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.
photo credit #1
If you are a landlord in Salt Lake City property management and your investment property is part of a condominium development there are special considerations that should be made regarding the home owners association or HOA. Many people find HOAs attractive options for both residences and investment properties. An HOA typically has shared costs for many maintenance items which alleviates some of the work associated with property ownership.
HOAs also have established community rules that are generally designed to enhance or preserve the value of the community.
If your Salt Lake City or Park City long term rentals are in an HOA then as the landlord you need to make extra effort with your tenants. Below are a few examples of HOA rules that tenants may unknowingly break and that landlords should consider their responsibility to inform tenants of.
- Length Of Stay: Of the several HOAs that I manage rental properties in this rule varies. One has a restriction that does not allow leasing for a term shorter than 30 days. Others do not have a restriction of term which essentially allows for nightly rentals. This type of property, sometimes referred to as a "condo hotel" is significantly more common to Park City property management than it is in Salt Lake City property management. Nightly rentals come with their own difficulties as well. Make sure you are aware of your HOAs restrictions on length of stay for tenants.
- Pet Rules: Again this rule will change depending on the HOA. I work with HOAs that allow owners but not tenants to have pets, HOAs that don't allow anyone to have pets and HOAs that allow both owners and tenants to have pets. There will also be restrictions on the number, size and breed of pets as well. I have seen landlords turn a blind eye or even deliberately mislead tenants. I have seen tenants who know the rules and ignore them. As a landlord make sure you follow the rules and your tenants do as well.
- General Community Rules: There are also rules established that limit certain behaviors in a community. Things like parking restrictions, use of decks or patios, common area rules, and rules for amenities like pools or gyms are just some of the restrictions you can encounter in a HOA regulated community. The best thing any landlord in Salt Lake City property management can do is make sure they first obtain a copy of all rules from the HOA. Many HOAs have a management company that will have all the rules and regulations available for all property owners. Obtain these rules and inform your tenants up front that they are obligated to obey the community rules. Most HOAs also have a fine schedule that pertains to repeated violations. An owner is responsible for the behavior of their tenants. So if your tenants are found to repeatedly violate HOA rules the fine will be assessed to you as the property owner.
My experience has been that most people, when informed of the rules, will make a reasonable effort at following them. There will always be a certain percentage of the population of any community that will feel as if the rules don't apply to them. It is the responsibility of landlords to determine which type of person their tenants are and take the appropriate action.
If you would like more information on HOAs and rentals, 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.
photo credit #1
Anyone who has stayed in a hotel room has probably noticed a convenient little book or binder full of information about the room you are staying in, the hotel itself and the surrounding area. These guest information books are placed there for many reasons, one if which is providing any easily accessible source of information for new guests. So how does this apply to Park City property management? Well in many ways a new tenant is like a hotel guest checking in to a hotel room. They are unfamiliar with some of the functions of the property, the location of amenities, and the services and highlights of the area around the property. Providing a similar information book to tenants is a great way to make the move in process easier.
Property Information
Is there anything specific to your property that you would like incoming tenants to know? Things like a garage door code, if you have a hide-a-key or a front door lock with a keypad. Are there existing conditions on the property that require periodic maintenance like mowing the lawn, shoveling sidewalks or keeping gutters free from leaves? Or maybe you have amenities like a hot tub, water softener, gas fireplace or barbeque that are not obvious in their operation or care. For a tenant moving in to a long term rental in Park City these systems can be very unfamiliar. A simple explanation of the property features and how to operate them will make sure the tenants know how to care for the place and it will cut down on the amount of phone calls you receive when someone doesn't know how something operates. Any effort you put towards making move in a smooth transition is a big bonus for Park City property management.
Utilities
Do you want to speed up the transfer of utilities out of your name and into the tenants? Include the phone numbers for the utility companies in your information book. The new tenants will easily know what utilities they need to take care of and it can cut down on the hassle of following up, receiving bills for the tenant's usage, and generally make things run smooth. Another recommendation for landlords is to have the utilities set up on a landlord system. With this set up the utilities automatically revert to the property owner when a tenant moves out. The last thing you want to have happen is for the gas company to shut off your service in January just because the tenant moved out. Helpful tips like this for Park City property management can save you a lot of headaches and problems down the road.
Amenities
If your rental property is part of a home owners association there may be common area elements that your tenants have access to. Including information on things like pool rules, gym rules, recycling and refuse locations, and parking rules is a must for this type of rental property. I can't tell you how many frustrated tenants I have spoken to because their car was towed, they can't find the garbage and they don't know the rules for the pool or gym. Educating tenants on a property is the best way to reduce these types of problems.
If you would like more information and tips on having informed 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.
photo credit #1
In my experience most people, when made aware of the rules, will make an honest effort at doing the right thing. As a Park City property managment company I try and arm tenants will all the knowledge necessary to make their rental experience an enjoyable one. I've created these few tips to help tenants maintain a positive relationship with their landlord or property manager. These are a few of the common mistakes or misunderstandings I see tenants make through the course of renting a property and I hope that by making this information available it can be of benefit to both tenants and landlords.
