Managing an Denver Metro Area rental property can be all-consuming and take more time and energy than you have. To do it effectively, you have to be a maintenance technician, plumber, electrician, leasing agent, property accountant, and home project manager, which can be overwhelming, especially when you own several properties.
Fortunately, you don’t have to do it all. With the right Denver Metro Area property manager, you can sit back, relax and enjoy passive income from your rental properties. Choosing the right property manager can be very complicated, but there are a few important elements to consider:
- Selecting the lowest bidder isn’t always the best strategy. It can be easy to fall for the allure of the lowest percentage or the least amount of fees, but that doesn’t mean you’ll get the level of service you want for your investment properties. After all, rental property is a big asset and it needs to be taken care of to hold its value. Tenants also want good service and a professional to talk to when things don’t go right or there’s an issue they need help resolving. The lowest cost provider may not have the resources to take care of the many needs of the property or the tenants.
- Communication is critical. Your property manager should communicate with you effectively, early, and as often as you desire. It should not take days or weeks to get a hold of them. Again, unlike other investments, a rental property needs attention and should be treated as if the property manager owns it. You shouldn’t have to wait for your property manager to talk to you about an issue or concern with the property. Expect almost immediate responses throughout the process.
- Technology matters but doesn’t completely replace a human touch. Technology makes property management more efficient. Your property manager should offer an owner and tenant portal so renters can pay online, submit service requests online and communicate. They should also offer an owner portal so you can conduct business online as well. But these technologies and automations aren’t a replacement for a real person working at the property management provider. People, who you can actually meet face to face in your local market add a personal element that technology simply can’t and must be part of the equation.
These are just a few of the qualities you should look for in a property manager in Denver Metro Area before signing on the dotted line. To learn more about what property managers should guarantee as part of their offerings to give you true peace of mind, review our guarantees at PMI Aspire.
