Hiring property managers in Northern Colorado to take over the responsibilities of your rental property can provide a wide range of benefits and advantages. Property managers handle a vast majority of the administrative and maintenance tasks required to manage and maintain a rental home. From listing the home through to arranging repair work, a property manager provides comprehensive service.
Even when a property owner chooses to work with a property management company, they will still have certain responsibilities that fall on their shoulders. The extent of those responsibilities, however, will depend on the extent of services they have contracted from their property manager. As a homeowner, the best thing you can to do to protect your investment is to have a clear understanding of what to expect, what needs to be done, and who is responsible for it all.
Duties Required to Manage a Rental Property
To successfully manage and maintain a rental property, it is important that both property owners and property managers understand the responsibilities of having a rental. Property managers specialize in these tasks, but many property owners are first time landlords that may not realize all that goes into making their investment a profitable one.
Some of the primary responsibilities of managing a successful income property include:
- Marketing and advertising of the property, including scheduling property showings
- Processing tenant applications and completing the tenant screening process
- Handling lease signings and renewals
- Coordinating transitions between tenants
- Collecting rent, deposits, and other monthly fees
- Enforcing the terms and conditions of the lease
- Distributing monthly rent proceeds for the mortgage, utilities, insurance, taxes, and more
- Performing property maintenance, including annual services, preventative maintenance, and repairs
- Handling emergency repairs
- Upholding safety codes on the property
- Maintaining knowledge of landlord-tenant law
- Keeping accurate financial records
- Handling lease terminations or evictions when necessary
Effectively maintaining a rental property can require a lot of time and effort, which is why many homeowners choose to entrust their investment to the expertise of a property manager.
An experienced property management company, such as All Property Services, has years of experience and detailed knowledge that helps them to successfully manage all the administrative aspects and day-to-day tasks needed to maintain a rental home. With a property manager, homeowners can hand over the work of managing the property, giving them more time to enjoy the income.
What Are Homeowners Responsible for After Hiring a Property Manager?
A benefit of property management is that homeowners can choose how much of the work they want handled for them. The homeowner will be held responsible for any duties that are not included on their property management agreement.
For example, an owner might have the time and energy to handle maintenance and repairs, but they don’t want to worry about the administrative side. In this situation, the owner will be responsible for coordinating contractors for repairs or performing the repair on their own. They will also be responsible for scheduling annual maintenance services such as furnace or air conditioner tune-ups. Their property manager will be required to advertise the property, perform tenant screening, and handling the financial obligations of the property.
Another owner may choose to have their property managers handle 100 percent of the responsibilities from maintenance to administration. In this situation, the homeowner is mainly responsible for remaining informed on the condition of their investment.
Regardless of the breakdown of responsibilities, owners must take the time to understand their property management agreement along with the legal rights of a landlord and the requirements and liabilities of owning a rental property. Owners should also know their rights if there was ever a need to terminate the contract.
Working with a trusted and reliable property management company such as All Property Services will ensure that the responsibilities of managing your rental are taken care of. Regardless of the extent of services outlined in our agreement, you can count on the highest level of professional service. If you have any questions regarding your responsibilities as the homeowner or what a property manager does, call a member of our team today at (970) 528-5132.