your state and not just something you pulled of the internet. Unless specified in your lease there are certain terms and statutes that apply in different states so make sure you are an educated landlord. There are many places you can get the information you need for Park City property management so remember an internet search is your friend.
Perform A Walkthrough
Do a walkthrough with the tenant to make sure they are familiar with the property and any existing damage or conditions in the property. They don't want to be charged for a stain they didn't put in the carpet and you don't want to charge them for it either. We also utilize a move in sheet that contains prices for items left dirty or damaged. This way the tenant knows exactly what they are responsible for up moving out of the property. We allow our tenants a little time to return the move in sheet, usually a few days. This way they are able to make note of any damage as they become more familiar with the property as they move in and get settled.
If you would like more information about handling loud, partying 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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Sundance has just ended here in Park City property management and Hollywood can head back to California. In their wake I'm sure there were more than a few wild parties thrown, both at local bars and properties that were rented out during the festival. But it doesn't take a movie star to have a noisy party, regular tenants can have them too. Now there is nothing wrong with the occasional get together, having friends over, birthday parties, etc. But when a party carries on late into the night past quiet hours and is excessively noisy it can invite a host of problems. Damaged property, upset neighbors, police visits, property destruction and littering, and public intoxication and drunk driving are just some of the things that go along with residents throwing crazy parties. So as a Park City property manager how do you handle these things? Let's take a look.
Have Established Rules
You should have a set of house or property rules already in place and your lease should either contain the rules or mention that they are available and the resident must abide by them. For example our lease says "Resident, its guests and other occupants shall comply with all written rules and regulations which shall be considered part of this lease. Such rules and regulations shall be available from Owner and Resident acknowledges receipt of such Rules and Regulations." This way you have made it clear that the rules must be followed by the tenants and their guests too. Anything you can do to protect yourself and eliminate confusion in Park City property management is a good thing.
Document Complaints
If you receive a complaint you should try and get it in writing from the person complaining. Ask them to be specific about date and time, nature of the complaint, etc. This way you have some written evidence in case the problem tenant disputes the claim. Keep these records in a file with the tenant's lease, application, etc. Good record keeping is essential when you are handling long term rentals in Park City.
Send Notices
The first notice I typically send out is essentially a warning. It explains what the complaint is and potential penalties if the issue persists. Make sure you keep a copy of this notice for yourself and either hand deliver it to the tenant or post it in a conspicuous place at the property. If the problem persists the next step in Park City property management is to post a "Comply or Vacate" notice. We use a 3 day notice that requires the tenant comply within the 3 days or we will begin an eviction proceeding. Eviction should truly be your last resort for people who continually flaunt the rules and are unwilling to change. It can be an expensive and drawn out process, particularly if the tenant decides to fight it. As always please remember that while I know a few things about Park City property management I am not an attorney. If you find yourself facing the prospect of evicting a tenant there are many competent attorneys who practice real estate law and a wealth of information available from state agencies.
If you would like more information about handling loud, partying 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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Unfortunately in Park City property management you will at some point encounter a dead beat tenant. Maybe this person up and left in the middle of the lease with no warning or notice. Maybe they finished the term of the lease but left a significant amount of damage to your property. There are many scenarios in which a tenant can cause damage in excess of a security deposit and if they are unwilling to pay then the next step you should take is attempting a collection. In order for a collection to be effective there are a few steps you should take before anyone even becomes your tenant and there are steps you should take after. Let's take a look at some of these tips on how to collect from bad tenants.
1. A Good Background Check
While this is not fool proof a good background check in the application process can help you weed out people with a higher risk of property damage, breaking a lease, etc. References, employment, rental history and a credit check are all tools you can use to make an educated decision in Park City property management.
2. Bank Account Information
You should ask for bank account information on your application. This will be a very crucial piece of information should you need to attempt a collection. Once a judgment is obtained you may be able to directly withdraw money from a former tenant's bank account in order to satisfy charges you incurred that were the fault of the tenant.
3. Accurate Records
You should have a move in sheet where you and the tenant can make note of any existing damage or conditions in you Park City long term rental property. This way there is no question as to what damage a former tenant caused if your case goes to court.
4. Keep Receipts and Invoices
If it is necessary to make repairs after a tenant has left you should keep copies of all receipts. Carpet repairs, drywall patching and painting, property or carpet cleaning services, and smoke remediation are just a few if the types of repairs you may need to undertake to return a property to rentable condition. You as a Park City property management landlord don't want to pay unnecessary costs so keep track of these items for your collection efforts.
