Owning a rental property is a significant responsibility that requires both time and dedication. If you cannot devote enough attention to your real estate investment or have more than one rental home, hiring a property management service might be an ideal solution for you.
If you do sufficient research and hire an outstanding property management company, you can rest assured that your property is in good hands. Instead of dealing with the day-to-day minutiae of being a landlord, you can concentrate on your day job or expanding your property portfolio. Here is what to expect when you hire a property management company:
The rental property market currently suits landlords, with more prospective tenants than rental homes. However, being spoiled for choice by a significant tenant pool does not make finding suitable tenants easy. Property management companies in Denver and other US cities, including Evernest, Grace Property Management, and Top Properties, offer residential rental home management services. Evernest has an established Denver presence and enjoys an outstanding reputation for matching landlords and tenants. It does so by exploiting available marketing and advertising options when listing properties. The company also operates in Denver’s neighboring cities of Colorado Springs, Fort Collins, and Boulder. Some landlords opt to work with property management giants like Morgan Properties and the Lincoln Property Co.
Property managers know where and how to advertise rental homes to attract would-be tenants. This approach gives them access to a large pool of applicants wanting to rent the house. A greater number of applicants allows for a more discerning decision when choosing suitable tenants.
Property management agents scrutinize tenant applications and perform background checks to ensure they suit the landlord’s needs. This includes verifying their employment history and current salary. Digging a little deeper, property managers also examine an applicant’s credit history to determine that they are not overburdened by debts, as this could affect their ability to pay rent. Additionally, a credit history indicates an applicant’s past financial behavior, which is a sound predictor of how they will act in the future.
When investigating property management services, landlords should inquire about their screening processes. These are vital for ensuring that they get good tenants who pay their rent on time and do not cause any undue problems. Many prospective Denver tenants are new to the area, moving there due to expanding employment opportunities. Property managers need to deep dive into applicants’ rental and financial histories to ensure they are viable renters.
After finding the right tenants, property managers facilitate a contract between them and the landlord. Denver companies have standard contracts compliant with Colorado laws that set out each party’s rights and responsibilities. These include rent payments, lease lengths, and processes that start after a failure to pay.
Should the need arise, a property management company takes on the responsibility of evicting tenants. This is typically due to non-payment but could also be because of breaching other rental agreement conditions. The eviction process is challenging and requires an understanding of the Colorado court system. Private landlords might find it overwhelming.
Repairs and maintenance
One of the greatest inconveniences of being a private landlord is dealing with tenant complaints about maintenance or handling repairs when something breaks. Renters expect it to be done without delay, which is challenging when property owners cannot drop everything and attend to the matter immediately.
Rental management company agents field calls about repairs and maintenance and take the appropriate action to manage them timeously. Working with a pre-screened network of Denver contractors, agents seamlessly manage repairs and maintenance without any fuss.
Rent collection and paperwork
Tenants in a private rental agreement can be innovative with excuses for not paying their rent on time. Landlords often let things slide due to time constraints and soon face a situation of sitting renters who have not paid for a couple of months and show no intention of paying in the future. This initiates the complex eviction process mentioned before.
Property management companies keep meticulous records of rent payments and act without delay when tenants fail to pay on time. Landlords can access these records at any time and find them extremely useful during tax season when they need to detail their rental income.