You have a property that you want to rent out, and you want a property management company to take care of it for you. In the Boulder, Colorado area, you may be looking to rent to the University of Colorado Boulder students, or you might market your properties to young families or graduates just getting started in the area. Whatever type of property you have, however, you need a reputable property manager to take care of your properties. Follow these tips to help find a property management company that fits your needs.
1. Take a look at advertisements in the local area and online.
Many property management companies have as many properties to manage as they currently want. Others, however, are actively seeking new properties and clients to add to their portfolios. Take a look at advertisements and consider:
- What area do those property management companies focus on?
- What do those property managers choose to highlight? What do they consider important?
- How frequently do you see those advertisements–or other properties managed by those companies?
2. Take a look at the property management company’s reviews.
What do other people have to say about the property manager? An average star rating isn’t enough to give you a thorough picture of what the property management company has to offer. Instead, take the time to read through the reviews: both the good and the bad. See what people applaud about the property management company and what they complain about. Often, complaints are a clear case of sour grapes: you might notice that complaints seem to be directed at things that have little to do with the property management services. Consider:
- What do property owners have to say about the company? How well does the company handle other properties that have been entrusted to it?
- What do renters have to say about the property management company? What the renters have to say about the company may help indicate the kind of experience you can expect for your tenants, which may help you choose the right property management company for you.
- How does the company respond to its reviews–especially the bad ones? When something goes wrong, does the property management company take the steps needed to fix it? Those responses can tell you a great deal about the company and how it deals with both property owners and tenants of those properties.
3. Explore the services offered by the property management company.
Some property owners want to take care of some of the tasks associated with managing the property on their own. You might, for example, want to do your own rent collection, or you might want to take care of the maintenance tasks on your own. Explore the services offered by the property management company you’re considering to ensure that the company takes care of the things that you want the company to take care of. This might include:
- Tenant screening
- Rent collection
- Managing payments, including the mortgage, HOA fees, and utility bills
- Record tracking
4. Take a look at the other properties managed by the company.
If you have apartments for rent in Boulder, you want a property management company that already deals with apartments. On the other hand, if you have single-family dwellings, you may want to choose a property management company that has experience renting out single-family properties. You should also consider the average tenant of the properties managed by the company: for example, if you want to rent out student apartments in the Boulder area, you may want a property management company with experience dealing with students and their parents.
5. Evaluate what the company offers its owners.
If you want a reputable property manager for your Boulder, Colorado property, take a look at what the company offers. You may want a company that:
- Offers extensive tenant screening procedures. A bad tenant can spell disaster for your apartments. Bad tenants may fail to pay rent on time, trash the property before leaving, or cause problems that have other tenants leaving in droves. Proper tenant screening can help prevent those bad tenants from taking up residence in your apartment complex.
- Can quickly and easily fill vacancies. In student-filled housing, it’s easiest to fill vacancies at the start of the school year or the start of a new semester. The right tenants, however, are often still out there, even if a tenant leaves mid-semester. Your property manager just has to know how to find them! Look for a property management company with a solid track record of keeping tenants in its properties.
- Has solid policies in place for dealing with property owners and tenants alike. An experienced, reputable property manager likely has clear policies that guide its interactions with tenants and property owners. Ask to see those policies or have them explained to you–and make sure they fit your needs and your desires for your tenants, too.
6. Consider how and when the company communicates with property owners.
Before you choose a property manager, carefully consider how the property manager handles necessary communication with property owners. Some decisions, you may want to make yourself. You may also want to be notified of things like big expenses or emergencies at the property. Consider:
- When the property management company will contact you. What circumstances need to be present for the company to get in touch with you directly?
- How the property management company will contact you. Do you prefer phone calls, texts, or emails? Make sure the property manager you choose uses your preferred method of communication.
- How often the property manager will provide reports. You may want regular financial reports to help you get a better grasp of how your investment is performing, even if there is otherwise nothing to report.
Choosing a property management company that can help handle your property is a big decision. You want to make sure you get it right! If you have apartments to rent in Boulder, Colorado, contact us today to learn more about the services we provide.