If you are considering hiring a Denver area property management company, there are some questions that you should ask them before you sign on the dotted line. Here are a few of the top questions to ask.
What services are included in the property management company contract? There are many things that could be included or not, such as:
- Are they responsible for doing repairs to the property?
- Do you pay separately for repairs, or is it included as part of your contract?
- Does the property management company hire an outside company to take care of household maintenance? If so, how much does it cost?
- What kinds of repairs are you responsible for? How much cash reserve does the property management company require to cover repair expenses?
- Who is responsible for mowing the lawn, raking the leaves and shoveling the snow?
This is especially important to certain types of tenants like single parents and people with disabilities. Both may find your property more attractive to rent if yard work is not required. In the Denver area snow removal will be an important question to get answered.
You should also ask how the property management company handles late payments and how many evictions they process a year. You obviously rent the property to collect rents, so knowing their process to collect those rents is very important. Some companies could allow a grace period for late payments and some might enforce more advanced rent collection tactics as little as 10 days after a missed payment.
Make sure their tactics are in keeping with your ethics. This also goes for handling evictions. A high turnover with tenants can be a huge red flag. Evictions are a necessary evil, but a lot of them will not speak well to their management style.
Contract items are obviously questions that should be asked. Get a price for services. Once you find out what is included, find out what it will cost you. How long is the contract? What are the “out” provisions for either party? What are extra fees, such as early termination or vacancy fees?
Ask the important questions up front and both you and your Denver property management company will be happy.
Have more property management questions? Give us a call today! 303-489-9737