There’s something exciting about owning rental property, especially in a budding community like Colorado Springs! Buying a home is more than a financial investment, you’re embarking on a very courageous journey. But we all know that owning a property is only half the battle. If you are truly looking to get the most out of your investment (not to mention a peace of mind) then you have to hire a property manager.
Fear not! Property managers are here to help you save time, money, and even stress, but a good management group can be hard to find. There are innumerous amounts of aspects anyone should look for in a property manager before signing anything. We’re so nice that we’ve helped you out and narrowed your focus down to three major categories!
3 Key Factors to find the Best Property Manager
Stroll Down Memory Lane: Analyze the Past
Before we buy anything, we generally want to know the history of the property or at least some sort of track record of the previous owners. This remains true for property management. Ask the potential management group for past rental history or see if they’ve had to issue any evictions in the last few years. Eviction history can show how well they are screening applicants, which is important if you’re in another state or country and can’t be there for those initial processes.
Most real estate agencies will give you a dating profile that only highlights the positive points of their property management services so feel free to dig a little. You don’t have to ask their blood type, but it’s important to know if they’ve had any issues in the past with renters or the rental properties.
Also, take time to ask the candidate for their credentials; the more experience they have in either legal or real estate the better. If you have any issues with a renter or something comes up, it can be great to have someone with experience dealing with unforeseen problems. The more experience they have and the more companies they have working with them may save you from having to hire other agencies for legal actions or general maintenance tasks.
Be Perceptive About the Present
We can all learn from our past, and no one can predict the future; that’s why it’s very important to live in the now. Feel free to ask what they are doing for property inspections and day-to-day procedures. Ask your potential property manager if you could check out any of their properties right then and there and if they say “no,” then they’re probably not the right fit for you.
Everyone puts up guards and masks, but when it comes to your long-term investments, it’s ok to expect a bit of transparency. You need to ask about the what systems do they have in place to avoid problematic situations in the future. See if they have any reputable references to help build the trust.
Try to Look Into the Future
Make sure that there are no surprises down the line, especially when it comes to your money. Double and triple check to see how their procedures regarding property maintenance, repairs, and monthly dues are handled. Also, acknowledge how any late fees or pet deposits are taken care of as well as any other charges. Their maintenance fee alone can say a lot about the company and their reputation.
Don’t go into anything without thinking about the end goal. The world is not all rainbows and gumdrops… there will come a time where you may want to part ways with your property manager. You should have a clear termination clause to protect both the management company and, of course, yourself. You may become unhappy with their processes or they may be going out of business, either way, you need to be realistic about the relationships regarding your rental property and ultimately, your business.
Progress with Property Management
There’s tons of questions and concerns so you should still do your research. Equipping yourself with the right terminology can save you from property management agencies hitting you over the head with a bunch of real estate jargon. If you find yourself stuck on what to ask, always analyze the past, present, or the future. With renting property or any other financial undertaking, simply examine the timeline of your decisions and research other management agencies so you’re not stuck making the wrong choice.
Above all, you can trust us to answer any of your questions and we’re the team to guide you through the real estate in Colorado Springs and beyond.