Right now the real estate investment market is hot, and if you purchase a home or building in which you need to find tenants, you will inevitably need to find a property manager. What is great about the market that we are in, is that it has created the opportunity for trustworthy property management companies to emerge. This makes your life as an investor much easier.
What Does a Property Management Company Do?
When you hire a responsible and trustworthy property manager, you will have someone who collects rent on your behalf. You will also have someone who collects fees and enforces rules so that you do not have to. So how do you pick a property manager? Read on for a few tips to understand how to pick a good property management company for you and your business.
Ask How They Plan To Handle Advertising and Vacancies
The method by which your property management company handles advertising is incredibly important. This is essentially the same way that they will approach vacancies because they should be filling your vacancies by advertising. Find out where they plan to advertise and if they plan to place signs outside of your property, Will there be advertising placed on websites or around the city? You also may want to know their general level of occupancy and how many vacancies they consider to be appropriate. Take a look at their website, if possible, to investigate if they do a good job with their advertising. Consider if you would apply for the properties they currently manage, based on advertising.
Read Through The Terms of The Contact
When you are investigating who you should hire as a property manager you should read through the contract and look for the following information:
- How will you be able to contact them? Do you have access to email and a phone number?
- How much will the services cost you?
- Is there a leasing fee if they place a tenant?
- If there is a fee, is it consistent with other property managers in the area?
- How many days do they require as notice to terminate your relationship with them?
- Who will handle maintenance and repair issues?
- When should rent be expected on your end to be received?
- What types of rental payments do they accept?
- Will they hold the security deposits from your tenants?
- What is the process when a delinquent tenant situation occurs?
Find a Successful Relationship With Your Property Manager
When choosing someone who will be managing your property you need to have someone who is trustworthy. After all, they will have your business in their hands. Although finding a Property Management Company Denver is not an easy task, if you choose the right company it should make the entire process a lot easier. By asking the right questions you may be able to save a lot more stress later on.
Contact us today to learn more about our services and find out how we can help you.