As a landlord, you might have heard others talking about property management services. Property managers take a significant amount of stress and worry out of rental property ownership, taking on many tasks that landlords would otherwise have to perform alone.
Naturally, these services come at a cost, which many landlords are eager to avoid as it cuts into their bottom line. However, when you consider how much less time and effort you will need to be a landlord, the fee becomes a worthy investment. Here are ways to find the best property management services to suit your needs:
Commercial vs. residential
Before you start searching among the many property managers Fort Collins has looking for a suitable one, understand the essential nature of your needs. Most property management companies work in the commercial or residential field.
Therefore, if you have single-family homes or apartment blocks, find a residential property manager. You can choose from international giants like BH Cos and Lincoln Property Co. or local firms, such as Real Property Management of the Rockies or Evergreen Property Management, Inc.
Evernest has an outstanding reputation in the residential property management market and an established presence in Fort Collins.
The company’s friendly staff work closely with landlords, relieving them of several obligations that rental property leasing presents. These include handling tenant relations, such as collecting rent, managing evictions, and dealing with queries related to repairs and maintenance.
Commercial properties include office blocks, warehouses, factories, and retail spaces. If you are interested in working with a significant commercial property management company, consider choosing between established international giants like Colliers and CBRE. Alternatively, consider smaller companies like Wright Real Estate and Onsite Property Management Services.
Decide if you need a property manager
Some landlords have no trouble managing their properties alone, believing that a property management company will not make things better or easier for them. However, real estate rental novices should turn to these companies for help.
Taking on tenants and renting them property can be a minefield, and if you are not familiar with the legislation and regulations that govern it, things could go wrong.
Another indicator that a landlord needs assistance from a property management company is if they lack time to devote to market, manage, and maintain their property. This could be because they own multiple properties or are earning rental income secondary to their day job, which leaves them with little free time. Hiring property managers is also the best route to take if you cannot personally oversee your rental property. This is the case for many landlords who live far away from their property.
They appoint a company to act on their behalf. Many investors have bought a property in Fort Collins as it has a booming rental market, although they live in different states.
Finding an outstanding property manager
Shop around when looking for a property management company to ensure you find the right fit. The relationship between a landlord and property manager should have a solid foundation of trust.
Have a list of questions available, including what services the company offers, how fees are calculated, and how long any contracts you sign will last. Before the final choice, speak to other landlords in your Fort Collins neighborhood to hear about their experiences or get recommendations.
What should a property manager do?
Property managers work as a middleman between you and the tenants that occupy your property. They perform functions such as rent collection, marketing available rentals, vetting prospective tenants, and dealing with repair and maintenance issues.
Being au fait with the rental market, property managers maintain professional relations with both parties to a rental agreement. This helps them ensure that its terms and conditions are adhered to and all parties’ rights are respected.
What to expect from an outstanding property management team?
Your property manager should be responsive to your needs and those of tenants who occupy your rental property. Open lines of communication ensure that everyone is on the same page and avoids disputes arising in the future.
Additionally, a property manager should be proactive, remaining in contact with landlords and tenants to determine that everything is working as it should be. This approach allows the agent to put remedial steps in place and avert a crisis.