If you have a home for rent in Colorado Springs, you need to make the important decision whether to handle the investment yourself or hire a Property Management Company. In this article, we want to share with you some important questions you should ask yourself before making that critical decision.
Should you be using a property management company for your rental?
Being a landlord can be a difficult task, especially if you have another job and must be away from the property. If that’s you, then that means when you end your workday, there will surely be a few projects waiting for you to work on to keep your tenants happy. If you own several properties in Colorado Springs, or live far away from your property, it makes sense to leave the hard work to someone else. Hiring a residential property management company could provide considerable relief for you, while ensuring a sustainable profit.
Tired of the Constant Upkeep?
When renting out a home and managing the property by yourself, it probably means that you are kept busy doing a lot of odd jobs. Whether it’s fixing occasional plumbing problems in the middle of the night, the work can get old fast. Not only that, but there might be substantial, large repairs needed to ensure the longevity of your house or building.
A property management company can or will coordinate the work that is needed for the upkeep of your property. At Merit Co. we will provide quick service when there is a problem.
What Is a Property Management Company?
A residential property management company does everything for you. This means we do all that is necessary to:
- Get you the best rental market value for your property.
- Handle all tenant interactions.
- Coordinate with owners and vendors to get work/maintenance performed.
Before getting started in the management process, we talk with you to be sure that all policies are understood.
What Services Does A Property Management Provide?
When a landlord is kept busy by work and finds their hands full with maintaining their own property plus the rental property, they could use an extra hand. A management company can do all that you need for them to do to ensure it is well-managed. This includes:
- Collecting the rent.
- Handling the bookkeeping.
- Paying the bills for work/maintenance performed.
- Preparing the property for move-in.
- Marketing and screening for new tenants.
- Dealing with any tenant legal issues.
- Conducting yearly inspections.
A property management company for your home in Colorado Springs not only does everything you need for a smooth operation, but they also improve the business aspect of it. All their procedures are set in place and are proven to work.
Want to Keep Renters in your Colorado Springs home longer?
Landlords find that superior services help to keep tenants happy, which ensures they will stay longer. The required work is also done correctly the first time which will minimize issues later on.
Need New Renters?
When you are renting a home in Colorado Springs and there is a vacancy, Merit Co. will do the marketing for you so that your rentals do not stay empty for long. We use signs, websites, and talking with Realtors to get the word out about your vacancy. Potential tenants are also given a phone number to call so that any questions can be answered.
All potential tenants that respond are interviewed and evaluated to ensure that rent money is obtainable and the property will be well taken care of. Qualified applicants will be provided with an application that is compliant with all necessary laws. Their credit, rental history, and income are verified.
A lease is made with the selected tenants and the appropriate fees are collected. Terms of rent are also carefully explained to the tenant. Before moving in, a review of the homes condition is conducted and again after they leave.
If an eviction should ever be required, that is handled for you too. Everything is done according to law so that there are no legal problems. When a tenant moves out the property is inspected by Merit to see if any cleaning or repairs are needed.
What Other Advantages Are There?
A landlord who insists on handling everything themselves may be limiting their own success. By outsourcing the task of management to a professional team, it can free you up to move on, buy more property, and see your income grow.
If you want more free time, or time to travel, letting a team of experts conduct your business for you can ensure that you have the freedom to do whatever you prefer. When you are busy, there are certainly going to be some areas of your business that are going to be neglected. A management company can ensure that it is all taken care of properly.
When Should You Hire a Residential Property Management Company?
There are likely some other things that you want to be doing other than handling tenant complaints and keeping tenants in your home or apartment building. The stress can be removed by letting professionals handle it all for you. In the Colorado Springs, CO area, Merit Co. provides superior property management and real estate investment services. We invite you to call us today at 719-593-9068 and let us show you how we can work with you and bring a tenant to your rental properties.