5. Utilize a Collection Agency or Attorney
The legal system can be difficult to understand and simple clerical errors on your part can cause your entire case to be thrown out. Utilizing an attorney or collection agency can be an invaluable tool in obtaining payment for damage caused by a bad tenant. These agencies typically require only a small fee to start your claim and are paid for their efforts through fees tacked on to your claim.
6. Be Patient
Claims take a long time. You do not want to be in a position where payment for these repairs is immediately necessary to your Park City property management operation. It could be years before you see any money, if at all. Realize that the process will take some time and is not always successful.
If you would like more information about collecting from bad 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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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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One of the first things anyone interested in Park City property management will ask is "How much does it cost?" And while this number can vary a good rule of thumb is 10% of gross rents plus maintenance costs as they occur. But I like to take that a step further and translate that into a number with some more meaning. Essentially I like to answer the question of value. Cost is easy but value is a more slippery thing to grasp. What is the value of the service provided in Park City property management? I have a pretty easy way of breaking it down into a very compelling argument.
A Little Math
Be forewarned, I am not very good at math. I struggled through algebra and to this day disagree with my math teacher's presumptions that I would use these skills later in life. But accounting I can do, and if you have a firm grasp on addition, subtracting, multiplication and division then I think you are set for life! So let's say your long term rental in Park City rents for $1000 a month. If your Park City property manager charges 10% you are paying them $100 a month. One way to look at a property management company is as a contract employee for your personal rental property business. So basically you have an employee for your business who will work for $100 a month. But the key here is that a property manager is working for you full time, 40 hours a week, 52 weeks a year. To break it down into an hourly rate you have a fulltime employee for your rental management business who works for $.62 an hour! And most Park City property management companies have multiple employees who handle tenant relations, marketing, accounting, maintenance, etc. And that $.62 an hour doesn't include after hours or emergency availability! Are we starting to see the value now? If not than think about putting a classified ad in your local paper offering a fulltime job for $.62 an hour and see how much response you get!
The Big Question
Now you have to ask yourself "Am I a 62 cent an hour employee?" You need to understand that you are running a business when you own a rental property. There has yet to be a built a home that takes care of itself and I have yet to find a tenant that is their own landlord too. You are running a business and you need to pay someone to do the work. So how much are you willing to work for? If the answer is more than $.62 an hour then perhaps you should take a look at Park City property management. Not only are our wages great for your business but we have competent and professional employees, a wealth of knowledge on managing properties, excellent contractors and vendors, and established and successful strategies and marketing. So stop being a 62 cent an hour employee and start doing better things with your time! When you really break down what you get for what you pay there really is a lot of value in Park City property management.
If you would like more information on the value of a property manager, 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've written a few posts for Park City property management about tenant screening, most recently "Tenant Screening Tips for Park City Property Management" if you are interested in reading further on the subject. Today I would like to offer up a few things that I have learned about what you should not do when it comes time to find yourself a new tenant. There are all kinds of people in this world and many of them are looking to rent a place. You want to make sure you get somebody who is great and will both protect your investment and be an integral part of your Park City property management operation. Without good tenants we would be in a world of hurt so let's try and find the best!
Don't Put Yourself In A Tight Spot
The last place you want to be is one where you feel like you don't have a choice and must take the first tenant that comes your way. That's not to say that the first tenant won't be great, but you do not want to be desperate to fill your property. Set aside money for your Park City property management operation to weather a few months of vacancy, large repairs, etc. You do not want to be so tight on things that you can't take even a month without a new renter. Sure it is painful to lose money on your investment property during vacancy but you should realize that this will happen from time to time and have some pain tolerance when it comes to these losses. The idea is to think and plan ahead so that you do not fine yourself in a difficult position or feel forced to take on a less-than ideal tenant. Work from a position of strength and you will be much happier with your results.
Don't Wing It
When it comes time to find a new tenant you should have an effective plan in place to deal with vacancy. You should already have a network of contractors and service providers who can take care of whatever work you need to get your property into rentable condition. You should have established channels and methods for marketing your property that have proven themselves effective at finding good tenants. Your application process, including background checks, should also be established and repeatable. If you can't perform the same process then you can't expect the same results. Keep to your plan and take the guess work out of finding a qualified tenant.
Don't Say Something Stupid
Hopefully you know this by now but there are certain things you cannot ask a prospective tenant. You must always deal fairly and equally with any prospect that comes your way. If you need to reject a person there must be a valid reason for doing so, which is another reason why an established application process is so important. The things you can't ask or say to a person are related to fair housing discrimination laws. I have covered this topic before, you can take a further look in "Discrimination Testing - Park City Property Management" or you can look up state and federal laws on the internet. There is a wealth of information and tips available to landlords and unfortunately ignorance is not a defense. Don't get caught saying something that could get you in serious trouble.
