To find a good property manager you need to ask the right questions. There are plenty of property management Aurora teams, but finding the one that meets your needs will depend on knowing what you want in a property manager and how they respond to queries about their abilities and qualifications. In this article we’ll go over some of the major areas that you should discuss with any potential property manager.
Property managers should be specifically educated for the field. Beyond high school diplomas and college degrees, property managers should have a real estate broker or property manager license. Colorado law does not require on-site residential managers of apartments or condominiums to be licensed if they are salaried employees that do not negotiate lease terms, but Colorado property management companies do need a real estate broker’s license when engaging in real estate activity.
Understanding a property manager’s background when it comes to actually managing properties will allow you to decide if they are capable of the task you want them to fulfill. Understanding the types of properties they have managed, how many properties they currently manage and if they have enough time to take on another property will all be factors on whether they are the right manager for you.
Knowing what kind of fees a property manager charges will let you know if they can be a good fit for your property. Will fees be charged if the property remains vacant or only when rents are collected? You should also know what types of services are included with the management fee. This is important as some management companies provide many more services than others while charging the same fee percentage. It’s also imperative to understand when any additional fees will be incurred in the case of evictions, advertising or other extra services.
Understanding where the money will be held, who has access to it and when everyone gets paid is important to understand before entering an agreement. It may be found that certain property management Aurora teams make monthly payments to the property owners while making biweekly salary payments to their teams. Also understanding what happens with security deposits during and after the rental period will prevent any surprises down the road.