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.