If you’re one of the many property owners or investors who own rental property in the Colorado Springs area, you may have been thinking about whether or not you need to hire a property management company to handle it for you. There are, in fact, a number of reasons why you should and also why you shouldn’t. So, let’s start with the obvious benefits of hiring property management for your rental property:
- Better tenant reviews
- Higher-quality tenants
- Lower maintenance costs
- Mitigating liability
- Shorter vacancies
Do You Really Need Property Management?
A few reasons why you might need a professional could include owning multiple rental properties, not wanting to have to employ all of the necessary services for upkeep, having limited available time, and not living in close proximity to your rental property or properties. Focus on the things that are important to you while professionals manage your income property.
What Property Managers Do for You
Before you decide for or against hiring a professional service for handling your rental properties, you might want to consider what they actually do. So, here's a list to help you decide if this route is right for you. Since no job that they do is more important than the others, they're listed in alphabetical order, including:
- Collecting rent
- Dealing with defaulting tenants
- Handling all bookkeeping and invoicing
- Marketing for suitable tenants
- Regular property maintenance
- Screening prospective renters
- Showing prospective tenants the available units
What Routine Maintenance on Rental Properties Entails
If you're new to owning rental properties, you may not know yet about the numerous routine maintenance and inspection issues that it can involve. Property management companies basically act as a middleman, connecting tenants with all of the necessary services. Here's a list of what those usually entail:
- Appliance repairs
- Drywall patching
- Lawn care
- Plumbing repairs
- Pressure washing
- Preventative maintenance
- Scheduling repairs and ensuring they are completed
What About the Cost?
The property management cost could be keeping you from hiring a property management company. It's usually the primary concern when deciding on this important issue. Some property managers charge a percentage of rent collected while others simply charge a flat fee. Either way, it's a good tax-deductible investment for you if handling your rental properties yourself requires too much of your time or has become overwhelming.
Who Should You Call?
Premier Real Estate is a family-owned and operated property management company in Colorado Springs. The company has been in business for 16 years now and has 40 years of combined experience. Their team helps property owners manage their rental properties, which involves collecting rent every month, six-month inspections, coordinating with tenants on issues or emergencies, and sending out the necessary technicians for the job.