Anyone who becomes a rental property landlord thinking it is a quick and convenient way of making money without putting in too much effort is in for a rude awakening. Being a landlord is time-consuming and can become frustrating and stressful at times.
From dealing with leaking roofs to tenants who do not pay their rent and everything in between, landlords have a lot of responsibilities to discharge. This becomes even more challenging when they have other business commitments or live far away from their rental properties. To minimize these challenges, many rental property owners hire property management services to manage the responsibilities of being a landlord.
Here are the five top benefits of hiring a property management service:
1. Getting paid
The chief advantage of engaging Colorado Springs property management services is that landlords do not need to worry about getting paid. Evernest, Dorman Property Management, and Highest Point Real Estate and Property Management are local companies offering these services, while Greystar and BH Cos. work nationwide. Evernest has an established presence in the Colorado Springs rental market, with professional agents who spare no effort in ensuring that rental properties and well-managed, allowing landlords to rest easy knowing everything is in hand. Evernest has other Colorado offices in Denver, Fort Collins, and Boulder.
Their unique insight into the Colorado Springs rental property market allows agents to ensure that landlords charge fair, market-related rental prices. Many landlords make the mistake of charging too little rent, cutting into their property’s profitability. As most property management companies make a percentage of the rental income, they will ensure the best and most realistic rental price. They will also not overcharge because they cannot find suitable tenants willing to pay the rental price. Agents also ensure tenants pay their rent on time, preventing landlords from chasing after them to get what is owed.
2. Marketing and advertising
When you work with property managers, they have a better chance of sourcing quality tenants than you do by going it alone. Many property managers put applicants on their books on a waiting list. They contact these pre-approved tenants as soon as a suitable vacancy arises. This reduces how long a property stands vacant, preventing the landlord from securing an income to defray their expenses.
Colorado Springs property management companies create professional advertisements on various online platforms, where they know tenants will search for rental homes. These advertisements are carefully worded to sell the house’s best features and accompanied by professional photographs. Such ads are likely to attract a better caliber of tenants, which will not cause the landlord undue stress.
3. Screening and vetting
Checking a prospective tenant’s references, employment status, and credit history is so time-consuming that many landlords skip the process, or only pay lip service. The long-term consequences can be devastating. The rental property owner could be saddled with nightmare tenants who terrorize the neighborhood, do not pay their rent, and cause unnecessary damage to the house.
Property managers in Colorado Springs have extensive experience in screening and vetting processes. They incorporate it into their daily schedule, making phone calls to the applicant’s employer to verify their employment status and income, speaking to previous landlords to determine their past behavior as a tenant, and sourcing a thorough credit report.
A tenant’s prior acts and behavioral tendencies are a valid indicator of what a landlord can expect from them. For example, one who committed such egregious acts to warrant eviction is likely to do so again. Knowing an applicant’s debt status is also helpful as it determines whether they can afford their rent after servicing loans and other debt instruments. An applicant earning a high salary might still not afford the rent if they have thousands of dollars in debts.
4. Repairs and maintenance
Not all companies offer the same suite of services. When looking for a property management company in Colorado Springs, ensure that it provides repairs and maintenance services if you do not wish to manage these processes yourself. They can be tedious and keep you on call 24/7. When you hire a property management service, you will no longer receive urgent calls to report structural issues in the middle of the night.
Property managers work with a network of trusted Colorado Springs contractors to get repairs and maintenance work done on a landlord’s property. These service providers offer excellent workmanship at reasonable rates. Landlords should ensure they have rental homeowner’s insurance to cover any claims.
5. Tenant relations
A property manager is a tenant’s point of contact. In most cases, these renters cannot contact the landlord directly. This added layer of communication means you do not need to deal with difficult tenants.
Many landlords make the mistake of becoming personally involved with their tenants. Crossing the line in what should be a professional relationship makes things more complicated when disputes arise, rent remains unpaid, or an eviction becomes necessary.