Managing a rental property is no walk in the park. Even if you’re tenants pay on time and follow the lease without issue, challenges can still arise. While DIY is good for certain things, hiring a property management company has a multitude of benefits. So here are a few reasons why you should consider hiring a property management company for your Colorado Springs rental!
#1 It’s Their Job
Hiring a professional means hiring someone who knows what they’re doing. After all, you wouldn’t ask your dentist to fix your AC, right? Working day-to-day in the field allows for a ton of experience and knowledge that DIY just doesn’t offer. And when challenges arise, a professional property management company has the time and resources to address the situation quickly and efficiently without leaving their day job to do it! Having someone available 24/7/365 to handle problems when they arise is a huge advantage. It means you don’t have to answer those 2 am emergency phone calls!
#2 They Know the Laws
Property management comes with a long list of legal documents and disclosures, laws, and various other requirements. You have Federal Fair Housing, Warranty of Habitability, Colorado’s Law of Quiet Enjoyment, tenant privacy laws, and more! If you’re not familiar with all of these and how to stay in compliance with all tenant and landlord laws, you can wind up in hot water. Since it’s their job, a property management company should know each of these intimately. They should be aware of any changes that may arise, and provide a proper lease agreement that is in compliance with all state and federal laws.
#3 They’re Affordable
One of the biggest myths surrounding property management companies is that they’re too expensive or not worth the money. In reality, the opposite is true! When you factor in the time you save, everything involved with the service (i.e. accounting, showings, advertising, maintenance, leasing, etc.), and the knowledge base, hiring a property management company is well worth the cost. And while they handle the day-to-day of managing your rental, you can focus on what matters most to you.
#4 They Handle Problems On Your Behalf
From maintenance repairs to posting legal notices, property management companies tackle the day-to-day challenges on your behalf. No more chasing down your tenants for not paying rent! And if an eviction is necessary or legal challenges pop-up, having a professional with all the best resources can make a world of difference.
Property management can be daunting. If you don’t have the time, knowledge, and resources to address any and all situations, you could end up costing yourself more than what it costs to hire a property management company to do it for you. So when it comes time to decide whether or not to hire a pro, ask yourself these three questions:
- Do I have the time to manage the property on my own?
- Do I know all of the laws surrounding property management and can I keep up with all of the changes that occur?
- Do I have all of the resources available to address any and every situation that could arise?
If you answered no to any of these, or if you’re just tired of doing it on your own, it may be time to give us a call!