The real estate market in Colorado Springs, Colorado is booming. And as the growth continues, your home’s value will increase. This is one of the 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 like Merit Co., it could not be easier. So, if you are considering renting your home in Colorado Springs, this should be a very helpful article for you.
Why Renting Out our Home is a Good Idea
If you are thinking about moving somewhere new, whether it is 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.
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. Sometimes landlords need more help, and that’s when a property management company, like Merit Co., 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:
- Property Maintenance/Repairs
- Legal Responsibilities and Compliance
- Handling security deposits and rent collection
- Tennant Screening/Advertising
Working with Merit Co., to manage your real estate investment 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. Handling tenant complaints and pursuing evictions can also be a deterrent from renting out your property by yourself. An experienced and successful property management company knows the ins and outs of managing a rental property and can handle 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 vendors, so repairs are always honest, affordable and well executed.
Why You Need a Property Management Company
There are a ton of responsibilities that go along with managing your own property. 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 real estate management company.
If you are a first-time landlord, you might 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 in Colorado Springs.
- Handling Rent – Sometimes collecting rent from tenants can be difficult. Property management companies like Merit Co., 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 property investors know it only takes one troublesome tenant to cause significant legal problems. It is important to use a property management company who is armed with the knowledge of the most up to date tenant-landlord laws and the backing of an attorney. 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 receive an application they will complete the arduous task of vetting them out. This process includes running credit reports, verifying employment, and checking references.
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, collecting rent, and evicting people. Live where you want and don’t worry about the location of your properties. Companies like Merit Co., 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.