Pooh-poohing the idea of rental property management? Think it’s all just a bunch of hooey? It’s possible you’ve been getting bad information. If you have a rental property but you are questioning the benefits of hiring a rental property management company, you’ve come to the right place. Take a look at these three common misconceptions about rental property management. It might just change your perspective.
Misconception #1: It’s Just as Easy for Me to Do It Myself
Do you own a property in the Vail Valley? Do you also live in the Vail Valley? If the answer to both questions is yes, it’s true; you are closer to your rental property than someone who has invested locally but lives elsewhere. But in either case, it’s not easier for you to manage it yourself. Think of all of the things that go into renting, managing, and maintaining a rental property. Here’s a short list:
● Researching ways to advertise the property
● Marketing the property
● Reviewing applications and vetting potential tenants
● Managing leases and paperwork associated with a rental unit
● Maintaining the property
● Seasonal upkeep
● Doing repairs and hiring contractors and local service people
● Transition between tenants
● Legal issues that may arise
● Dealing with bills and rent payments, and evictions should tenants lapse in either
When put in black and white, it’s pretty clear that it’s not easier to do it yourself. A rental property management company can oversee all of those things for you and more.
Misconception #2: Property Managers Won’t Look Out for My Property
When you invest in a trustworthy and reliable management company, one with a proven track record, you can bet that they are going to treat you as an investment as well. Your property is their business, and their priority is its well-being. So you better believe they’re going to look out for it. This includes security, regular inspections, looking for signs of trespassers and damage, making sure it’s in excellent condition, both inside and out, and making sure the tenants, whether short-term or long-term, are taking proper care of the home.
Misconception #3: Loss of Control Over My Property
No one wants to hand over the reins to their investment property and lose all control and rights as an owner. Hiring a property management company isn’t giving up control; it’s outsourcing the work that needs to done to manage a rental in a Colorado ski resort town. With their experience and knowledge, they can often prevent issues before they arise merely by the way they handle the process of getting and retaining tenants, managing the financial aspects, and taking care of the property itself.
Fireside Properties for Rental Property Management
Before you turn away from the idea of hiring a property manager, make sure you know the real deal, and clear away the misconceptions. Then turn to our team at Fireside Properties for rental property management you can count on by calling 970-476-4446.