How To Pick The Right Property Management For Your Needs
You are planning on bringing a property manager onto your team, congratulations! Working with the right property management team comes with a host of benefits ranging from:
- Keeping your property rented with qualified tenants who will care for your property
- Having someone handle the day to day operations when needed
- And keeping your financial records ready and readable whenever you need them.
But, like any business, there are good and bad choices-and the worse your choice the more you damage your investment. We can help. Use our tips below to identify and choose the right property management company the first time and keep your property profitable for years to come!
Tip 1: Find A Team With Experience
When talking with property management companies be sure to ask about their customers, testimonials they have, and how they handle challenges. Remember anyone can claim they offer quality service, its a whole other thing to actually have experience doing it. By questioning your company on how they handle situations you learn what to expect when problems arise for your property.
Also, an experience property management company will be able to talk easily and in-depth about all types of issues and highlight resolutions and successes they’ve created.
Tip 2: Look For Industry Credentials
Property management professionals should have affiliations and accreddition with multiple industry groups that regulate real estate operations. The best property management companies will showcase their credentials because they understand that it demonstrates their credibility and experience in the field. Here is a list of the minimum number of groups the company you are considering should have.
- Better Business Bureau
- National Association of Realtors
- National Association of Residential Property Managers
Tip 3: Ask Specific Questions About The Market
When hiring a property manager don’t look for just a handyman. No. You want to look for a firm whose experience will make them a trusted advisor who you can work with to grow your property’s profitability. The best managers will have experience with the region and know the ups, downs, and possible problems of the rental market in Colorado. You want to engage with a manager whose advice and insight can both boost and protect your profits for years to come.
That is why you need to come prepared with a list of questions specific to your needs, location, and unit when interviewing candidates. When reviewing answers look for the company that takes time to address your issues and not stuff you into a one-size-fits-all approach.
Tip 4: Focus On Quality, Not Price
You want to lower your costs as much as possible. That makes sense. However you need to hire the right help right out the gate. Teaming up with the wrong property manager costs more than the most expensive option on the market. Cutthroat pricing leads to stripped down deliverables.
You don’t want your property cared for and looked after by the cheapest possible option. Skip the headaches, bad tenants, and property management problems by picking a property management company on the quality of their service and how it relates to your needs-not price.
I've worked with Key Renter Denver off and on for a number years. I would not hesitate to recommend them to anyone looking for a property management company. Their level of professionalism balanced with compassion is unmatched in the other Denver management companies I've dealt with.
Randal S., Satisfied Client
The team at Keyrenter is really knowledgeable and friendly. I own a large scale portfolio of townhomes and condos in the Denver metro area. The service I receive is as focused as having just having only a handful of units. There are many problems that arise with rental property and it is very reassuring to have trusted adviser to relieve me of those burdens. I have recommended them to several other investors in the Denver area to mange their properties and i have received great feedback!
Micah K., Satisfied Client
Wow has Keyrenter exceeded my expectations! The communication has been phenomenal. The follow up is instantaneous, and everything has been fantastic. They were able to find a tenant within a few days for higher rent than my last tenant! They didn't make any false promises, they just executed on everything they told me. My only regret was waiting this long to get rid of my last company!
Mike P., Satisfied Owner
I have been working with Brandon and Keyrenter Property for almost two years now. I currently am a tenant and have nothing negative to say about my experience. They have always been quick to get back to me about any issues with the property. Everything is always handled in a very professional manner. I enjoy working with people who care and don't just let me get lost in a corporate mess. Keep up the great work Brandon!
Emily A., Satisfied Tenant
PROVEN AND TRUSTED