If you have never worked with a professional Littleton property management company before, you might not know what to expect. Every property manager is a little different, but there are a few things that are standard across the industry.
This is an industry that has invested a lot of resources into technology and modernization. When you’re looking to hire a property manager, set your standards high. You want someone to do more than collect rent and call plumbers. You want an investment partner who can help you succeed with your Littleton rental properties.
Marketing Your Littleton Rental Property
The first job of a property manager is to get a tenant into your property.
Good managers will assess your property and let you know if any changes need to be made in order to make it appealing to the best tenants. Your manager might recommend fresh paint or new flooring. A rental value will be established by comparing your home to competing properties in the market, and then the marketing will begin.
Expect your property manager to take high-quality photos of your property and write a description. That ad will go onto the management company’s website and out to dozens or even hundreds of rental websites. Your property manager will respond to questions, schedule showings, and follow up with applications.
Screening and Leasing Services
Next is the screening process. Your property manager will collect applications, discuss qualifying criteria, and then verify all the information the applicant provided. We check credit and income, verify employment, and contact rental references. We have access to national eviction checklists and criminal background histories.
A property manager’s screening process must be consistent, fair, and rigorous. You can expect a property manager to approve or decline a tenant based on the information that’s gathered. If a tenant is approved, your property manager will collect the move-in funds, schedule a move-in condition inspection, and execute the lease.
Lease Enforcement and Rent Collection
Collecting rent seems like it should be pretty straightforward, but you might run into tenants who pay late every month or don’t pay at all. You also need a property manager to enforce your lease.
Regular property inspections will give you the peace of mind that your tenants are doing what they’re supposed to do and meeting all of your expectations and their obligations. If a tenant falls behind in rent or is discovered to be violating the lease in some other way, you won’t have to worry about disputes or confrontations. Your property manager will handle everything, from communicating with tenants to serving the proper notices to following up.
Financials: Reporting and Bookkeeping
A property manager will also take care of tracking your income and expenses so you know exactly how your investment property is performing. Many landlords worry about the cost of a professional property management company, but it actually ends up saving you money. You’ll find that you can earn more with better tenants and fewer vacancy and turnover costs. Your maintenance expenses will be lower and you won’t have to worry about costly errors that can easily be made. Your property is protected and more profitable when it’s being professionally managed.
Maintaining and Protecting Your Investment
Responding to routine and emergency maintenance issues will also be on your property manager’s job description. You won’t be bothered by tenant phone calls when a sink is leaking and you can count on your management company to handle ongoing maintenance such as pest control and landscaping.
Protecting the condition of your home with preventative maintenance techniques and excellent tenant communication is essential to property management. Property managers develop good relationships with vendors to save you money on repairs.
If you have any questions about what to look for in a property management company, please contact us at Assured Management, Lakewood property management experts serving residential landlords in West Denver and the surrounding areas, including Littleton, Golden, Wheat Ridge, Arvada, and more.