As a rental property owner, you might not have enough time to devote to all it entails. Being a landlord takes much time and commitment, which might be challenging to allocate if you own multiple rental homes, do it as a side job, or do not live close to your rental properties.
A property manager might be an ideal solution to this problem, handling most of these responsibilities for their clients. However, landlords should be discerning when choosing which property manager to work with to ensure they get effective, reliable services. If you are looking for a property manager, here is what you should include on your criteria list:
Successful property management agents must have great people skills. If you are looking for a reliable property management company in Denver, consider established reputable operators, such as Everest, Evolve Real Estate and Property Management, or HighPoint Property Management. Everest has a solid local presence in the Denver rental market and operates in other large cities, including Memphis, Little Rock, and Detroit. The company hires agents with exceptional interpersonal skills to ensure that clients get excellent service at affordable rates. Other larger, multinational residential property management companies to consider would include Greystar Real Estate Partners LLC and Pinnacle Property Management Services.
The capacity to interact with others successfully is critical for a property manager’s success. They form relationships with landlords and tenants, acting as a go-between in building and fostering sound connections between the two.
Knowledgeable and qualified
By Colorado law, property managers need a valid, up-to-date real estate broker’s license. When interviewing a property manager to determine their suitability to manage your Denver rental property, ask about their qualifications. Test their knowledge of the Denver rental market to see how many properties they manage and their success rate of placing tenants and retaining landlords as clients.
Experience is a vital factor in determining if a property manager will complete all the necessary tasks to manage your rental home effectively. This does not mean ruling out an agent new to the industry, provided they have sufficient support from their supervisors.
The relationship between a property management agent and a landlord involves plenty of trusts. After all, as the rental homeowner, you are handing over the reins of a valuable asset to someone else. You must trust them to do the right thing and be honest in their dealings with you. Your rental income passes through their hands and relying on them to forward it to you is essential. You also need to ensure that they protect your interests as a landlord while balancing them with those of your tenants.
Choosing a property manager based on a few interviews remains a leap of faith. However, your interactions with them should indicate whether you feel comfortable enough to trust them to fulfill their duties and obligations. Insist on a watertight contract that enforces the agreement you reach, compelling them to do so.
A property manager takes responsibility for finding suitable tenants for your Denver rental home. To do this successfully, they need fantastic marketing skills. An agent needs to know which platforms are best for advertising to attract potential Denver tenants. Most use online services to market rental homes, although some continue utilizing other media, including local newspapers.
Knowing where to market is not enough, as a property management agent should know how to craft well-written advertisements with professional photographs. Their marketing efforts should highlight the home’s best features and make it attractive to rental home hunters.
Managing multiple rental properties is a juggling act to ensure that all tasks related to each one are performed on time and efficiently. This includes collecting rent, dealing with tenant-related issues, managing repairs and maintenance, and screening tenants.
Fitting everything into one day can be challenging when an agent does not have an organization system to complete all their tasks for the day. Neglecting to do this can cause long-term complications, including compromising the agent’s relationship with a landlord. When interviewing a property manager, ask how many rental homes they have on their books and what they do to stay on top of their responsibilities and devote equal time to each.