As an owner of commercial or residential rental properties, one of the first decisions you have to make is whether you want to maintain the property on your own or hire a third party company to help you do so. But, many landlords aren’t familiar with property management companies, so they aren’t sure how to make this choice. If you’re grappling with this decision, get the answers to your questions about Denver property management companies here:
What do property management companies do?
In general, property management companies can help you find tenants for your property, collect rent, handle maintenance and repair requests, and deal with legal issues such as evicting tenants who have failed to pay rent. Essentially, the property management staff is the face of your property, and deals directly with tenants so you don’t have to. But, the services may vary from company to company, so make sure you speak directly to a representative from the company you plan on working with to see what services they offer. Learn more about property management services
How do property management companies market your property?
Property management companies will keep track of your leases so they know when it’s time to start marketing units that will open up in the near future. These companies will be solely responsible for creating custom ads to attract new tenants to your property. Most companies will place these ads on the MLS, and on free listing websites. Once potential tenants start to respond to the ads, the property management company will handle showing the units, performing background checks, and preparing the lease. Before a tenant’s application is accepted, the property management company typically will perform a reference check, run their credit score, and ask for proof of income to ensure they won’t have any problems paying rent.
When should you hire a property management company?
There are a number of circumstances that warrant the hiring of a property management company. For example, if you have multiple rental properties, it may be easier to let one company handle all of the properties instead of having to juggle each of them on your own. Or, if you live outside of the city where your rental properties are, it’s probably best to let a company who can be-onsite at all times handle the management tasks.
How can you find a property management company?
If you have contacts in the industry, ask if they have any recommendations. Otherwise, use Google to create a list of property management companies in your area and then begin to research them. Do they have any online reviews from property owners and the tenants who have worked with them? Read these to see how the company was rated from both sides. You should call the companies you are interested in working with and ask them for references as well.
Do you have more questions about property management? Contact Denver commercial real estate
experts at The Sherman Agency to learn about the various services we offer! Call 303-572-8778 to speak to a member of our team today!