What To Ask To Find Reliable Property Management Denver
Rental property is a great investment and it is a great way to make money. If you want to make ownership as simple as possible, you should consider hiring reliable property management Denver. When you hire a management company, you will have someone to deal with the headaches while you reap the rewards. When it comes to choosing the right property management company, there are a few things that you should consider.
How Many Properties Does the Company Manage
It is important to ask the management company how many units they are currently handling. On average, if the manager is properly trained and has the right tools, they can manage between 30 and 40 units. It is important to find out how many they have before they take on your buildings. You don’t want to overload the manager with too much work that they cannot handle. You should also ask how many employees they have working for them. This can have an effect on your decision.
Do They Own Rental Property Themselves?
Some building owners believe that it is better to work with someone who also owns property because they understand the business. This is not the case. If you have a unit available and so does your property manager, they will likely find the best candidate for their building before they start looking for someone for yours. You should look at other property owners as your competition, therefore, you don’t want your property manager to own property as well.
Will They Abide By Your Property Inspection Demands
Before you hire a property management company, you should ask them what their policy is when it comes to routine unit inspections. Some management companies look at this as an extra service and will charge you more for it. Part of managing the property is making sure that each of the units is in good condition, therefore, the company should have no problem performing routine inspections.
What is the Property Management Company Going to Charge?
The cost has a great deal to do with who you are going to choose. Most management companies will charge between 7 percent and 10 percent of the rents for the properties that they are managing. When it comes to payment, the management company should only charge you on the rents that they collected. If there is a tenant who has not paid their rent, the management company should not get paid a percentage of that tenant’s rent until it has been paid.
How Will the Management Company Address Maintenance Issues?
If there are maintenance issues in one of the units the management company is handling, you need to figure out right away how you want the company to deal with them. Most property owners will allow the management company to make any necessary repairs without their consent, up to $250. Any repairs more expensive than that should be discussed with your first. You should also discuss their invoice fee. Some property management companies will add a certain percentage to the invoice for the work that they did in the unit. It is best if you can find a company who doesn’t charge extra, however, if you are considering a company who charges on each invoice, it should never be more than 10 percent. It is always best to negotiate this amount before you sign the contract.
Hiring the right company to manage your rental property can be difficult. If you want to find the most reliable company, you should ask the questions above before you get locked into a contract.