5 Benefits of Hiring a Property Manager in Park City
With a vast amount of properties in Park City being owned by second, or even third homeowners, it’s always nice to take the pressure off when it comes to managing your vacation or investment property. Many people know that investing in real estate income properties can be a fruitful endeavor. However, what many may not know is that managing a second home takes a lot more time and effort than you’d think - even if the property is a small condo.
While you may believe it would be best to handle your own investment property if you live fairly close, have extra time on your hands, and may be a handy person (or know a friend or two willing to lend a hand) - it generally isn’t practical.
If you are considering purchasing an investment property, or you have been managing your own and are interested in a property manager, below we have outlined 5 key points as to why a property manager is a beneficial financial decision.
Property managers will save you time, money and headaches! No one wants to deal with calling various vendors, scheduling maintenance, or handling small mishaps with their property. Property managers have developed working relationships with various handymen, contractors, specialists and vendors that would be almost impossible for the average long distance owner/landlord to know. With the relationships your property manager will have with these various service companies, they will ensure you get the best price, and the best work while they oversee everything and make sure the job is handled so you won’t have to lift a finger.
They know the ins and outs of for compliance with housing and tenancy laws. Being a landlord can be difficult. For long-term leases, you will need to be well-versed in landlord-tenant laws and ensure you are complying with various federal, state and local laws. Property managers take the time to understand the renting processes, tenancy laws and rights, landlord laws and rights, as well as eviction processes and federal compliance laws. This can help you avoid the headache of fines and the possibility of lawsuits. For nightly rentals, compliance with local laws and HOA rules are critical.
Property managers act as the liaison between you and your tenants or guests. Handling tenant and guest issues takes a great deal of stress away from the property owner. An excellent property manager prevents issues from rising, which creates great reviews for your property on various rental sites, boosting your status and creating more revenue in the long run.
You will have a higher return on investment with a property manager. The combination of continual maintenance, analysis of the most competitive rental rates, providing an excellent experience for guests and keeping your property up to date aesthetically, all create a higher rate of return on your investment.
My personal favorite, Property Managers create a stress free environment for when you come to town to enjoy your second home in Park City. Come to town and relax in a well cared for home and enjoy all that Park City has to offer. Enjoy a real vacation instead of running errands and waiting on contractors to show up for repairs.
If you are in the market for a vacation or income property investment in Park City, or need a recommendation for managing an existing 2nd home, please call me at 801-550-7563.