In my experience in Park City property management handling over 100 Park City long term rentals as well as a very large home owners association I have encountered many different types of people. I sometimes joke that there is never a dull moment when it comes to Salt Lake City property management. It seems as there is an inexhaustible supply of interesting people who have specific quirks that keep me and my staff on their toes. I have also found that in some ways many tenants will fit into a few categories when it comes to certain behaviors. I like to refer to this as the yin and yang of tenant behavior. Let's take a look at a few of these behaviors and how they keep life in property management Salt Lake City interesting.
Loud and Quiet
Obviously there are loud tenants, like a group of college kids who play Xbox until 4 am and throw loud parties on the weekend. And there are quiet tenants, like a retired couple who enjoy growing bonsai trees. But to me loud and quiet goes deeper than this. 
It often seems like I hear from the same tenants regularly. It isn't necessarily about the same issue either. My experience has been that some people are just more vocal and interactive when it comes to the community where the live and in particular the landlord for their property. Some people are more willing to reach out to their landlord regarding the property while some people accept certain conditions, are reluctant to bother their landlord or are generally easier going when it comes to situations that can occur in multi-family housing. I've even had a tenant admit to me they didn't want to call our office because they thought we might raise the rent on them. In Park City property management there are tenants you hear and tenants you don't hear.
Fixers and Non-Fixers
I've had this happen more than a few times. A new tenant moves into a property and the volume of maintenance requests suddenly spikes. The previous tenant had been in there for years and never called for anything. But the new tenant seems to regularly have a laundry list of items that need repair. Generally speaking it isn't that the new tenant is being harder on the place, although this does happen. It is a classic example of a non-fixer replacing a fixer. If I could lump myself into a category it would be a fixer. I honestly like digging into something, finding the problem, making a repair and putting things back together. It's probably some primal urge passed down from my arrowhead-making forbearers or perhaps I just like to keep my man card valid. But when a non-fixer replaces a fixer get ready for some maintenance requests. I've had more than a few property owners utter "Why is the new tenant breaking everything?" This is when the find out about fixers and non-fixers. There is also a sub category of fixer that can be very problematic; the fixer who doesn't know what they are doing. These fixers end up cause more damage than they solve and plumbers, electricians and appliance repair companies in Park City property management love them!
Open and Closed
These tenants are somewhat related to quiet and loud tenants but have a particular twist. I often discover who is open or closed when it comes time for someone to enter the property. Some tenants may call up with a maintenance request and tell you that you can go in whenever it is convenient; their main concern is that the work is completed. Some tenants however want everything scheduled 24 hours in advance and demand that they be present during the work, not matter how small the job, how long they have lived in the community or how well the know the staff. In particular we find these people out when there are services being performed that require us to enter multiple properties at one time, things like annual fire sprinkler inspections or preventative maintenance. Then it quickly becomes clear who is open and who is closed. Know which type of tenant you have can make things a lot smoother in Salt Lake City property management.
If you would like more information on dealing with different 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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As a landlord in Park City property management you have probably been faced with a decision to replace any number of components in your Park City long term rentals. Perhaps your faucet has broken beyond repair, the carpet is looking pretty shabby and starting to tear, or the walls have so many touchup spots they are starting to look like a collage. At times like these you are going to be making a decision on replacing one item with another. Should you find the cheapest faucet at Home Depot and throw it in? Or maybe buy a unit that will work better, last longer, and give your kitchen a little more appeal. And you've probably seen billboards that say "Carpet 3 rooms for $499!" When it comes to carpet however cheapest definitely does not equal best. Here are a couple of compelling reasons why upgrades make sense for Salt Lake City property management.
Higher Rent
You might be a master at jury rigging a shower head but if you are trying to maximize your rent then you should consider the appeal of newer or upgraded things like fixtures. Of course you don't need to put gold plated faucets in your mobile home rental, your goal should be something that is a step up from comparable rentals in the area. Even more expensive items like carpet or appliances can pay for themselves. If you are able to get an extra $25 a month after spending $1000 on a better carpet then what was previously in your rental this pays for itself in about 3 and a half years. When it comes time to replace items in your Park City long term rentals it pays both in the presentation and in the month rents to put in something better than what you took out. If all the rentals in your area, particularly if you rent a property in a large condominium community, have fairly basic appliances, fixtures, carpet, etc. and you choose to make a reasonable upgrade to these components you will find your property will stand out from the crowd and you can increase your rents. Set rents can be somewhat of an art so it may not translate directly into more dollars. Take a look at my post "4 Tips On Market Rent - Park City Property Management" for more help on establishing a rental rate.
Lower Vacancy
Nothing kills your cash flow on a property quicker than vacancy. As a landlord you want to attract and keep great tenants, they are the life blood of your Salt Lake City property management operation. Maybe you decide to replace your kitchen appliances. Rather than buying used or bargain basement items you get a nice matching set that is an improvement over what you previously had. This might cost you around $1200 but if your property rents for $1200 and new appliances help you avoid a month of vacancy they have already paid for themselves. If your dishwasher goes out and you want to keep your current tenants happy try putting in a nicer unit than the one they were used to. This goes a long way towards good tenant relationships and they will be more likely to stay. Now obviously you don't need to put in a high-end Wolf range in a war zone so choose your upgrades to be slightly above the norm for a given area.
