Even If You Only Spend a Few Hours On Your Property
Many landlords don’t understand the benefits of having a property manager for their Denver rental units. Overall, they feel the few hours a month they may spend on each property just doesn’t warrant the fees. However, if they are ever sued, have to deal with an eviction, or when it is time to deal with tenant turnover, they usually wish they had an ally. Like insurance, when it’s working well, they don’t think about it, but when something goes wrong, they want to be sure they have the right, and best, coverages at a cost-efficient level.
Overall, a property manager serves to protect your very large asset from loss. We often find that managing a property really requires more time than a landlord wants to give, yet that’s truly what is needed in order to maximize profits and reduce expense.
Reasons to Consider a Property Manager
Freedom & Flexibility. You don’t want to be tied to the property. If you are considering long-term travel, moving, or retiring out of state, rather than selling your property, you can have it professionally managed so you can continue to reap the benefits of rental income in Denver’s hot rental market.
Profitability. Landlords have a habit of keeping tenants in their unit at a low monthly rent simply so they don’t have to deal with the time and costs associated with tenant turnover. While this can be an effective strategy at times, sometimes it means profit is left on the table because bringing rent up to current market rental rates would more make up for such costs. As property management is our primary job, we stay on top of industry trends to create maximum profit.
Our fees are typically covered by the additional value and profitability we create!
Maintenance. No one likes midnight calls, or even the middle-of-the-day calls for urgent repair needs. We focus on regular preventative maintenance to reduce costly emergency services, and handle the urgency on your behalf. Enjoy your sleep (or golf game) because we have you covered!
Simple and inexpensive preventative maintenance, such as replacing furnace filters regularly, can save thousands of dollars in replacing a furnace before its time. This care also allows us to see how the property is being maintained by the tenant, so preventative action can be made.
Tenant Turnover. It is estimated that tenant turn-over requires approximately 40 hours of work- marketing, cleaning, repairs, preparation, drawing up the legal documents and background information and paperwork, and more.
Lawsuits. The number one reason for landlord lawsuits is in regards to the return of security deposits. Proper contracts that stay up to date with current laws and clear communication is critical, and something property managers handle. We work to prevent lawsuits, and if they do arise, we handle them.
We also conduct professional and thorough documentation of the home’s condition and all tenant contact to protect you and your property. We know and understand what adjusters are looking for and make sure everything is accurate and documented.
Evictions. Preventing evictions starts with good pre-screening of candidates, and regular monitoring of the property. Part of routine maintenance allows us to do visual inspections of the property which alerts us early to “red flags” that communicate a potential eviction need. In the unlikely event of an eviction, we comply with all laws and best practices to make it go as smoothly as possible.
Overall, choosing to use a property manager brings peace of mind knowing your investment is protected from loss, has the maximum profitability, and is being managed so you are free to live the life you desire.
Select Property Services is a premier Property Management Company serving the high value neighborhoods of Denver. Whether short-term, vacation, or long-term leasing, we support you with friendly, communicative and cost efficient property management services. Call us today for a free consultation or quote.