More and more homeowners are deciding to rent their home instead of sell because of the current housing market. This trend is making it increasingly necessary to work with qualified and skillful property management services. In todays environment, homeowners are no longer just interested in a company that performs great upkeep, collection and vendor management, but rather are relying on their property manager to quickly find reputable and responsible tenants. Particularly with higher priced homes, this can be a real challenge.
I believe homeowners are more concerned with reputable and stable tenants because they are now often looking to rent their homes long term or with a lease to purchase option rather than short term or vacation rentals. The financial and emotional risk to a homeowner is greater when market conditions force them to rent instead of sell their home.
Homeowners or prospective tenants should consider the following factors when selecting their property management company:
1. Certifications. There are a lot of property managers in Colorado choose not to obtain a license, as it is not necessary unless the company is a certain size. Licensing ensures that the property management company has agreed to follow the regulations of the Commission and a tenant or property owner can hold them accountable. Without these assurances, the consumer is subject to fraud or identity theft and has few remedies to rectify the situation should it occur.
2. Tenant Review. A critical component in the process is to pre-screen all potential tenants by conducting a thorough credit, rental, and criminal background check. While this extra step can take some time, it is worthwhile in the long run and substantially lowers the risk for the landlord.
3. Full Service Real Estate Skills. A high level of experience is important in the real estate market today. An effective property manager must be able to efficiently navigate through all the confusion in order to best serve both the homeowners and tenants well.
4. Collaboration in the Local Area. It is critical that the property management company you choose is well known and respected in the local real estate market. The rental market is changing at breakneck speed and your manager must have a great grasp of the local neighborhoods as well as be tuned into to local broker network to discover properties for rent that may previously only been available for sale.
The company I helped found here in Denver, Denver Rent a Home, has spent a lot of time perfecting the rent to own process, including finding quality tenants, in order to make the process easy for homeowners and tenants alike. The use of online tenant screenings has helped find quality tenants quickly and efficiently. It is also a standard practice to understand our customers and their needs right up front, as well as run background checks and other tenant review processes for every property.
For homeowners and tenants alike, the bottom line is be careful when choosing your property management company. If a company you are considering isnt licensed, or doesnt convey solid processes and experience, be wary. You may feel that you can trust your instinct, but in a risky situation such as rent to own you can never be too careful. It is also a great idea to ask to speak to references who have used the property management companys services for a similar transaction.
A great property management company really wants to make sure they understand their clients and know the properties as if they were their own. They understand people are putting their trust in them to place great tenants in their home and they should take that very seriously.
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