Pros and Cons of Hiring a Property Management Company

Denver property managers

If you own property that you are already renting out, but the tasks related to managing your relationship with your tenants, to collecting the rent and to repairing and maintaining your property seem too much to handle or if you are planning to start a property rental business, outsourcing the tasks related to your property to an experienced property management company is a great idea. However, like any outsourcing project, hiring a property manager has pros and cons as well – here are some of the most important aspects to weigh before you start looking for the right company to hire.

The Pros of Working with Pros

Property management is surely a profession that can be learned, but the learning curve is steep and it involves acquiring lots of knowledge about the financial, legal and zoning aspects as well as about dealing with existing tenants, managing ads for finding new tenants and managing all the necessary repair and maintenance activities. Hiring reputable Denver property managers can save you from all that hassle – here are some of the most important benefits of hiring a professional property manager:

  • Peace of mind that your property is well-maintained – whether you rent your property to residential or commercial tenants, you need it to be perfectly functional and up to code at all time. Your property manager will work based on a strictly respected maintenance schedule and will also handle the necessary repairs, including emergencies, in a professional manner;
  • Peace of mind that you have reliable tenants – having trustworthy tenants who pay their rents on time and treat your property with proper care is also essential. Property management companies have experienced in collecting rent as well as in screening and selecting tenants and handling the relationship with them, so you will not have to deal with any of these issues;
  • Compliance with all the applicable laws and regulations – rental property management is a field regulated by lots of laws and local regulations and any non-compliance means trouble. Property management companies possess the right type of knowledge to make sure that your property and your processes are in compliance with all regulations at all time.

The Cons of Working with a Property Management Company

There are not many cons to hiring a property manager, but there is one that is a major hurdle for many property owners and that is the related cost. Property management services are not cheap – though not all property management companies work for the same rates, the level of expertise and experience that they will put at your disposal is valuable, so none of them are inexpensive. Most companies will work for monthly fees calculated as a percentage of the rent collected each month, to which other fees are usually added, too, such as marketing fees for listings to advertise your vacancies and other, miscellaneous fees. Before you choose your property management company, it is a good idea to contact several firms and to find out about their rates, fees and the services provided for those rates and fees to be able to find the best service provider.

Hire an El Paso Tenant Screening Company to Take Care of Interviewing Your Future Tenants

An El Paso tenant screening company can really help you out when it comes to vetting your tenants, making sure they weren’t involved in any illegal activity, and having more information regarding their background, so you can make an informed choice regarding who to accept and who to avoid.

The details below should be able to help you out when it comes to understanding the main responsibilities that a property management service has when it comes to tenant screening.

Promptly Taking Care of the Screening Process

An El Paso property management company is essential when it comes to dealing with the small but important issues associated to tenant screening. The following are just a few of the details that every local tenant screening and property management company should have knowledge about:

  1. The credit history of your potential tenants, which will show how past debts and other financial difficulties may have impaired the tenant’s ability to meet payments on time;
  2. Any and all issues relating to income, which includes how much your new tenants are earning, how long they’ve been hired at their current workplace and how stable the job may be;
  3. Credit history, involving the amount of money that the tenant has already borrowed and still has to give back;
  4. And most importantly, rental history, which determined how the tenant has behaved in the past when dealing with other landlords, whether or not he made rent payments on time, and whether he has any record of unlawful behavior.

Of course, there are many other details that your El Paso tenant screening company will take into account before even calling the tenants to be subjected to an interview process. This approach, however, is extremely efficient, and it will make sure you have nothing to worry about regarding the people you allow to occupy your residential properties.

Property Management Responsibilities – Tenant Selection and Move-In

Based on specific criteria that you have decided upon yourself, the property manager you hired is able to select the precise tenant that will not only meet all practical requirements, but can also move in and pay right away.

The property manager will first have to notify the tenants in question that they won or lost in the selection process. After all, it’s only fair to notify everybody involved in the screening process, so that there won’t be any problems later on.

After the tenant selection was completed based on the full evaluation of your criteria and the tenant’s complete background check, it’s time to manage all the tasks associated with the tenant moving in. From administrative solutions, such as drawing up a legal leasing agreement, to confirming the moving date and performing a full move in inspection with the tenant, evaluating the condition of the property, and having the tenant signing the report that verifies is prior to move-in.

Once all that is out of the way it’s time for your new tenant to move in and for your property management company to collect the first month’s rent and security deposit.