As the manager of a Park City property management company I have great insight in the day to day operation of investment properties and long term rentals in Park City. Being able to easily survey and understand a broad range of rental properties gives me a viewpoint that perhaps a typical landlord with one or two investment properties may not have. But in a unique twist I also own an investment property. My wife and I have owned a two bedroom condo in the Salt Lake area that we rent out long term. We have owned this property for over six years and have been fortunate enough to have had only two tenants in that time. I feel owning a rental property gives me great perspective into what the average landlord goes through during the course of managing their investment. And specifically an experience I had last Tuesday reinforced for me the value of Park City property management.
Finding Time
The story begins on the Sunday before, late in the evening. My wife got a phone call from our tenants that the garbage disposal we had replaced a few months ago wasn't working and the dishwasher was leaking. First, our tenants are wonderful. We did our due diligence with their applications and background checks and they have been great people to work with. We take care of our property and so do they. My wife asked if it would be okay if I stopped by Tuesday night to take a look as this would be the first night we had available. They said that would be fine as they didn't use the dishwasher much anyways. We initially told them it wouldn't be until Wednesday but my wife was able to rearrange her conflict on Tuesday so she could watch our children and I could address the problem. Perhaps you can already see where this is going.
I Need A Property Manager
Stop me if this sounds familiar: You work at a demanding job. Your significant other also works. You own your own home along with all its attendant requirements of your time. You have a couple of kids along with a couple of dance lessons, soccer practices, basketball games and throw in some skiing because this is Park City. Then, despite the best efforts of your children, enjoy a small social life with friends. Basically you are a busy person. This is the situation I found myself in Tuesday night after having rushed home from work, inhaled some food, ran to the condo, and found myself need to replace a leaking dishwasher. Not the best way to spend a Tuesday night. As I made my second trip to Home Depot (the water line fitting didn't match the new dishwasher) the thought came to me clearly that I need a property manager! Taking care of items like this and allowing me to focus on family, friends, and work is exactly what a property manager does. If you've ever found yourself in a crunch for time and in need to some help on your rental property maybe it is time you looked into Park City property management.
If you would like more information about how CC Realty can save you time on your investments, 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 maximize your investment. 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.
Expectations are a very important part of Park City property management. The understanding of expectations, or the lack thereof, can be the difference between a wonderful tenant/landlord relationship, or a series of problematic interactions that lead to a short stay for a tenant and a vacant property for a landlord. While meeting expectations is good, every now and then a situation calls for going beyond normal expectations to either take care of a problem or maintain a beneficial relationship. Without seeming like I am tooting my own horn I would like to share an example of going beyond expectations and how it can create positive impressions and valued relationships.
I'm Not a Catering Company But...
Those of you familiar with Park City property management know all about Sundance. Hollywood comes to Park City and brings traffic jams, tons of film lovers and the town is crazy! I previously worked in the nightly rental and tourism industry and Sundance was always one of our busiest times. It was late in the afternoon of a Friday during the festival that I got a call from a group that was renting one of the homes we managed. The gentleman on the phone explained that the person from their group responsible for arranging catering for an even they were hosting tonight had left early. There was no catering set up and they wanted to know if I could help. I told them I would see what I could do, hung up the phone and shook my head. During Sundance catering companies have been booked out for months if not longer. I tried in vain to call a few companies I had worked with in the past but to no avail. My next phone call was to a grocery delivery company asking if they could meet me at the grocery store in 20 minutes and then I called my wife who was on her way up to Park City to meet me for dinner. "I'm sorry honey but I'm going to have to cancel dinner", I said. "Because you are going to help me cater a party."
After a rush to the grocery and liquor store, some quick arranging and a few hours spent keeping the food fresh and the alcohol flowing, the party was a success. I'd never catered an event before and I don't plan to do so in the future but I learned a few things from exceeding expectations that I think can be of value in Park City property management.
