The housing market in Colorado Springs, Colorado is booming. And as the growth continues, your home’s value will increase. This is one of many opportunities in homeownership. Your home is also a great investment opportunity. Many people make the decision to rent out their property, as opposed to selling their home. It may seem complicated and expensive at first thought, but if you partner with a property management company in Colorado Springs like Galvan and Gardner, it could not be easier. So, if you are considering renting your home, this should be a very helpful article for you.
Why Renting Out Your Home Is A Good Idea
If you are thinking about moving somewhere new, whether it’s to upgrade, downsize, or relocate, you are probably asking yourself, “should I rent out my house? Or sell it?”. There are advantages to both and careful research should be done to determine the pros and cons of each option.
If you have lived in Colorado Springs for any amount of time, it’s difficult not to notice the steady rise in housing costs and home values. And the market here is almost guaranteed to get stronger over the next few years. There is a very good chance your home will become significantly more valuable as time goes on. Renting out your home in a housing environment like ours will allow you to keep your property, pay the mortgage, and earn a bigger payday in the end.
What Do Property Management Companies Do?
One of the biggest decisions you’ll make as a landlord is whether you should hire a property management company. Many landlords manage properties on their own or with the help of an employee, such as a resident manager. But sometimes landlords need more help, and that’s when a property management company, like Galvan and Gardner, might make sense.
It is no secret that managing a rental property takes a lot of dedication and work. There are several responsibilities and a few risks too. Some of the responsibilities include:
- Keeping up with safety codes
- Property Maintenance/Repairs
- Mortgage Payment/Delegate Utilities
- Legal Responsibilities and Compliance
- Handling security deposits and rent collection
- Tennant Screening/Advertising
A good property management company like Galvan and Gardner will save you time and money by working directly with potential renters and current tenants. This takes away the stress and worry about advertising your rentals, collecting rent and handling ongoing maintenance and emergency repairs. Dealing with tenant complaints and pursuing evictions can also be a deterrent from renting out your property by yourself. An experienced and successful property management company in Colorado Springs knows the ins and outs of managing a rental property and can handle any and all situations accordingly.
Even though, as the property owner, you are still responsible for any repairs that come to attention, it can be frustrating and time consuming to arrange all the details that go along with reparations. This falls into the wheelhouse of the management company. Many property management companies that are reputable will have long standing relationships with many different types of repair companies, so repairs are always honest, affordable and well executed.
Why You Need a Property Management Company
As we mentioned before, owning a rental property is financially rewarding. But there are a ton of responsibilities that go along with it all. It requires a large commitment of time and energy. However, if you live close to your property, are a seasoned handyman, and don’t mind spending several hours a month dedicated to the details of managing your property, then you may not need a rental company.
If you are a first-time landlord, you may not have thought through all the tedious tasks that arise when you are actively managing properties. Let us tell you about a few more responsibilities you might not have thought of that a property management company handles.
- Market Research – A good property management company will do continuous market research to determine the appropriate rental rates for your neighborhood. This will give you the competitive edge in a busy rental market.
- Handling Rent – Sometimes collecting rent from tenants can be difficult and awkward. Property management companies like Galvan and Gardner have trusted systems in place to collect rent regularly. This is especially important if you only have one or a couple rental properties, as rent payments are crucial to maintaining your cash flow.
- Legal Problems with Tenants – Experienced landlords know it only takes one troublesome tenant to cause significant legal problems. It’s important to use a property management company in Colorado Springs who is armed with the knowledge of the most up to date tenant-landlord laws. They will ensure you are not leaving yourself vulnerable to any type of potential lawsuit.
- Finding the RIGHT tenants – Through extensive experience, your property managers will know exactly where to start when it comes to finding your next desired tenant. Once they have a few prospects, they will complete the arduous task of vetting them out. This process includes extensive background checks, running credit reports, verifying employment and checking references. The quality tenants you will find through Galvan and Gardner in Colorado Springs, will pay on time, rent longer, put less wear and tear on your property, and will cause less problems in general. We have seen thousands of applications and know how to quickly sort through and find the real facts about candidates. We will analyze their information for you to uncover any and all warning signs that they might not be the right fit.
More Benefits for Landlords who Hire a Property Management Company
Owning a rental property has never been easier when you utilize a smart property management company. Enjoy less stress, more freedom, and more time for the things you want to do. Avoid having to deal with middle of the night emergencies, chasing down rent payments and evicting people. Property management companies will take away your risk for rental scams, lousy venders and endless piles of paperwork. Live where you want and don’t worry about the location of your properties. Companies like Galvan and Gardner handle it all. The positive outcome of partnering with a management company can only happen if the company is competent, trustworthy and an overall good fit for your property.