Checklist to Ask Property Management Companies
Purchasing a house or an apartment can be one of the wisest investments you can make in your lifetime. Rental prices are unlikely to fall, not to mention the steady, unending stream of people migrating to the Mile High City, meaning there are always going to be new potential tenants. .
But owning a rental property isn’t just about having a secondary form of income; it’s also critical that you can handle the logistics and awaiting challenges of being a landlord.
The Challenges of Owning a Rental Property
Owning a rental property means that you need to be available 24/7 to handle the many challenges of having tenets. A pipe bursts as your family is sitting down for Christmas Dinner, guess who’s getting the call? You are boarding a flight for a much-deserved vacation to the Bahamas and the dishwasher backs up, guess who’s a responsibility?
So you might say, “hey that doesn’t sound like something that interests me!” But before you talk yourself out of owning an investment property, there are some things you should know…
The Right Property Management Company Can Help
If you are worried about being a landlord but still want to reap the financial and investment benefits of owning a rental property then there is a viable solution at your fingertips. Hiring a reputable property management company, such as Denver Rental, allows you to live your life stress-free without having to worry about the logistics of owning an investment property.
A competent property management company can greatly help in several key areas including longer rent cycles, timely rent collection, application processing, and shorter vacancy cycles.
Additionally, property management companies tend to have better tenet retention because of the continual engagement with the property through regular maintenance and repairs.
Having a high tenant turnover rate is one of the biggest stressors for landlords because there is more than goes into the turnover process than simply finding new tenants. Changing the locks, household repairs, cleaning, replacing old or dirty carpet, are just to name a few of the on-site logistics. Not to mention, strategic advertising and competent showings on the marketing side.
But you might be asking yourself, how do I differentiate the good property management companies versus the bad…
Checklist of Things You Should Ask When Choosing a Property
Management Company
● How many units do you currently have in your portfolio?
● Are you able to handle more units to your portfolio? This is an important question to ask because most companies tend to not turn down business even when then they cannot handle the increased quantity.
● What types of properties do you manage?
● How often do you do exterior inspections of the property?
● How often do you do interior inspections of the property?
● What is your emergency protocol?
● Do you find tenets or do I? Do you perform background reports, credit checks, etc?
● What is your eviction rate? What is your protocol for eviction?
● Do you send monthly reports for the income and expenses of my property?
● Have you ever been in a lawsuit from either a client or a tenet?
● Do you outsource your cleaning and maintenance crews or it is done in-house? If you do
outsource, can you please provide the names of the contractors and reviews?
● Are you insured?
● How long have you been in business?
● What are your management fees?
● What is your cancellation policy?
The professionals at Denver Rental ensure that your tenants will be treated with the respect they deserve and you will never have to worry about the headaches of being a landowner. If you think it’s time to purchase an investment property, turn to the experts who will help you manage it.