Most landlords would agree that hiring a property manager is one of the smartest moves anyone could make as a rental property owner. Property management companies take the stress out of being a landlord as they perform many duties that owners otherwise have to manage alone.
However, landlords should be careful when hiring a property manager as not all companies offer the same benefits and expertise. Before committing to a property management company, landlords should ensure that its agents are certified as this offers many benefits. Here are some:
When hunting for property managers in Colorado and other US cities, landlords should ensure that company employees have a real estate broker’s license following state law. Local companies like Evernest, Byrne Real Estate and Property Management, and the Ashford Realty Group have qualified, certified agents to manage clients’ properties. Large, multinational corporations, such as Bozzuto and Pinnacle Property Management Services, insist that agents have the necessary certification. Evernest has an established presence in Colorado, operating in Colorado Springs, Denver, Boulder, and Fort Collins. Its track record of professional, high-quality service to its clients has given it a stellar record. Evernest also operates in other major city centers like Atlanta, Georgia, and Birmingham, Alabama.
Working with uncertified property managers could lead a landlord into a world of legal woes, including lawsuits and lengthy court battles. Qualified professionals know how to set out agreements, enforce them, and take the necessary legal steps when disputes arise.
Certified property managers are essential for obtaining and managing tenants. Qualified individuals know where and how to advertise properties for rent to attract high-quality tenants who will pay top-dollar for a Colorado rental home. These agents know how to analyze an application, perform background checks, and screen tenants to shortlist the best candidates. Agents can typically read people quite well during interviews to determine if they would be suitable tenants. With access to legally binding agreement formats, certified agents can ensure landlords and tenants sign contracts that protect each party’s rights while setting out their responsibilities.
Once tenants occupy a property, the management agent’s work is not yet done. They still need to collect monthly rent and deal with any disputes that may arise. Property managers ensure that everyone benefits from the agreement by maintaining a professional relationship with landlords and tenants.
Finding tenants is easy but keeping them is an entirely different matter. Many landlords experience a high tenant turnover rate, meaning that they always seem to be looking for new renters as the current ones have given notice. This is disruptive and can lead to a month or two of lost income as the house stands vacant.
Tenant turnover is less likely when property management agents screen them by checking their employment and income status, credit history, and previous rental relationships. It helps agents choose tenants who will rent long-term, pay on time, and not cause unnecessary trouble. Tenants who interact with a professional agent will adhere to the terms and conditions of their agreement.
Charging the right price
Landlords who try to set rental prices independently are often way off the mark. They may find themselves struggling to get tenants because they charge too much. Alternatively, they could be earning less money on their property than they should be due to undercharging.
Rental rates vary across cities and states, and Colorado is no exception. Working with property managers is helpful for landlords as agents understand local markets and know how to set a fair but profitable rental price. The rental market can be tricky to understand, and it is best to rely on professionals who have the necessary statistics to set realistic rental prices.
Managing maintenance and repairs
Most landlords complain about the nightmare of keeping up with repairs and maintenance on their rental properties. This includes fielding calls at all hours and finding contractors and other professionals to deal with the issues.
Certified property managers work with a network of vetted Colorado contractors and artisans who offer top-quality service at reasonable rates. The agents deal with any repairs and maintenance, managing and overseeing the process. These business connections help build local economies and prevent landlords from being fleeced by unscrupulous fly-by-night companies eager to take their money but reluctant to do any work.