Do I need a Property Manager?
If you have purchased an investment property and are planning to rent it for commercial or residential purposes, you might want to consider hiring a property manager. If you’re a first-time investor, you may not realize how time consuming effectively managing that property can be. It can become overwhelming in no time at all. Even if you’re a veteran investor, you may think that you have enough experience to forgo the expense and manage things on your own, only to find out you’re completely in over your head. Both of these scenarios are fairly common, and a property manager can help you with operations of your property.
Consider the value of time and decide if your time is valuable. If it is, then you should consider having a professional property manager help you with your property.
What do Property Managers Do?
A residential property manager runs an income-producing residential property on behalf of the owner. Properties commonly designated as residential include single family and multi-family homes, short term rentals (STRs), condominiums, town-homes, and apartments.
A residential property manager handles all steps of the marketing and leasing process of a vacancy, as well as the general day to day duties of keeping the property well maintained. From analyzing the area, setting rental rates and showing the property to potential tenants, to qualifying their applications and negotiating the lease period and terms, a residential property manager will take care of all of the necessary steps to tenanting the building. Unlike commercial properties, which tend to have longer leases, turnover is high in residential properties, with most leases lasting generally between 6-12 months. Therefore, a large part of residential property management is marketing, showing and leasing spaces.
In addition, a professional property manager will coordinate all maintenance needs for the building, track all administrative and financial information, and keep the building’s insurance, payroll, taxes, mortgages and budget updated.
Residential property managers respond to tenant requests, issues and problems, and act as the first point of contact for the building. Indeed, communication is a key element for residential managers and good managers keep in regular contact with the property’s owner; whether by forwarding updated reports, or in a less formal manner, a property manager is sure to keep the owner updated on the status of his or her investment.
Residential property management is particularly useful when a property owner lives far away from his or her investment. Indeed, whether it is a matter of convenience, or a shrewd business investment, property managers are an excellent way to ensure an income-producing property is earning its maximum revenue at the lowest cost.
How much do you charge?
Our pricing structure varies from property type to property type. We offer, Commercial, Residential, Short Term Residential, Executive and Lease Only options. Please contact us at (970) 797-3383 to discuss your needs.
Common Tenant Questions
Can I pay my rent on-line?
Yes. After you move-in, we will create a tenant portal for you to be able to log in to and pay your rent. You can access your tenant portal HERE.
Do you allow pets?
Our pet policy is established by both the owner of the individual property and whatever covenants may exist that may govern the property. We believe that there are good pets and good pet owners and we encourage a liberal pet policy if possible on properties that may be appropriate. However, pet policies are vitally important and disregarding or manipulating the preset rules may result in eviction. All service pets will require authentication from a licensed entity.
How do I file a maintenance request?
If you’re a resident with a maintenance issue, please login to your online portal to report the issue. If the problem is causing damage or affecting your safety, dial (970) 797-3383 option 1 to reach our 24/7 maintenance team.
Can I see a copy of your lease?
Yes. You can download a .pdf of a lease sample HERE. Please review our standard lease prior to turning in your application. Please call us with any questions or if you need clarification.
What are the minimum leasing requirements?
We look for our applicants to show an income source that is appropriate to handle the rental payment. That source may be a job, student loan, stipend, governmental aid, scholarship or just plain savings. We also look for our tenants to have a credit score that is above a 600. In the event that an applicant has a credit score below 600, or no credit, we will look to find a guarantor or co-signer. We do not rent to applicants with violent criminal backgrounds. We do not rent to applicants with judgements for outstanding damage to previous homes nor with past evictions.
Can I break my lease?
No. We will help you to sublet your property if your living situation changes prior to your lease ending. Please refer to the “Subletting” section of your lease and then contact us to help you get the process started.
Common Property Owner Questions
Can a Property Manager help me to avoid bad tenants?
Typically, bad tenants are sophisticated enough to know that they cannot pass the application process with most management companies and they will in turn target private owners. Professional Property Managers have a number of resources to help sort out bad tenants including credit, criminal, eviction reporting as well as reference and employment checks.
Can I be involved / Do I have to be involved?
Yes or no. Our system allows for you to choose how much involvement you have with your property and the management of it. Our goal is to provide a turnkey solution for you in which you passively receive income on a monthly basis. All you have to do is wake up and your investments work for you. However, we recognize that some people like to be more actively involved. We have an Owner Portal that you can log into HERE that allows you to see all documents, drive by reports, invoices, monthly itemized reports and even communications between property managers, tenants and vendors.
Is there a limit to the amount you can spend on my property?
Yes, we understand the need to be able to budget and hopefully count on the rental income on a monthly basis. Our management agreement “caps” our authorization on maintenance issues at $500. If a fix is to exceed $500, we will contact you to get authorization for the increase.
Can you provide me with references?
Yes, we’d love to!