Join a conversation with a group of landlords, and you will soon learn that being in the rental business is harder than it sounds. It is about more than collecting rental income and watching your bank balance grow. Indeed, being a landlord requires you to undertake and complete complex processes to stay on the right side of the law and make a profit.
Because they lack time, knowledge, and experience, many landlords choose to work with property management companies that assume such responsibilities. Property managers charge a percentage of the rental price as a fee. As a Colorado Springs property owner, you might think this is an unnecessary expense. However, here are three things that will make you reconsider this position:
Getting the best possible tenants
Rental companies operating in Colorado Springs, such as Evernest, Alliance Property Management, and Bijou Property Management, Inc., understand how important it is for landlords to have suitable tenants occupying their rental homes. Evernest has teams of professional, qualified rental agents operating in Denver, Colorado Springs, Fort Collins, and Boulder. They focus on finding ideal tenants and matching them with their clients’ rental properties. The Evernest approach includes building sustainable relationships with rental property owners by providing expertise and top-quality service at reasonable rates.
Property managers master the art of advertising and marketing rental properties for their clients. They know which platforms to use and how to word an advertisement to attract the best possible tenants. This includes taking professional-quality photographs to make the rental listing more appealing to prospective tenants. Property management companies have databases of would-be renters. They access these details as soon as a listing becomes available. This approach speeds up the process of finding tenants and minimizing vacancy times. When a rental property stands empty, neither the owner nor the property management company makes money. Therefore, agents remain highly motivated to source tenants.
Another vital function property managers perform on a landlord’s behalf is screening and vetting. Having tenants move into a rental without researching them could end in disaster. Property managers ensure that this does not happen. They use the information people provide in their applications, such as their employment status and income amount, and verify it. They also speak to previous landlords to determine what kind of tenants the applicants were. Additionally, agents subject applicants to a credit check to determine their degree of responsibility regarding their finances. People who have a habit of skipping out on debt make unreliable tenants.
Interactions with tenants
Many landlords find interacting with their tenants challenging. When renters deal directly with the property owner, they might feel entitled to develop a personal relationship with them. This often leads to conflict as blurring the lines between a professional and personal relationship seldom ends well. Any disputes are amplified when personal feelings get involved.
Tenants and landlords could try and take advantage of the relationship by pushing the boundaries of their rental agreement. This often occurs when tenants try getting out of paying their rent in full or on time. They play on their landlord’s emotions, hoping to get a free pass. Landlords who do this once live to regret it as their tenants will take it as a green light to continue this behavior.
When the relationship between a tenant and landlord deteriorates, it can lead to property damage, neighborhood disturbances, and legal proceedings like evictions. Property managers act as a buffer between landlords and tenants, preventing unnecessary nastiness from entering the relationship. They deal with their Colorado Springs clients professionally, focused on resolving problems efficiently and in everyone’s interests.
Repairs and maintenance
Repairs and maintenance are the bane of most landlords’ lives. It seems that there is always a never-ending list of jobs around the home that need attention. Tenants call at all hours to report these problems, leaving landlords feeling like they do not have a minute to themselves. This can lead to tension in the landlord-tenant relationship.
Another reason landlords despise repairs and maintenance is that they must source the contractors and ensure that tasks are completed. This takes time that a landlord might not have at their disposal. Many property management companies work with networks of Colorado Springs contractors. They vet these service providers to ensure they provide quality work at reasonable rates. Therefore, when a rental home needs a fresh coat of paint or has blocked water pipes, the agent knows who to contact to deal with the problem.
Sourcing contractors can become a landlord’s worst nightmare. Some make great promises, happy to take a property owner’s money, but deliver slipshod service or skip out without doing any work. The financial implications are significant as few landlords have additional funds they can afford to lose. They find it more convenient to let their property manager handle repairs and maintenance, claiming from their rental homeowners’ insurance where applicable.
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