Owning a rental property can be a rewarding and lucrative venture for investors in Park City. While our market is known for its affluent residents and luxury vacationers, not everyone who visits here owns their property.

That’s what makes Park City so popular with real estate investors: there’s almost always a steady stream of renters seeking housing. But being a real estate investor requires more than just simply “owning” the property.

If you own a luxury condo or vacation property as an investment, you need to fill it with renters. Whether you’re seeking short-term vacation tenants or families looking for an extended stay, attracting the right renters for your property is key.

Here’s what you need to know about attracting renters to your Park City investment property.

Know Your Audience

As an investor, you likely have already run the numbers on your property. Savvy investors look at historical data of the property’s performance and determine appropriate rental prices to get the best return on their investment.

You should have a good idea of what you need to charge to yield a profit. Additionally, you should know what kind of person your property is going to attract.

Do you own a luxury condo in the heart of Park City? Perhaps you’re looking for young professionals or couples. Do you own a large ski-in, ski-out home with multiple floors and several bedrooms? Your target renter is likely going to be a family or a group.

Once you determine who the target renter is, you can get to work on creating a plan to attract them.

Learn more about why Park City is great for investors right here.

Location, Location, Location

Probably one of the most cliche real estate adages, but it’s true. Location is the most important thing when it comes to attracting a renter for your vacation property.

It’s one of the only features of the property that cannot be changed, so when you are assessing a good investment home, it’s a critical consideration in your decision.

In a tourist-driven market like Park City and Deer Valley, renters and vacationers are looking for proximity to the town’s best amenities. Most renters are looking for easy access to shopping, dining, skiing, and entertainment.

If your property is close to these amenities, you should absolutely use that as a major selling point when marketing the property as a rental.

Get to know Park City’s amazing neighborhoods with these posts next:

• Timeless Charm: What Are Park City’s Most Prestigious Neighborhoods?
• What are the Best Gated Communities in Park City?
• Within a 10-Minute Drive: Park City’s Best-Kept Secret Neighborhoods

What Condition is the Home In?

Yes, vacationers in Park City are coming here for the amenities, but that doesn’t mean they will settle for a run-down rental. When people visit Park City, they are looking for the full package from start to finish so it’s essential that your property fits the bill.

This doesn’t mean you have to undergo huge renovations every year to make the property stand out. Regular maintenance, repairs, and strategic improvements/renovations are usually enough to captivate a renters and entice them to your property.

A Picture Says a Thousand Words

In today’s digital age, landlords, property managers, and even real estate agents cannot hide behind grainy or sub-par photos. Cameras have become too good now for there to be any excuse to have a bad picture.

Imagine a vacationer swiping through potential properties, each one has about a millisecond to pop. With fabulous photography, you can ensure your property stands out among the rest.

If you’re getting professional photos taken, it’s also a good idea to take a lot. Capture every room and opt for multiple angles. A vacation property listing with one or two photos makes it look like you are hiding something, and most renters won’t want to risk booking your property.

Do you have more questions about real estate investing in Park City? Read these posts next:

• What to Know About Investing in a Park City Vacation Home
• What are the Tax Implications of Owning a Vacation Home?
• Stocks Vs. Real Estate: What is the Better Investment?

Who is Your Property Manager?

Property managers in Park City are ubiquitous. Since most homeowners do not actually live here, landlords rely on these companies to handle most of the day-to-day management of the property.

Vetting your property manager is important as a real estate investor, not just to safeguard your property when you’re not there, but also as a point of contact and marketer for promoting the property. If you’re hoping to get extra exposure from your property manager, it’s important to choose one with a solid marketing strategy.

Pro Tip: If you’re planning on renting your vacation property only when you’re not using it, make sure you opt for a property management company that has a plan in place for supporting owner use.

Do you want to learn more about property management companies in Park City? Read our blog about it right here.

What are the Property and Building Amenities?

Renters in Park City are looking for a complete experience. Park City and Deer Valley have some of the best resort amenities in the country, and many vacationers will expect the same level of amenities in their rental.

For example, hot tubs have become not just a “nice-to-have” for investment properties. Essentially every renter expects a hot tub now. And who can blame them, is there anything better than a hot soak after a long day on the slopes?

Resort properties also often include a ton of amazing perks like access to exclusive clubs and experiences. If your property falls into this category, make sure you highlight this loud and clear!

On the Hunt for an Investment Property? Work with a Local Park City Real Estate Team

Whether you’re looking for an investment to rent out full time, or you’d just like to rent out your vacation home when you’re not using it, the first step is finding a property that will suit your unique needs.

As Park City locals and real estate professionals for over 30 years, we’ve helped countless investors find the right property for their next venture.

If you’re thinking about buying an investment property in Park City, give us a call today at 435-647-8035, email us at info@cmfhparkcity.com, or fill out the form on this page.