10 Keys To Hiring A Successful Colorado Property Management Company
Title: 10 Keys To Hiring A Successful Colorado Property Management Company
Are you in search of a top-tier property management firm in Denver, Colorado? Look no further! This blog series will guide you through the essential keys to hiring a successful property management company. We'll delve into the importance of selecting a reputable firm and how expert guidance can maximize your investment. Whether you're a seasoned investor or new to the property market, understanding the critical factors in choosing the right management company is crucial. Join us as we explore the key elements that will ensure a fruitful and stress-free partnership with your property management team.
Property Management Services in Colorado
When it comes to property management services in Colorado, it's essential to understand the regulations and requirements. Here are some key points to consider:
Property management classes in Colorado
Property management without a license
Can you manage your own rental property in Colorado?
Property management license in Colorado
Do you need a real estate license to manage short term rentals in Colorado?
Real estate license in Colorado
How much do property managers make?
An unlicensed on-site property manager is not allowed to
Do I need a license to rent my house in Colorado?
Property manager license in Colorado
Understanding these aspects will help you navigate the property management landscape in Colorado effectively.
Property Management Policies and Procedures
When it comes to property management policies and procedures, it's crucial to understand how a professional management company operates. Here are some key aspects to consider:
Handling Maintenance Requests
Roommate Additions or Changes
Qualification Standards
Procedure for Paying Rent
Negotiability of Fees
Subletting Rental Property
Rent Due Dates and Late Fees
Monthly Disbursement Process
Resident Benefit Package
Giving Notice to Move Out
Security Deposit Handling After Move-Out
Identifying Maintenance Emergencies
Types of Properties Managed
Utilizing Flat Rate Pricing
Allowing Pets in Rental Properties
Breed Restrictions for Pets
Managing Late or Missed Rent Payments
Lease Renewal Process
Tenant Screening Process
Determining Rental Rates
Commencement of Property Management Services
Renter's Insurance Requirement
Frequency of Financial Reports
Submitting Maintenance Requests
Understanding these policies and procedures is essential for both property owners and tenants. Each element plays a significant role in ensuring a smooth and successful property management experience.
Do Your Research to Select the Best Property Manager
Modern technology puts vast amounts of information at the fingertips of owners in need of professional property management. Therefore, the best way to start looking is a simple Google search. This helps narrow down prospective property management companies and focus on the ones that could work for you. Then, from your shortlist, take a careful look at each property management company’s website for these key pieces of information.
List of Services (tenant screening, rent collection, etc.)
Management Fees, Fee Schedule, and any Ala Carte Services/Fees
Staff and Leadership Information
Special Features for Owners and Tenants
Contact Information
Client Testimonials
Tenant Reviews
Stick with Local Expertise
When it comes to effective property management, understanding the Colorado market is critical. However, this goes beyond local competition to determine pricing. So, the best property managers have proven local experience such as:
Applicable Laws and Licensing Requirements – Each jurisdiction may have specific laws that govern rental properties. That said, these may include rental licensing, inspections, or lead certification.
Market Demographics – Filling vacancies efficiently comes in part from understanding who your tenant pool is. For example, is the area popular with students? Is your property likely to attract a family? So, knowing who is looking in the area helps managers target their marketing efforts for maximum exposure.
Vendor Relationships – Every rental will need repair or maintenance eventually. That said, it is important to partner with a manager with established vendor relationships. Therefore, meaning your property can receive the attention it needs promptly.
Prioritize Organization and Technology
Managing rental property involves a lot of communications and record keeping. The property manager you choose must have the processes and technology to handle the vast administrative demands. The best property managers are organized, efficient, and handle records with as little paper as possible. Electronic or “paperless” systems are more secure and accurate than traditional paper copies. So, a company that is up to date on technology is a huge benefit for owners.
Interview Multiple Candidates
While reviewing their website for key information is important, so is asking some questions. Keep in mind, finding the best property manager involves gathering as much information as possible. The goal is to find the best property manager that you feel comfortable handing over the reins to your business. So, reach out to the companies you think are contenders and ask them some of the questions below.
How long have you been in business?
Will the company allow you to review key documents such as the Property Management Agreement and lease?
How many employees does the company have?
What is or is not included in the monthly management fee?
