Knowledge – In order to manage properties for others in the state of Colorado, an individual must be licensed through the State with a Realtor license. Property Managers who want to be the most educated also belong to a national organization NARPM (National Association of Residential Property Managers) which is an organization specifically created to take property managers to the next level in education and professionalism.
Experience – Hiring a property manager that has several years of property management experience can make all the difference when faced with difficult tenants, HOA issues, code enforcement issues and of course the all-important evictions. Most self-managed property owners are fine handling their properties when everything is going well, it changes immediately when a tenant chooses not to pay rent or ignores the rules of an HOA. It is then that experience makes the difference to resolve these issues.
Time – Property Managers are on duty 24/7. This is one of the many reasons we are more successful in renting properties. Showings are our priority since we do not get paid unless properties are rented. We are also on call for maintenance issues no matter when they happen and have the time to follow up to ensure the work is completed from start to finish. We are able to handle insurance claims for our owners who would otherwise have to take time off work or simply not in the state to meet adjusters and contractors.
Money – Property Managers advertise to more websites, show more individuals, which results in properties renting faster and for more than most homeowners think they can get. We have the ability to control maintenance in a way that saves homeowners money by working with vendors that value the volume of business property managers can give to them. We are able to pre plan for tenant turnovers having contractors ready to go in and turn a property more quickly then the average property owner which equates to less downtime and more income.
Anonymity – Perhaps one of the best reasons to hire a property manager is to remain anonymous. Tenants deal with the management team who works on behalf of the owner. Owners no longer have to be the bad guy when things get difficult, but still are in control of what happens to their investment.