When it comes to managing rental property many professionals and "do-it-yourselfers" alike find handling maintenance to be very stressfeul and time consuming. the truth is, it can be without a plan.
So here is a plan you can follow to take the stress and hassle out of providing maintenance services to your tenant.
Set proper expectations in your tenant handbook or at lease signing. The question is not will I have to provide maintenance on my property but rather, what kind of maintenance, or how long will it take.
- What is your policy for how your tenant can make a maintenance request?
- Do you allow your tenants to text in maintenance?
- Email maintenance?
- Phone maintenance?
- Do you have a web portal where tenants can submit maintenance requests and track progress on their completion?
- What expectations have you set as a reasonable response time?
- What expectations have you set as a reasonable resolution time?
- What happens if the damage is caused by the tenant?
- How will you know if the damage is caused by the tenant?
- What if the request relates to a Colorado Warranty of Habitability issue?
Select your vendors ahead of time - don't wait until you have a need. As a minimum you should have relationships with the following vendors:
- A licensed and insured electrician
- A licensed and insured plumber
- An insured professional carpet cleaner
- An insured general handyman
- An insured painter
- An insured carpet installer
- An insured appliance repair company
- An insured drywaller
- An insured landscaping company
- An insured locksmith
Know your costs.
One of the areas that investment property owners can really experience frustration is with maintenance and repair costs. If you are not working with a professsional property manager or if you are not familiar with what things cost to maintain or repair, and you don't have relationships with trusted vendors you can really set yourself up for a stressful career as an investment property owner from the time you lease your property until the time you sell it.
If you would like more information on hiring a professional property management company to coordinate your property maintenance and improvements call Cliffdwellers Real Estate at 303-292-5638.
NARPM® stands for the National Association of Residential Proeprty Managers and is the Trade Association for Property Managers like NAR® is for the real estate sales industry.
Most people expect their sales broker to be a member of NAR (the National Association of Realtors) because it speaks to their level of committment and dedication to the industry, being held to higher standards and higher level of ethics.
You should expect your leasing agent and/or property manager to have that same level of dedication to the Residential Rental industry. As a matter of fact you should require that the person representing your property for lease be a member of NARPM® at the very minimum because according to the Colorado Real Estate Manual, the Colorado Real Estate Commission recommends NARPM® as THE association for real estate agents as the place to get training and education regarding the leasing and property management industry.
Once you have decided to hire a professional property manager and a member of NARPM® you should look to those individuals who have earned the designation of RMP® or Residential Management Professional. These designees have mad an even bigger committment to the property management industry and have many hours of specialized property management and leasing education, have attended national conferences specifically for property managers, are involved in educating others about becoming better property managers, and volunteer to serve the property management community.
The bottom line: Why is it important to hire a NARPM® Property Manager? Because our dedication to professionally serve the residential property management industry and clientele results in better, more knowledgeable service, a committment to being the best we can be as property managers (not just something a sales agent does on the side) and a more sophisticated trusted advisor when dealing with difficult situations such as evictions, security deposit disputes, lease violations, late rent collection, property damage, proper termination notices, and more.
Call Cliffdwellers today for more information regarding the services you will receive when engaging our company as your property manager.
Cliffdwellers Real Estate, a NARPM® Property Manager.
You have a property that you need to rent out. You've weighed the pros and cons of doing it yourself and you have decided to hire a professional to assist you in renting out your property. Now what? How do you go about finding the right broker for you?
Ask yourself "Do I want to handle dealing directly with my tenants, perform maintenance, collect rent, deal with lease violations and save a few bucks a month or do I want to turn all of those headaches over to a property manager and just smile because the few extra bucks I am spending every month is taking these burdens off of my plate?"
If you want to handle all of these issues listed above then you are looking to hire just a leasing agent. If you prefer not to have to handle these issues then you are looking for a leasing agent and property manager all in one.
Now that you have decided what type of professional you are looking for it's time to define what makes a good fit for you. Here is a disclaimer: No company is a right fit for everyone. we all specialize in some type of property and have established different areas of expertise during our time in the industry. It is important to select a broker that is a good fit for YOU not for your boss, brother-in-law, or recently licensed neighbor who has decided to get into leasing / property management and says he will give you a deal for being one of his first clients.
Here are some things you should consider when hiring a leasing agent:
1. Where do they specialize?
2. Why do they think they are a good fit fo leasing out YOUR property?
3. How did they determine the recommended rent rate?
4. How is the tenant qualified and how is the tenant approved?
5. How do they advertise?
6. How long have they been in the business of leasing property?
Here are some things to consider when hiring a property manager:
1. How is maintenance handled and who handles it?
2. How can the tenant pay rent?
3. How can I receive my rent proceeds?
4. How are evictions handled?
5. What if my tenant doesn't pay rent?
6. What happens when a tenant moves out?
7. How can I know that the tenant is taking care of my property?
8. What happens when there is a lease violation?
9. Do you use a customized lease specifically written for my property?
10. Do you get industry education on property management?
There are many other factors that go into selecting the right property management or leasing professional. For more information regarding the leasing and full service property management programs offered by Cliffdwellers contact us today and we will send you our brochure detailing the differences between our two programs and how we can assist you with your property.