If you would like more information on how to find great 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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Sometimes Park City property management is a great business to work in. You are providing a valuable service in the form of long term rentals in Park City. There is a good clientele of families and working professionals who are in need of this valuable service. For the most part people are happy to live in this area and are generally decent, understanding people who pay rent on time and follow the rules. But sometimes there are problems. Obviously maintenance requests and the like happen from time to time but every now and then you will run into an instance where two parties are in dispute and you as the Park City property management person are in stuck in the middle. Here are some tips that I have found to be effective when you find yourself in this situation.
1. Listen
In order to properly understand what the source of conflict between the two parties is the first thing you need to do is listen. Even having a person to vent to can help alleviate a situation. Let a person talk and don't interrupt them unless you need clarification on a certain point. Allowing a person to speak and express themselves is important in this stage of resolving the conflict. The ability to listen is key for Park City property management.
2. Investigate
Before coming to a conclusion about a complaint you receive you should do some investigating. If the complaint involves another party talk to the people the complaint is about. Perhaps they are unaware they are doing something that is causing a problem. They may make an immediate effort to change which solves the problem entirely. Of perhaps they are resistant to change and feel they are the ones who have been slighted. You may find yourself back at step one with the second party but you need to have both sides before you can make an effective decision.
3. Be Neutral
It is very easy, when listening to two sides of the same argument to become biased to one point of view. Perhaps a resident is complaining about his neighbor's children making a lot of noise. If you yourself have children you are probably aware that children can at times be noisy and there isn't always something you can do about it. But that does not invalidate the concerns of the complaining party. Try to be a non-judgmental middle man in these situations, it is the best route for Park City property management.
4. Work Towards Compromise
Not everyone gets exactly what they want out of a dispute. Look for the areas where the two parties are willing to compromise and where they are not. Even if people are adamant that they are not at fault ask them to give a little to reach a resolution. I've had people argue until they are blue in the face that they are not doing anything wrong and I've still asked them to make an effort at change. Compromise is your goal for Park City property management.
If you would like more informative tips on conflict resolution, 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 know that sometimes I can be a little behind the times and this is one of those instances. Not necessarily in Park City property management but in other things! I just recently read the novel "Blink: The Power of Thinking Without Thinking" by Malcolm Gladwell. Yes I know the book was published in 2005, nearly a decade ago, and yes I know it is a great book. I had heard of it when it was originally published and remember it being referenced in different conversations I have had with people but I never got around to reading it until now. "So what does this have to do with Park City property management?" you might ask. Well that is the point of my blog today, so let's dive in.
Premise
For those of you unfamiliar with the book Gladwell posits that experts within their respective fields are able to make accurate, relatively uninformed decisions at a glance with a minimum of information. He terms the concept "thin slicing" and gives many examples from experts in various fields that are able to make quick and accurate judgments with limited information. Perhaps you have felt this in your own life, where your first instinct about a situation or decision was the correct one. Gladwell also notes that additional and sometimes exhaustive research is no better at producing a correct decision and can also lead to indecision. He also delves into stereotypes and how they can cause people to make inaccurate judgments. So what does this mean for Park City property management?
Application
There have been instances where I have made both the right and the wrong decision when it comes to accepting a tenant. I can recall specifically some tenants who checked out in every way, had decent credit scores and no red flags on their background check. They had good jobs and were ready to move in when I needed a new tenant. But something about them just seemed a little off. I couldn't put my finger on it and after doing my diligence as a Park City property manager I gave them the okay. Big mistake. They ended up being nightmare tenants, completely unreasonable and even confrontational to deal with. They were rude to their neighbors, didn't take care of the property, and it was a bad experience all around. Fortunately they asked to move out at the end of their lease but the problems did not stop there. The place was a disaster, they were completely unreasonable when it came to tours, after seeing the conditions they lived in no one wanted to rent the place. I eventually gave up tour and waited until they moved out. I should have followed my first instinct to deny them but I unfortunately made the wrong choice. I have also had instances where my first reaction to a prospective tenant was very positive. And despite low credit scores, rough appearance, and less than ideal results on background checks I decided to rent to these tenants and they have been great.
Summary
If you are new to Park City property management you should follow all the recommended steps when choosing a tenant and try to make as informed a decision as possible. If you are an old hand when it comes to property management in Park City Utah you should STILL do all those things but ultimately trust your first instincts. If all that sounds a little scary to you then you should hire a Park City property management company!
