You’ve taken the leap and invested in a property in Colorado Springs. One of the first major decisions you will need to make is whether you are going to assume the duties of being the landlord. For some, it is a time consuming, financially draining endeavor. If you are undecided, here are a few reasons why you should consider hiring a Colorado Springs property management company.
Why should you hire a Colorado Spring Property Manager?
1. Inexperience can be expensive.
If you are a first time home owner you are going to need to invest time and energy in upskilling yourself to be able to handle the legal, financial and maintenance aspects of your property. With only entry level knowledge you could end up making a few costly mistakes. However, it’s not all or nothing –you can choose the amount of responsibility you give to the property manager and how much control you maintain.
2. Distance is debilitating.
If you live far away from your rental property, you are going to run into snags. You might think it will be enough to visit the property only a few times a year but what happens when there is a maintenance emergency and you have to solve the problem immediately? You could also have full time work commitments that do not allow for dealing with a tenant issue in a timely manner. If you can’t keep your tenants happy by sorting out their issues with the property, you are going to lose good tenants and this will cost you financially.
3. You can Invest in properties out of your city or state.
Sometimes investing in your local market might be unaffordable for you. You can choose to buy an investment property in a “hot” rental market in any state and have a property management company look after it for you.
4. Your property is old and always in need of tender loving care.
Perhaps you got your foot into the real estate investment door with an older property in need of constant maintenance. Your Colorado Springs property management company will be able to take care of all of the persistent roof leaks, clogged drains or any consistent problems linked to the age and state of your investment. Your property manager has established excellent relationships with vendors over the years (plumbers, electricians, contractors, etc.) and are able to get the highest standard of work for the best price. If you are attempting this on your own, it could end up costing you an arm and a leg.
5. Compliance with Federal, State and local laws in your tenant screening process are complex.
You could face hefty fines if you mishandle prospective tenant’s private information or discriminate against applicants. This is where your property manager’s years of experience will save you on a potentially costly mistake and minimize any exposure to liability. Your property management company will be able to conduct all of the tenant screenings to select someone who meets your expectations. The vetting process can be arduous, but your property manager is trained in the procedures and can provide all of the paperwork for the lease agreement. Your property manager will run all of the security checks, criminal background checks and will verify employment as well as previous landlord references on all applicants.
6. Setting the right rental rate takes industry knowledge.
There is a big difference between what you want to charge for your rental property and what people are prepared to pay. You could end up setting a rental rate and then sit with a vacant home for extended periods of time. Your Colorado Springs property management company are experts in the current rental rates for the area and will ensure no money is left on the table because you have overpriced your investment property rental rate.
7. You are not up to date with all of the technological advances in marketing in the real estate business.
You could be using outdated advertising and marketing methods and be missing out of attracting the highest quality tenant for your property. Your property management will have their own well developed marketing channels that you can benefit from, instead of having to pay the costs yourself.
8. You don’t have to collect the monthly rent.
Your time is limited. You have work, family, children, friends and “me time” commitments. Leave the rent collecting to your property manager to ensure your cash flow is not negatively impacted. In fact, leave it all for a property manager because they can do it for you and for a lot less than it might cost you.
When you hire an experienced Colorado Springs property manager, you will be growing your equity, protecting your investment property as well as saving time, effort and money. You can avoid all of the maintenance headaches and legal hassles when you hand over the responsibilities of running your rental property to an established, trustworthy property manager.