Should you pick the cheapest property management company?
Do you have an investment property? I bet you didn’t think it would be so labor intensive. Maintenance, bookkeeping, legal issues, all of which you probably weren’t counting on when you bought the property and just thought, “I can rent it and pay the mortgage!” In this first part, let’s talk about the issues surrounding the efforts you need to take to get good tenants and maintaining the property, and how a good property management company can save you.
As a landlord, having good, responsible tenants is always the end goal. Finding them takes time and tenacity. The best way to get good tenants is to have a well tended property to rent to them. That means keeping it in good repair and making sure it has the best upgrades and higher end finishes. Tenants who move into properties with high end finishes have a tendency to keep those properties in good repair and not abuse them. They also pay their rent on time so they can stay in this awesome property. A good property management company will keep your property in good repair at all times.
Another thing that you need to do is make sure you are vetting all prospective tenants. Checking their backgrounds, finances and so forth. That takes time, but it also can run you afoul of laws intended to keep landlords from discriminating against certain classes or races of people. Do you know how the Federal Fair Housing Act or your state laws work? They basically say that you have to rent your home to anyone who is able to afford your rent, regardless of their race, religion or handicap. So discerning who is responsible enough to live there and not discriminating is a fine line that is hard for the unknowledgeable to walk. Again the correct answer here is a good reputable management company. They will know the laws and ways to do the vetting needed.
There is a better way to manage your investment. Hire a property management company. But don’t just settle for the cheapest. Find one that is reputable and knows what they are doing. Your investment depends on it.
Looking for a great executive property management company in the Denver Metro and Fort Collins areas? Give me a call today! 303-452-5853