6 Essential Questions to Ask Your Next Property Management Company
Since there are a lot of property management companies in Colorado Springs, owners can find themselves overwhelmed when choosing the best property management company that works for them. The process of vetting out the right company is crucial to protecting your property investment. Making a quick decision without doing the research could result in a shady partnership with a company that is not credible, inexperienced, or incapable of handing your needs. Keep reading to see the best questions to ask when vetting out a property management company in Colorado Springs, Co.
Questions for Vetting Property Management Companies in Colorado Springs
Do they have enough experience to successfully manage your investment assets?
The best property managers have vast experience handling many different types of properties. When you discuss a potential partnership, make sure you know what types of properties the company typically deals with. If you have a single-family home you are wanting to rent in Colorado Springs, you would not want to hire a company that only deals with apartment complexes or corporate properties.
At Merit Co., we specialize in all types of rental properties. We work with new and experienced landlords to manage multi-unit complexes, and single-family homes in Colorado Springs. We also have experience working with different types of unique properties, so do not hesitate to start a conversation about how we are the best option for your property management partnership.
Is there an experienced team involved?
There are several moving parts when it comes to the successful management of your rental property. It is important for your Colorado Springs property management company to consist of a solid team of multi-talented individuals. Different aspects of managing your property require several different departments that will help.
Some important aspects of handling your property include the marketing of your vacancy, handling maintenance and repairs, budgeting, and evictions. It is also important for your team to have a deep understanding of local codes and regulations, as well as other tenant/landlord laws. A solid team will have experts in all of these areas, making your investment journey easy and successful. We are proud of our team of diverse skills at Merit Co. Because of our vast skill sets, we have been able to build everlasting essential partnerships throughout the community which will save everyone time and hassle when new things come up with the property.
Does the property management company have a solid reputation?
Does your potential company have a website? Is their website clean and functional? Is all the information in their Google Box up to date and informational?
What is their tenant turnover like?
Even though maintenance and upkeep are huge priorities for your property management company, finding the right tenants and taking care of them is also a critical aspect of the business. An agency who can properly market and vet out quality tenants is always the most successful. At Merit Co. we have years of experience vetting out potential tenants. We know what the red flags are, and will find quality tenants who will stay in, and take care of, your property for a long time. Retaining good and responsible tenants will give you the biggest return from your Colorado Springs investment.
A good property management company will have done extensive market research to determine the best pricing for your property’s area and will price your rental accordingly. They will be able to provide future tenants with all the valuable information they want to know before committing long-term to a rental.
How does the property management company handle their business?
How do they operate? How do they handle lease agreements and other professional business? Knowing the agency’s policies and procedures will help you determine if they will be able to maintain quality tenants and your property in Colorado Springs. A reputable and professional agency like Merit Co. will be happy to share their ongoing policies with you and will be open to your questions and concerns. Establish that their policies align with your preferences and you are good to go.
Who handles after-hour business?
It is essential to partner with a company who has competent and helpful individuals staffing the phones during the evenings and on weekends. Handling owner and tenant situations quickly and efficiently is a highly valued trait in the property management business. No tenant wants to have a late-night flood and no one to call.
Property management in Colorado Springs is a complicated and fast-moving business. It is important to choose a highly respected and professional company, like Merit Co. to oversee your investment properties. Our experience, expert customer service, and efficient policies make us the best property management company in Colorado Springs, CO. We are established and ready to start a conversation about how you can get the most return out of your investment.