Should you Hire a
Professional Property Manager?
It is a great time to be a rental property owner! Vacancies are
low, monthly rental rates are increasing and the number of days an available
rental property is on the market is decreasing. Even with historically low
interest rates it remains difficult for some to obtain approval for a mortgage. Add to that the low inventory of affordable
homes for sale and the high number of re-locators to the Denver Metro area and
renting becomes a very attractive option for a lot of folks.
One mistake, made by some rental properties owners, is
underestimating the amount of work managing a rental property involves. Rental property ownership is a business, not
a hobby. It requires a thorough
knowledge of continually changing landlord/tenant laws and requirements as well
as the ability to track and follow up on a sometimes overwhelming amount of
detail.
Investment
property owners understand the benefits of a well maintained rental property,
higher rents, shorter vacancy time, more qualified tenants and fewer
turnovers. Self-management of your
rental property means the tenant calls you whenever they have a problem and may
mean you are paying for repairs that a professional property manager would
charge back to the tenant. It is sad
that most owners get so tired of all the maintenance calls that they just stop
responding. When qualified tenants
moving into one of our managed rentals are asked, they tell us the number one
reason for their move is lack of basic maintenance of their previous rental
home. Residents of professional managed rentals appreciate the prompt response
to maintenance requests and as a result are willing to pay a higher monthly
rent.
Owners of
self-managed rental properties can hesitate to raise the rent as they fear
tenant move out. Taxes, insurance and
repair costs increase and so should the rent.
A professional property manager works with the rental market every day
and has the experience to negotiate the highest rent. Tenants in well maintained properties are
usually more willing to pay a higher monthly rent then pay the very high cost
of moving.
Some may think it’s wise to have a relative or friend manage your
investment property, keep in mind the state of Colorado requires that persons performing
property management for a fee be licensed real estate brokers. It can be dangerous to meet people at a
vacant property, would you or your relative know what to do to be safe?
Services a qualified, professional property manager will perform:
- Advertising, signage, showings, application processing,
prospective tenant screening
- Rent collection, lease compliance, lease renewal,
eviction
- Move in/out condition reports, security deposit
accounting
- Maintenance, lawn care, yard watering system winterization
and start up
- Maintenance of heating and cooling systems,
emergencies, 24 hour on call for maintenance emergencies
- Easy to understand income/expense reporting
- Accurate detailed monthly accounting statements,
year-end tax package ready for you in December
An
easy to use form is available on our website www.assuredrpm.com to help you shop for and compare professional property management
services.
Management
Team, over 70 combined years of property management experience!
Assured
Management, Inc. 303-985-4670
Successfully
in business since 1987