Managing a property comes with massive levels of stress, whether you're a new landlord or a seasoned investor. You may start to wish you could keep your investment without it becoming an exhausting full-time job.
That's where full-service property management comes in. They're your right-hand man who handles all your daily landlord tasks, but who can you trust with that responsibility?
Read on to learn how to choose the right full-service property management company.
Check Their Credibility
Colorado is one of many states that obtain a license to perform the full range of property management services. The requirements include 168 hours of pre-license education at a college or university. They must then pass the Colorado Broker Exam.
This license must be renewed every two years. There are also additional levels of certification including:
- NALP or National Apartment Leasing Professional
- CPM or Certified Property Manager
- MPM or Master Property Manager
Property managers must also have the right insurance. There are requirements for which policies they must carry. The bare minimum is a general liability policy. They may also want to look into:
- Errors and ommissions
- Tenant discrimination
- Cyber liability
- Worker's compensation
- Business personal property
Check their website to see what licensure and coverage they have. It lets you know they're qualified to perform the services you need and that you're covered for any damage or accidents.
Go Local
Narrow down your choices from the beginning by only searching for a local property manager.
Their market knowledge will help them set the right rental rates for your area. They'll understand state and municipal laws. Their connections with local businesses will give you more efficient, effective property maintenance.
Research Their Reputation
One way to decide between local managers is to look at their reputation in the community. Ask your friends and neighbors about them.
You can also check their reputation online using:
- Referrals
- Reviews
- Social media
- Better Business Bureau
Ask the Right Questions
Set up an interview with the best managers and focus on the most important questions.
What is their experience level? Find out how many years they've been in business, what types of properties they've managed, and how many of them. You don't want a company that specializes in properties that are nothing like yours.
What services do they offer? Ask about:
- Marketing
- Inspections
- Accounting
- Tenant screening
- Lease management
- Rent collection
- Maintenance
- Evictions
Is anything important left out? That means they're not actually a full-service property management company and you should look elsewhere.
What would they do if you ran into issues with legal compliance? Their answers let you know if they have the knowledge and skills to help you when these problems come.
How will they communicate with you? Look for one that's responsive and gives you regular updates about your property rental.
Where Can I Get Full-Service Property Management?
The right property manager can be a major relief to any landlord. Check their license and insurance, start with local options, look into their reputation, and do a thorough interview before you choose them.
Laureate, Ltd. is a full-service property management company that has been serving clients since 1982. Our experience and resources allow us to provide a stress-free experience for owners and tenants. Contact us to see how we can maximize your investment today.