Quality Tenants
The best thing you can have in Park City property management is quality tenants. They maintain your property, pay on time, don't create problems in the community, and generally are great to work with. If shelling out a few extra dollars for nicer items helps you attract quality tenants then it is definitely worth it. Tenants who realize you are a property owner who takes care of their property, and not a slum lord trying to squeeze every dime out of a shanty, they will take care of your property as well.
If you would like more information on upgrading a rental, or further information about Park City property management in general click the link below for a free consultation. You will receive valuable information specific to your property that will help you make an informed decision. You will also receive a free, no-obligation quote on our property management services. At CC Realty we specialize in making investment property ownership a trouble free experience. Please contact us today for your free consultation.
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In a society where farmers markets and buying local increasingly draw both our interest and our dollars community involvement is another movement towards creating solutions to community problems on a community level. It is about the members of a community proactively joining together to accomplish a project that betters the community itself. As someone who is involved in Park City property management I have a unique insight into the ways in which community involvement can positively benefit a community. Perhaps you are only a landlord who has some Park City long term rentals. Or maybe you live in a homeowner association in Park City, Utah. Either way community involvement can be a great avenue for improving your local area. Let's take a look at some of the facets of a society that can be positively affected by an involved group of people.
Community Relations
There is something about bringing people together to accomplish a project that can break down barriers and create a greater sense of friendship and understanding between people. A few years ago we had a significant amount of snowfall in the mountains and a very wet spring. As the snowpack begin to melt the creeks running out of the mountains and into the Salt Lake Valley began to swell with runoff. One of the creeks runs close by my home and through the middle of a condominium community. As water began to seep through the banks and flow out of drainage pipes it became apparent that a lot of sandbagging was in order. Now many homes in the area were not threatened. And neither were any of the condos that weren't facing the creek and on the ground level. But the community joined together in helping those in need. Over the course of a few days there were a lot of late night sandbag moving and stacking and eventually people's homes were okay. And through this coming together to achieve a common goal a strong sense of community was developed, relationships were strengthened and friendships created.
Property Values
Strong communities are desirable places to live, this has been proven time and time again in real estate. When people value the community they live in they will work towards maintaining both their property and the community themselves. Curb appeal, both of a community and an individual property, is an important part of real estate investing. Even if you don't have Park City long term rentals in the most expensive part of town you can still be an involved property owner and make sure the community is maintained and beautified. If I could encourage one type of behavior from a landlord working in Park City property management it would be to become knowledgeable and involved in the community where their investment property is located. You will see not only the property value increase but also the amount of rent you are able to charge go up and the quality of tenants interested in your property will improve.
If you would like more information on community involvement, 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 things that I remember most about getting my real estate license was a comment made by one of the instructors. It was something along the lines of "The two things that determine the value of any property are a willing seller and a willing buyer." What has always stuck with me about that phrase is the idea that any price set for something is ultimately an agreement between two willing parties. And for property management Salt Lake City the idea of setting rent is the same. You may feel that your property is worth $1,200 a month in rent. In fact you could feel that it is worth $12 million a month but until you find a willing party to agree to the price what you have is basically an estimate of value, not actual value.
The same can be said of a tenant who may be looking for a Park City long term rentals. They may think that the most they should pay for a property is $1,000 a month. However until they find a willing landlord to rent a property at that rate they are again just estimating. So how do you figure out market rent anyways? Well the old real estate adage location, location, location, certainly applies. Location is an important factor in determining your market rent. There are other avenues available to landlords that can help you with market rent for property management Park City.
- Do some searching online at sites like craigslist or KSL.com. These are sites that feature a high volume of available rental units so the likelihood of finding what a comparable property is being advertised for is good.
- Check what competing Salt Lake City property management companies are listing properties at. Many property management companies have a large pool of rental units and a better idea of what the market in general is doing. They can use sophisticated revenue management software that gathers copious amounts of data to set prices on rental units. As a small time landlord you can't afford this type of software but the results of using it, the prices of rental units, is available for your viewing. Take a look at what the big boys are doing.
- If you are currently vacant you should always start high. Set your new price above what the previous tenants were paying and see what kind of traffic you get. Vacancy is a great time to assess where marketplace rent has gone and if you are lagging behind comparable properties in Park City property management.
If your phone is ringing off the hook the first day you post the unit it could be one of two things. Perhaps nothing else is vacant in the area, and you should already know this after checking out your competitors. Or perhaps your rate is a bit too low. People who are scanning for available rentals will move quickly if there is a deal to be had. If you find your phone is blowing up the first day you post your property you may want to take a look at increasing the rent before committing to a new tenant. Remember it takes a willing landlord and a willing tenant to set the market rent. If you feel like you are giving the farm away you aren't all that willing.
If you would like more information about market rent, 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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