If you’ve taken the steps to purchase your first investment property in Denver, chances are you’re already incredibly busy with things such as a full time job, dealing with your primary residence, your family, hobbies and more. Tacking on the necessary tasks required to maintain a rental property to your already busy schedule may be a recipe for a nervous breakdown. Fortunately there are licensed professionals who can help you manage and sustain a profitable piece of investment real estate. This article will go over four tips for sifting through all the rental managers Denver has on offer.
The first and easiest step to finding yourself a reputable property manager is to put the word out amongst your friends, family, co-workers, your real estate agent and anyone else you know. By using your immediate network, you’ll gain an insight that might not be available when asking for advice from complete strangers – even if they are professionals. Many of those involved in the investment property business may have reservations about recommending their competitors or being truthful about their fellow workers. Getting an honest opinions from those you already know and trust is more likely.
After disclosing to your personal network that you’re looking for a property manager, it’s time to start doing some research on your own. There are websites that take the details of your investment property and generate a list of property managers that might be suitable. Read any reviews you can find, check out their websites and social media pages and check with consumer awareness organizations such as the Better Business Bureau. You may find out more about companies that have already been referred to you or learn about other companies you haven’t come across before.
Interviewing several property managers will be important as these will be the people who are managing your investment on your behalf. Being able to develop a good rapport while agreeing on how your property should be managed are your primary concerns at this point. You’ll likely have to deal with these people on a regular basis, so there’s no point in hiring someone you don’t like or who doesn’t understand how you want your property treated. If possible, you should also try and interview some of their tenants. After all, it’s the tenants who pay the bills and have firsthand experience with how the management team deals with the property.
If you feel you’ve met someone who you could do business with, it’s time to investigate further. Check to ensure that they’re licensed and certified to do business. For the rental managers Denver features, DORA, or the Division of Real Estate will be able to let you know about their license levels and details. Once you’re sure of their credentials, take a good look at their management agreement which will outline both your responsibilities and theirs. Check the fee structure, services provided, cancellation clauses and other details that are relevant to your situation.