Is the management fee based on rent collected or rent due?
How many properties does each manager typically oversee at a time?
What are the standard applicant requirements and basic screening process?
How do you perform property inspections?
What are your practices for returning security deposits?
Do you have an online portal for tenants and owners?
Do I receive monthly and annual financial statements?
By asking these kinds of questions to a few different candidates, you can get a better feel for who would be the best property manager for you. But also evaluate their responsiveness to your questions at the same time. So, if they are not responsive to you as a prospective client, chances are you will not get the best service as a client.
Test Candidates with Very Specific Questions
An ideal property manager is someone who is flexible and experienced enough to handle a wide range of property issues. Therefore, test candidates by asking them specific questions that assess their skill set. These talking points may include –
The process for after-hours emergencies
Marketing strategies to limit vacancy
How they would deal with sudden or severe property damage
What would happen if a tenant needs to be evicted
Get Referrals from Other Investors
Sometimes the best property managers are the ones referred by friends and colleagues. So, ask anyone you know who works in real estate or property management if they know of anyone who may be a good fit. Word of mouth is still compelling when it comes to finding a quality management company. After all, if a property management company has a bad reputation, the chances are that message has spread amongst industry professionals. In addition to referrals, check the state’s Real Estate Commission and the Better Business Bureauto ensure the prospective property manager has a license and no complaints against them.
Review Local Ads
Many local property managers use local advertisements to share vacancies. So, check out newspapers, online classifieds, and sites like Craigslist to find sample rental ads. In addition, most reputable companies have a website that also lists available properties, and this is a great opportunity to see their quality of rental ads. The best rental ads are featured on a variety of sites to maximize exposure and include –
A Dynamic Unit Description – Ideal unit descriptions describe the unit accurately but with enough detail to grab the reader’s attention. Anything with grammatical errors or over-exaggeration that rings untrue should raise a red flag.
Professional Quality Photos – Pictures are worth a thousand words and as prospective tenants scroll through listings, grabbing their attention is critical. The pictures make viewers click on the listing and want to know more.
The Option for Virtual Tours – Virtual tours have gained popularity during the COVID-19 pandemic, but the benefits extend far beyond lockdown restrictions. Virtual tours allow applicants to view the property’s full potential anywhere and anytime, conveniently online.
Look for a Proven Track Record
Vacant units cost owners money in lost profits and lost opportunities. With that in mind, look for a property management firm with a proven track record. Many owners take into account the average time it takes a company to fill a unit. However, filling a unit quickly is only great if the tenant is well qualified. So, also inquire about the company’s eviction rate in addition to how quickly they fill vacancies.
Only Entertain Licensed Property Managers
Most states, including Colorado, require property management companies to have areal estate broker’s license or management license. A licensed property manager has gone through an approved property management course and passed a state licensing exam. This means they have an added layer of knowledge to help owners navigate their business needs.
Personal Impressions Matter
Beyond experience and approach to management, professional rapport is key to a successful match. Therefore, try to get to know any potential managers personally by asking them about their lives, interests, and any other details that may influence how they approach their job. After all, owners work closely with their managers, so you must communicate well and collaborate effectively. If you have two different communication styles, you risk not of not being on the same page for important issues.
Picking the Perfect Property Manager
In conclusion, selecting the right property management company in Colorado is crucial for ensuring a successful and profitable rental property investment. The expertise, efficiency, and dedication of a property management team can significantly impact the performance and value of your investment. By entrusting your property to a reputable and experienced company, you can enjoy peace of mind knowing that your asset is in capable hands. With the right property management partner, you can maximize your rental income, attract high-quality tenants, and maintain the long-term value of your property. Make the smart choice today and elevate your property investment to new heights with the right property management company in Colorado.
Picking the right person or company as your property manager is essential to your investment’s success. Following these tips above will help to narrow down your search easily and efficiently. For owners throughout the Denver metro area, Boulder, Longmont, and Castle Rock, look no further than My Haven.
At My Haven, our team, handles every aspect of your rental investment for a low monthly flat rate fee. In addition, our professional marketing helps rent your home in an average of fewer than 30 days. Furthermore, a thorough applicant screening process allows us to boast a less than 1% eviction rate. So, if you are looking for a local property management firm, give us a call today to learn more.
