According to the latest Census data, nearly 36 percent of Coloradans rent a place to live. If you are in the business of renting out properties, one of the best landlord tips is to hire a property manager to oversee your investment.
The basis for hiring property management services includes collecting rent on time, handling maintenance requests, and marketing your property. Property management allows you to focus on running your investment company, not on income properties' day-to-day operations.
Here are three reasons to hire a property management company in Westminster, CO.
1. Collect Rent
A property manager ensures efficient monthly rent collection. A property management services company will set up a system using a bank withdrawal, traditional check, or smartphone app. In some cases, a property manager will take the payment in person.
Secure payments can be difficult for income properties. You must have the right system in place to avoid fraud and scams.
When renting out properties, rent pays your mortgages, utilities, and taxes.
A property management company goes after those who avoid paying rent. This might mean taking people to court and starting the eviction process.
2. Handle Maintenance Requests
Broken pipes, appliances, and windows mean a phone call to the rental office. Property management takes the call and gets someone to fix the issue.
For example, if a broken pipe during a Colorado winter causes a flood, the management team will use a vendor to service the call. A management company has a list of established, qualified contractors ready to do the work.
If you have multiple properties, maintenance requests can be constant. And, if you own a rental property in Westminster, CO, but run your business elsewhere, it can be more of a hassle. Phone calls can come during the night, on holidays, and on weekends.
3. Market Your Property
Vacant properties cost you money, and one of the best landlord tips is to use a property management company to market your investment. The longer rental sits empty, the more profits that come out of your pocket.
Professionals will use all the necessary resources - social media, flyers, and 'for rent' signs - to get your property full of tenants. Property managers will use testimonials from established tenants so they can describe why it's a great place to live.
Furthermore, a property manager capitalizes on the community. They will market to young professionals who earn a good income and can pay top dollar for a rental. They do market research and find who is renting and target those individuals.
Three Reasons To Hire a Property Management Company
Three reasons to hire a property management company include collecting rent on time, handling maintenance requests, and marketing your property. A property manager allows you to focus on your rental income business. Professional management is more affordable than you think, and you will quickly see the benefits!
Allow us to show you why property management is right for you. Our skilled experts in Westminster, CO, know the market and how to run an income property daily.
Please schedule an appointment with us today!