So, you have a Colorado investment property (or two) that you have been managing yourself and you are ready to consider using a Colorado Property Management Company. One big question is should you use a Realtor, Realtor or a Realtor Property Manager.
So you start asking around about a property manager and think about talking to your Realtor, thinking that they do real estate, of course they would know about property management. Unfortunately most Realtors are not in the property management business, and believe me, it is a business!
Property managers are not all alike, as with any other industry there are some bad ones and then the really, really good ones! The good ones share some basic skills:
- Exacting accounting skills – it is vital in property management to make sure that immaculate accounting records are kept
- Vendor relationships – property managers know that having good vendor relationships mean that their owners pay less for repairs and regular maintenance
- Market knowledge – in order to get the best prices for your rentals, you need to make sure your property management company knows pricing in the marketplace
- Renters – make sure your Colorado property manager has a good supply of renters! without renters your property is sitting empty and you are losing money!
- People skills – your property management company should know how to work well for you AND how to make your tenants happy too. again, if you lose your tenants and your rental is empty, you are losing money!
Lastly, there are big economies of scale when you work with a property management company rather than a Realtor who is just managing a property or two. Make sure to ask your potential Colorado property management company how many properties they have under contract right now!
Want to find out more, give us a call today 303-452-5853