Pay On Time
If rent is due on the 1st and late on the 5th then when should you pay rent by? This is somewhat of a trick question because I gave you the answer. If rent is due on the 1st then pay on the 1st. Or better yet pay before the first. From the perspective of a landlord on time payment is huge and paying ahead of time is even better. The last thing a landlord or property management company wants to do is chase rent, post notices and fees, and hound tenants every month to pay rent. In today's rental environment there are so many methods of payment, from online payment portals, credit or debit cards, and auto deposit, to banks automatically sending checks out each month there really isn't an excuse for not paying on time. I put this tip first because it is the biggest. Paying on time makes landlords happy, you can rest easy knowing your bills are paid, and a sense of trust will develop beyond the bounds of a simple lease agreement.
Written Requests
If the property you reside in is in need of some maintenance one of the best ways to submit your request is in writing. Many leases require this and it will help your landlord track and 
manage maintenance requests so they may be quickly completed. A phone call is also useful and can be done in conjunction with a written request, especially if there is more or new information about the maintenance that needs to occur. However writing should always be the primary means of communicating a request. Stopping a maintenance technician while you are on your way out and asking them to take care of a long list of items is a sure way to create less than adequate results and multiple visits. Just take a moment to let your landlord or rental property manager know in writing what is required and you will be much happier with the results.
Rent Deduction
Most leases clearly spell out any parameters for rent deduction but if they do not you should
never, without your landlord's permission, deduct from your rent the cost of any maintenance repairs or any other item you feel should be paid for by the landlord. If you are willing to enact a repair on your own and you are qualified to do so always check with your landlord first. Submitting the request for maintenance and your proposal to fix it in writing is always the way to go. Please do not go out and buy a new microwave when the old one decides to die. Always run this by the landlord first to see what their plans are for the property. In my experience some landlords will want to replace some or all of the appliances to update the property. So check with your landlord first before making a purchase on their behalf.
Lots Of Notice
Sometimes life can throw you a curve ball requiring you to pick up your life and move somewhere else. But most of the time you will have a pretty good idea of if and when you will need to move. Most leases have specific requirements on the amount of notice that must be provided at the end of a lease. There are also state laws that you should also be aware of. But the best practice is to give as much notice as possible to your landlord. If it is January and you know you will be moving when your lease is up at the end of March don't wait. Be a courteous tenant and give advanced notice of your move. This leaves a great impression with your landlord and they will be a stellar rental history reference going forward.
If you are interested in learning more about Park City property management download our free white page "5 Questions Every Landlord Should Ask Themselves".
Having an investment property can be both a challenging and rewarding experience. Property owners are faced with two basic choices when thinking about Park City property management: do I manage the property by myself or hire a Park City property management company? Each property owner arrives at an answer by assessing the property and their personal situation. However there are a few common pitfalls that I have seen self-managing property owners stumble into in my time as a professional property manager.
1. Knowledgeable Tenants
All too often I have had a resident, who rents directly from an owner, stop by my office with a
problem. And that problem is usually related to a lack of knowledge. From "Where is the laundry?" to "Can I have a satellite dish?" many problems that arise for a tenant can be proactively dealt with through informing the tenant about basic information related to the property. If your investment property is part of an association this could include parking rules, pet policies, or access to gym and pool facilities. In the case of renting a private home clearly spelling out any maintenance responsibilities that belong to the tenant are also very important. Setting expectations early can help a property owner avoid frustrations and make renting a positive experience for a tenant. The last thing anyone wants is a car to be towed because a tenant didn't know where they could park.
2. Background Checks
A while ago I had a conversation with a property owner who does their own Park City property management. At the time we both had a similar property we were trying to rent and they wanted to know if I had any good prospects. I said that I had a few showings but only one party had submitted an application and had been turned down. When they asked why I had turned the prospects down I indicated that a member of the party had a Social Security number that showed up as belonging to a deceased person. The property owner then asked if I would refer the prospects to them because "I don't really worry about that, I never run a background check"! Now I would hope that this is an uncommon response but when looking for prospective tenants you must take the time necessary to protect your investment. Some recommended steps are:
- Verifying employment
- Check rental history
- Run a credit and criminal background check
I have seen too many examples of poorly checked tenants that have resulted in damaged property, lost rents and even involvement from law enforcement. This can not only negatively affect the property owner but also the community. Don't just take the first person who has cash in hand, do your research and you will be glad you did.
3. Be Involved In The Community
As a property owner it is all too easy to simply let the rents come in and not think about the big picture. Do you know what is going on in the community where your investment property is located? Are there things happening that could impact your ability to rent your property, either negatively or positively? Let me give you an example. Not too long ago I was consulting with an attorney who specializes in Utah property management. We were discussing pool rules when he told me about a community he was aware of that got into a lot of trouble over their pool rules and the Fair Housing Act. The Fair Housing Act, passed in 1968, creates certain protected classes that it is then illegal to discriminate against. One of those protected classes is "familial status", which was added in an amendment to the act in 1988. Familial status can be easily understood as having children. The community that the attorney was telling me about was formed prior to 1988 and had an little known and never enforced rule that barred children from using the pool during certain hours. A family renting a property in the community, upset with something completely unrelated, found this rule and reported the community to the U.S. Department of Housing and Urban Development, the agency responsible for enforcing the Fair Housing Act. Unfortunately for this community the government levied a heavy fine which then was passed on to individual property owners for payment. In this case an involved homeowner could have easily saved the community a serious fine by knowing the rules present in their community.
Park City property management can be a positive way for owners to generate funds on their property but without some basic knowledge it can be a difficult process. Take time to further educate yourself with some of these resources: Fair Housing Act, Background Check.
If you are interested in learning more about property management Park City Utah, download our free white page "5 Questions Landlords Should Ask Themselves".