17 Feb Choosing a Property Management Company
When a Colorado homeowner decides that they are going to rent out their home, they have a decision to make; rent and management themselves, or seek the assistance of a professional Denver Property Management Company. Those owners who are relocating out of the immediate area will usually decide to use a property management company since they will be unable to handle issues themselves such as maintenance, inspections, and vacancies. The owners who are staying in the area may still utilize a management firm merely to alleviate themselves of the headaches and hassles of being a landlord. This allows them to reap the rewards of investing in real estate without the worries and inconveniences.
Experience Matters
Once the owner has decided to use a property management company, they will need to select local company. Some important things to look into include:
- Amount of experience
- Services included (leasing, inspections, rent collection, etc.)
- Technology features (online rent collection, owner & tenant portals, online maintenance requests)
- Fee structure (simple or complex nickel and dime)
Make sure the property management company and professional you’re considering is focused on property management. When the real estate sales market declined, many real estate agents started “dabbling” in property management as a way to make ends meet. These agents will still place their highest priority on sales and will not give your property the attention it deserves. There is nothing wrong with a company that does both sales and property management, but make sure they place equal priority to both divisions and are in the property management business for the long haul. Some property management companies choose to exclusively focus on management and do not partake in any real estate sales activities in any way. While there is nothing wrong with this, at some point you will decide to sell your rental property and many property owners like the ability to use the same company that they have built a trusting relationship with over the years to sell their property.
Location (Denver, Highlands Ranch, Castle Rock, Littleton…)
Whether your rental property is in the heart of Denver or its surrounding areas such as Highlands Ranch, Lone Tree, Littleton, Castle Rock or Aurora, you’ll want to select a management company that services your area. Do not pick a company based out of Boulder to manage your home in Littleton. It is important that your property management professional is within easy reach of your property to service it correctly. The closer they are, the more likely they will be to swing by to do an exterior inspection, and more responsive they can be to emergencies such as a broken pipe. Having local knowledge of your area is important as well so they can assist potential renters with finding a suitable rental property.