The Things I've Learned
In these unique situations there are a few things that I have learned. The first thing is that your reputation is one of the most valuable things you have, take care of it accordingly. You can't solve every problem and you can't make everyone happy but you should care about your reputation when it comes to Park City property management. If you are known for doing the right thing and not being a penny pinching landlord you'll find that you will attract the right
kind of people who respect and value those characteristics. This also leads me to my second point, it's not about money but about doing the right thing. If you add up all the time and effort you might spend in these extraordinary circumstances you are probably not going to see an exact return on your investment. But that is not the point. In my opinion doing the right thing is more important than the money. Perhaps I might dying a poor man because of this attitude, so be it. I believe there is intrinsic value in doing the right thing and that those people who you meet in your Park City property management operation will recognize and respect the values you have.
If you would like more information about going beyond expectations or Park City property management please sign up for a free consultation. You will receive valuable information on managing your property and a no-obligation quote on our property management services.
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When it comes to Park City property management a good tenant is a wonderful asset to have. A property owner should have keeping good tenants as one of their primary concerns. Reduced turnover, a well maintained property, and timely rental payments are just some of the benefits a good tenant provides. Here are 5 tips that will help landlords keep those great tenants.
1. Respond Quickly to Requests and Follow Through
As a landlord you should respond quickly to maintenance requests. In fact there are specific laws explaining how you must respond to some types of requests. I detailed some of this information in my post titled "Maintenance Laws For Park City Property Management" that you can read by clicking here. It may not be a convenient time for you, Murphy's Law will probably make sure of that, but you should answer the request quickly and begin the process of repair immediately. Schedule work with your tenants at a time convenient for them and let them know in advance if you or someone else will be coming to make the repair. Keep in contact with your tenant during the repair and let them know when the work has been completed. Good tenants appreciate good landlords.
2. Be Professional
You should always be polite, honest, and impartial when dealing with tenants. If you have fond memories of living in your rental property and think tenants will pay a premium for your property you need to think again. Prospective tenants are looking for a place to live, not renting your emotions. You should treat every tenant with the same amount of respect and professionalism. If a tenant calls in need of something they don't want to hear a sob story about how bad your day was and that your boss yelled at you. They aren't interested in how little Billy's soccer game went and they probably don't want to attend Bobby Sue's dance recital. Keep it pleasant and professional in your Park City property management interactions.
3. Show Appreciation To Your Tenants
My brother is a great example of this. He has a single family home with private entrance to the basement that he rents to a family downstairs and two working professionals upstairs. Every so often he has what he calls "Tenant Appreciation Day". This usually consists of delivering a case of beer to the tenants and checking in to see how things are going. Compared to the amount of rent the tenants pay a case of beer doesn't amount to much but it is the perfect gift for them and they get a kick out of it. Little things like this make good tenants happy and make you look like an awesome landlord.
4. Allow Pets
These days many prospective tenants either have or want to acquire a pet. Deciding to accept pets opens you up to a wider pool from which to find tenants and this is always preferable. Make sure you take an extra deposit and charge monthly pet rent. Also make clear that the tenants are to clean up after their dog and quicky address the issue if they don't. If the property you rent is part of a home owner's association check to make sure what the rules are regarding tenants and pets. If the rules don't allow tenants to have pets then you shouldn't either. Make sure you also have some language in your lease regarding the pet responsibilities of the tenant in Park City property management.
5. Take Noise Or Other Complaints Seriously
If a tenant calls to complain about noise, criminal activity or some other type of nuisance you should respond immediately to the problem. Tenants have a right to the peaceful, safe enjoyment of a property and a landlord is responsible for providing this. If there are criminal problems in the area work with law enforcement or neighborhood watch programs to make the neighborhood safer. If there are nuisance or noise complaints follow the proper channels for solving these problems as well. Your tenants will thank you and are more likely to remain in a property because of your efforts.
If you would like more information about Park City property management download our free white page "5 Questions Every Landlord Should Ask Themselves".
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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".