Hiring a property manager for your property in Colorado can seem like a hassle, but it doesn’t always have to be. Finding the right property manager is almost always a financial (and emotional) win in your favor. They can save you money and time by using their skills and expertise to find you safe, reliable, and high profit tenants. Some can even help you market and showcase your rentals. Finding the right property manager in Thornton, Broomfield, or even Westminster, Colorado might be especially important because with the recent real estate market boom, you’ll have more competition for your rental properties than ever before. A good property manager should be like a smoke alarm: the less you hear from it, the better off you are. Let’s take a look at some best practices and tips to help you get the right management company for your property.
Ask yourself: What do I need out of my property manager?
If you really want to make money on your rental properties, you’ll have to ask yourself some tough questions. You’ll have to really determine how hands on you want to be with your tenants and their living conditions. The choice is yours, but make sure to decide these things before you start looking for your next Colorado property management company.
Do you want:
- To be more hands off or hands on with tenants?
- To be responsible for minor repairs and upkeep?
- The management company to handle marketing and promotions?
- To make the maximum monthly profit on your property or do you want to have a smaller monthly profit but a higher quality tenant?
- To find and onboard all of your new tenants or do you want the company to find them for you?
- The property management company to handle legal documents like leases and evictions and payments?
After you answered those questions it’s time to start the search.
For Colorado, you can find information here: https://www.irem.org/about-irem/chapters/find-a-chapter/irem-chapters-details?id=00900049 regarding local members in that chapter. Members of the IREM are typically trained and are held to a high standard of service and quality. It’s a great place to start your search.
Once you’ve got those things in mind for how you want to structure your property management experience, now it’s time to kick the search into high gear. You will now save time on your overall search since you can narrow down prospective companies by your established criteria. One way you can be assured that you are getting a high quality management firm is by looking for a firm that is a member of the Institute of Real Estate Management (IREM) at www.irem.org.
Friends, family, and colleagues
The next best place to look is through the old fashioned grape vine. Ask around for places that people have heard good things about. We all know that word travels fast in this industry and sometimes hearing insider information from a trusted source is a great way to pierce the veil of fancy marketing and public relations shenanigans.
Ask current tenants
If you have time, a great extra step to do once you have narrowed down your top three or five management companies is to drop by an apartment complex and take a look around. Is the facility well maintained? Is it clean and tidy, or is it falling apart? Does it look like a place you would want your name and reputation associated with? As you’re there, if you happen to see somebody out and about who lives there, see if they have a moment to chat about their feelings about the management company. Believe me, if they’re unhappy, they will not hesitate to unload all of the details on you. But, take that with a grain of salt. If you ask five people and only one gives a bad review, that could just be a fringe issue with that tenant. Take it all in as you make your final decision to go with that company.
Whether you’re in Thornton, Broomfield, Westminster, or anywhere else in Colorado, it’s important to find the right property management company. If you keep your priorities straight and your ears to the wind, you can find yourself the perfect company that will do you and your rentals justice. Good luck! If you want the best advice around on securing a property manager, look no further than Taylor Realty Group. Contact us today at 303-669-2744 or visit our property management page to get started. Whether you’re looking to lease or you’re a property owner, we’ve got you covered!