Selecting a property manager is not something everyone will do but for those of you who need this information it’s priceless! Each property manager has their own methods and procedures for managing rental properties and you need to make sure they line up with your expectations. My company for example has spent a lot of time and resources on cutting edge technology. We accept online rental payments, we post videos and pictures for digital ads, and we rely heavily on email for efficient communication.
I spend a lot of time with trade organizations to make sure we keep up with all the latest legislation that could affect the management of rental properties. This is very important because laws are changing frequently at the federal, state, and local levels. You do not want to inadvertently break laws and unfortunately ignorance is not an excuse.
If you plan on managing your rental property on your own you will need to make sure your lease docs are up to date and coincide with HUD regulations and state requirements. These regulations now impact many aspects of rental management including the application process and rejecting applicants based on credit criteria. If you are a management company or a person looking at opening a management company you will need to review your state and local laws, be up to date on information regarding move out procedures, tenant’s rights, and holding security deposits.
Make sure you interview multiple companies! Since each company is different you will find after interviewing a few in your area, which ones will be able to meet your needs and which one’s will not. Don’t only look at the management fees but also look at what it includes. If your decision is based solely on price you may or may not get what you are looking for.
Spending time asking questions and interviewing companies during this process will help ensure you get a company who will be able to perform the tasks you expect in a timely and professional manner. Ask for references from tenant’s and owners who do business with the companies you are interested in. If they can’t provide references or testimonials, they may or may not be worth doing business with. You want to find a company who has good tenant rapport, good owner rapport, and spend the time to stay educated.
You can look at the National Association Of Property Managers website for endorsed companies. Ask the company if they are members of their local and state board of REALTORS or other trade organizations. These companies and individuals are typically help to a higher ethical and educational standards.
I hope this article has helped spark some ideas on how to approach hiring the right Colorado Springs property management company for your specific needs. Feel free to comment or contact me for additional information!