If you would like more informative tips on making good judgments, 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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Happy New Year to everyone here in Park City property management! 2013 was a great year and I am looking forward to 2014. I thought this would be a great opportunity to share with you a few of my favorite tips for Park City long term rentals that will help any landlord in Park City property management. Maybe you can incorporate a few of these tips as part of a New Year's resolution to be the best landlord you can be. Let's take a look at some of my favorite tips that will help landlords in Park City property management.
Be Proactive
Whether it is a maintenance request, a problem that your tenant relayed to you or the general condition of your property taking a proactive approach is always best. Many maintenance items can be easily dealt with if they are discovered quickly or dealt with when first reported. A nagging item can sometimes take a repair from quick and cheap to long and expensive. If a tenant has a complaint about a neighbor or some other type of issue, do not let it escalate. I have seen issues go ignored until a great tenant feels their only option is to move out. If a tenant comes to you with a complaint or problem make it a priority. Even if you ultimately can't do anything about a particular issue the tenant will at lease know that you are concerned over their peaceful enjoyment of your property.
Take A Reasonable, Understanding Approach
The old saying "you catch more flies with honey than with vinegar" is definitely applicable when it comes to Park City property management. If you are a reasonable, understanding person you will generally be treated in the same way. The last thing you want in a tenant/landlord relationship is for things to become personal in a negative way. If a tenant is a few days late on the rent with a reasonable explanation there is no need to berate or excessively drive home the point that rent must be paid on a certain day every month. If you have good tenants then treat them like good tenants! They are an important part of your property management operation and should be viewed as such. If you find yourself turning into the landlord who feels like every tenant is out to screw them over then you are headed in the wrong direction and my next tip might be just right for you.
Hire A Park City Property Management Company.
If you are feeling overwhelmed with taking care of your rental property, if you are tired of dealing with tenants, or if you are just too busy and don't have the time then you should consider hiring a competent Park City property management company. A good property manager has all the resources, staff and tools available to take the hassle out of a rental property. For a small monthly fee you are free from the constraints that having a rental property can place on your otherwise busy schedule. No more Friday-at-5pm maintenance calls or worrying about collecting rents. A good property manager will handle all this for you and more and is something you should strongly consider for Park City property management.
If you would like more informative 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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Hopefully all of you have had an enjoyable holiday season, full of good times with family and friends. I know it was good for me to take a step back from Park City property management during the holidays to spend time with my wife and children. The holidays truly are about family and I value the time I get to spend with them. But now the New Year has come and as we welcome in 2014 it is a time for us to reflect on what we accomplish in 2013 and set our sights on goals for the new year. I would like to share a few things I've learned in 2013 and what I want to improve upon for 2014.
Year In Review
2013 marked the first year that I jumped headfirst into inbound marketing, blogging, and joining the wider online community to promote CC Realty as an excellent option for Park City property management. I redesigned the CC Realty website and created significant functionality improvements to bolster our online presence. I drafted new content to flesh out the site and began my new career as a thought leader in property management in Park City Utah. It has been a very interesting experience and I have learned a lot along the way. I have enjoyed my time as an online marketer and have seen some success through my efforts. Certainly there have been many starts and stops along the way and times when I questioned if what I was doing would actually succeed. And I am not even close to where I want to end up in this process, and it is certainly a process! Online marketing is truly a full time job and it has been a balancing act for me to complete the demands of this new venture along with everything else I normally do. But ultimately I have enjoyed the process.
The New Year Ahead
Now that 2014 has rolled around it is time to make some new goals for the new year. For me, looking at Park City property management, one of my goals is really a continuation of my 2013 goal to become an online marketer. I've really just gotten my feet wet with online marketing and for 2014 I want to continue to pursue this goal. I would like to learn more about content management and how I can optimize search results through thought leadership on my website. I want to increase my social reach and engage interested people through various channels available to me. I want to increase my digital foot print and ranking for keywords relative to this business. Outside of online marketing I am looking to improve inefficiencies in the business through procedural changes. I want to maximize my time more efficiently. I plan to follow up on leads more aggressively with the goal of increasing the business as a whole. Ultimately when a person thinks "Park City property management" I want them to think "CC Realty."
So what are your goals for 2014? What areas of your work and personal life do you want to improve? I used to be the guy who would never set goals for me for the New Year. But when I actually thought about the concept and had an honest desire to improve myself I found that setting realistic goals has been a rewarding experience.
If you would like more information on goal setting, 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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