Should You Hire A Property Management Company in Denver?

Some people go into multi-family investments thinking it will be a breeze. After dealing with collections, maintenance, complaints, and repairs they will soon realize, being a landlord is a lot of work! At what point should you hire a property management company? It is a decision many landlords face.

Do the benefits outweigh the cost? Each situation is different. We have put together some points to consider before you hire a property management company.

What They Can Do:

Market the Property:

They will be able to showcase and highlight the property across many platforms. Property management firms often subscribe to the most effective online tools. Your property will likely be featured and placed in a more visible location on print and web materials. They will also post signs, list on the MLS, schedule showings, and process applications.

Tenant Screening:

High-quality tenants vs. low-quality tenants will make or break your investment. Figuratively and literally. The average person doesn’t have as much experience as a property management firm when it comes to finding the best tenants for your home. An experienced property manager will spot red flags a mile away.

Collect Rent:

Your property manager will collect the monthly rent on your behalf and enforce any applicable late fees the tenant owes. They are often paid in a more timely manner as a private landlord is typically more flexible. (read: they are more easily taken advantage of.) Your property management company can act as collections, chasing down rent if need be. They can also handle the majority of the eviction process which can be tedious and tiresome.

Raise Your ROI:

They will take a good look at the living spaces and the grounds. They should immediately be able to recommend cosmetic touches and upgrades that will boost ROI. A good property manager will be abreast of what competitive properties are offering as far as upgrades and unique property features. They should be able to provide information about taxes including deductions and necessary paperwork for the property. A good property manager will help you maximize your investment.

Manage Maintenance & Repairs:

Your property manager will be able to keep up with maintenance and make repairs you might not be aware of. Experience goes a long way here. Knowing what to look for, as well as the most effective and efficient way to resolve the problem is a skill learned over time. they will receive multiple bids for repairs, ensuring your property receives the best service at the lowest cost.

Why You Need One:

You Own Many Properties:

If you own more than one property or unit, being a landlord can turn into a full-time job. Piles of paperwork, vendor relations, tenant needs, maintenance, accounting.. it will eventually make your head spin. A property manager is key to managing multiple investment properties.

Need Assistance Managing Funds:

The accounting alone on a rental property can turn into a full-time job. If you do not choose to employ a property management company, you should definitely make sure you have a competent accountant running your books. There are many deductions available to property owners.

You Are an Absentee Owner:

You can’t very well manage a property you own in CO if you live clear across the country. Trusting friends to help “keep their eye on it” is likely to end in a dispute with the tenant or your friend. You would be better served to use a reputable and local property management company. Someone who is looking out for your best interest.

When you are ready to hire a property management company, keep in mind, they will likely charge 8-12% of the monthly rental value. Some people would rather keep this money in their pocket, while others see the incredible value in having someone else take care of the dirty work!

Are you considering a property management company in Denver? If so, we want to help! Send us a message, or give us a call today! (720) 932-4402

Ken Blevins

Ken Blevins, CEO of Metrowest Real Estate Services, is a veteran in mortgage and default servicing with more than 24 years of experience in collections, foreclosure/bankruptcy, loss mitigation and real estate disposition (REO). Blevins was an original co-founder of Metrowest in 2003, a Real Estate Brokerage and Services Company focused on the resale, recovery and liquidation of distressed real estate in Denver, Colorado and surrounding metros. Blevins assumed the role of CEO in January 2014 and provides strategic direction and has management accountability for the day-to-day operations. Under his direction, Blevins drives all default management operations to maximize asset value recovery and reduce loss severity through a strategy focused on customer service and state of the art technology. Blevins has 18 years of direct operational experience in all facets of REO Asset Management having managed large national REO Disposition contracts for Fannie Mae, Freddie Mac, Wells Fargo, JP Morgan Chase, CitiFinancial, GMAC Mortgage and other various financial institutions. Blevins specialties include REO asset management, real estate investment, bulk REO acquisitions and distressed asset recovery and liquidation, and he has directed the resolution and liquidation of over ten billion in institutionally-owned residential real estate.

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