I specialize in helping people buy and sell homes. I spend most of my time providing real estate services to my clients. My downtime is spent with family. If you are a busy person, I’m sure this sounds familiar. I recently learned that I should “not quit my day job” when it comes to renting out the condo I recently purchased. I hope that my experience can prevent a headache for you if you’re looking to rent out a property in Park City. This applies to both long term and short term (vacation) rentals.
Lesson Learned: Stick to What you Know. Hire Out the Rest.
- A professional will get the job done. As I mentioned, I am busy with real estate work. I helped 9 buyers and 9 sellers in the first 6 months of 2016. Getting my condo ready to rent, advertising it and setting up appointments are time consuming activities. In retrospect, I should have hired professional help. If you are thinking of selling a house on your own, think again. You will save time and money with professional help.
- They will be a buffer between you and the other party. When I receive an offer on a listing, I wouldn’t think of taking it off of the market without checking into the background of the buyer and ensuring the earnest money is deposited. Yet, that’s what I did with my own condo. A “friend of a friend” was going to rent it from me. She pursued me relentlessly and told me a sad story. I held the condo for her and allowed her to make her deposit a week before the start of the lease. Needless to say, she backed out and I lost a month of marketing time. A professional property manager would have better served my interests.
- They can help you figure out the price. I’ve seen this happen with listings and it immediately became apparent with the condo. If you have showings and no offers, you have a price problem. I knew I needed to either lower the rent I was asking or improve it the condo. I ended up doing both and l found a wonderful renter.
I am really good at representing people in the sale or purchase of a home. You are probably really good at flying an airplane, selling health insurance, practicing law, or being an amazing parent. It’s best to leave activities requiring specialized knowledge and time to those who are experts.
Our Unsolicited List of Long Term Park City Rental Property Management Companies
This list is totally unsolicited, but here are a few property management companies in Park City we’ve either used or heard good things about through the grapevine. Check out the list here.
What are your thoughts on using a professional vs. not? Any property managers you’d highly recommend? I’d love to hear your thoughts on this in the comments below.