Did you know that the Denver area is the third most competitive large rental market in the western part of the country?
If you are a landlord with property in the Denver area, you have to keep this in mind when deciding whether to relinquish control and hire a property management company.
A property manager will take over key responsibilities of rental property management. Keep reading as we outline six signs that it may be time to hire one.
1. You Don't Have Time to Manage the Property
One of the greatest benefits of property management is that it frees up your time to concentrate on other aspects of your life. Have you found a lack of time to deal with the time-consuming nature of property management tasks? If so, it's time to hire a property management company.
The company can handle things like tenant screening and selection. It will collect rent and handle maintenance and repairs. It will deal with maintenance calls and repairs, taking all this off your hands.
2. Property Maintenance Headaches
Do you dread getting calls at all hours of the day? When you are in charge, you have to take those emergency calls and find a repair person to handle the situation.
Property management companies have established contractors to handle routine and emergency maintenance. You don't even have to be involved.
3. You Don't Live Close to the Denver Property
If you live far away from the property, a local property management company is the ticket to provide on-site support. The manager can do in-person inspections and offer a quick response time to tenants.
You can cut travel costs and save time by using a property manager.
4. Your Denver Rental Property Is Underperforming
Is your rental property not performing as it should? Do you have periods of vacancy or difficulty finding good tenants?
The property management company has expertise in things like tenant screening, rent collection, maintenance, and repairs. Your property will perform better in the long run.
5. Difficulty With Tenants
Even when you find tenants to fill your vacancies, you may end up with problems. When you hand tenant screening over to a property manager, you'll find better-quality candidates.
Professionals know how to enforce lease agreements and handle evictions if needed.
6. You Lack Landlord Experience
If you are new to the landlord game, there is a huge learning curve. There are a lot of landlord-tenant laws and regulations with which you must comply. Common mistakes may lead to legal issues.
A management company has the knowledge and experience to mitigate risks and ensure that you stay in compliance with the law.
Time for a Property Management Company?
Now that you know the signs that show a need for professional property management, do you recognize some of them? Hiring a property management company frees up your time, reduces stress, and improves your cash flow.
We at PMI Cedarboldt specialize in meeting your property's unique management needs. Call us at 720.647.4027 or contact us through our website to discuss how our experience can benefit you.
