Do you want the benefits of owning a rental property without the day-to-day hassle of managing it? It’s time to hire a property management company.
There are countless benefits to hiring a company to manage your property rental and handing the everyday tasks to a professional company. Some of the biggest benefits come from hiring local property management instead of a remote or nationwide company.
Here are five reasons to keep your property management local with property management in Northern Colorado:
They Understand the Local Housing Market
Successfully managing a property requires understanding the unique market in that area. The property management company is responsible for finding new tenants and filling vacancies in the rental unit, which is much easier to do when the company is local.
A local company understands the unique features of the rental property and the types of potential tenants in the area, so they can market the rental unit through the best channels and create a local rental listing to highlight its features.
A rental property in a predominate college town like Fort Collins will attract different tenants than a luxury rental property in a downtown area or a family rental home in the suburbs of Loveland. A local property management company understands the differences and key features of each property, including the neighborhood and the features that matter to local tenants.
They know the best rent prices for the area and can offer competitive rates. They can highlight the location and know the amenities that are nearby and what it’s like to actually live in the area.
A local property management company can connect with potential tenants and know what matters to them because they are also local.
Instead of your property being just another unit to rent for a distant property management company, it becomes personal and nearby for a local company, which can make all the difference in finding a great tenant and quickly filling the unit.
Local property management companies are also familiar with local landlord and tenant laws. Ordinances change based on state and county and cover critical elements like the building codes landlords need to uphold, health and safety features that must be included in the unit, and the rights of a tenant or landlord to cancel a lease.
Having a deep understanding of local regulations ensures your rental property stays in compliance and significantly lessens your chances of having legal issues.
A nationwide property management company may be aware of laws on the national level, but a local company has firsthand experience with local laws and can help your property stay in compliance, especially as laws change or are updated.
They Can Visit the Unit In Person
Much of what a property management company does—from performing inspections between tenants to making repairs and listing the property—requires being able to be there in person.
While it’s possible to manage a unit from a distance, it’s much easier to be hands-on and see the unit in person. Performing an inspection virtually may not highlight all the issues that the property manager could see if they were there in person.
As a property owner, having a manager who can visit the property and check on it frequently can provide you peace of mind that everything is well maintained and that there aren’t any unseen issues.
A major benefit of hiring a property management company is that the owner doesn’t have to actively watch their unit. But it’s difficult for a management company to keep a close eye on a unit from far away.
A local company can check on the property regularly to make sure there isn’t any damage, the tenant is following the rules, and that services like utilities and trash pickup are working properly. That in-person service adds value to the unit and creates a better experience for owners and tenants and prevents smaller issues from growing into larger problems that no one is aware of.
In the situation that a crisis or emergency arises, a local property management company can respond quickly and in person. This is crucial for things like storms and natural disasters that may damage the unit, as well as having to evict a troublesome tenant, which is much easier to do in person.
They Have a Reputation Within the Community
Choosing where to live is a big decision for renters, and they want to know they are making a great decision with a property that will be safe and well maintained.
A local property management company can build a reputation within the community that attracts potential tenants. When renters associate your rental property with a reputation of honesty and responsiveness, they will be more likely to want to rent your unit.
When given the choice between a unit managed by a local company they can trust and a distant company they don’t know, potential tenants are much more likely to choose the local company.
Local property management companies can get involved in the community, which builds that reputation of trust and helps them better understand the community and potential tenants.
Many renters start looking for properties by asking family and friends for recommendations.
People are much more likely to recommend a local, trusted company they have had a great experience with. That means there is a greater chance of potential tenants coming to you instead of having to search for them because they want to rent with a property management company they can trust.
As a property owner, you don’t want to risk your expensive investment on a company without an established reputation.
You can feel good about working with a local company that is established and trusted in the community because you know the work it takes to earn that strong reputation.
They Work with Local Contractors
Much of what a property management company does is the maintenance and repair of the property. Regular maintenance is not only a legal requirement for landlords, it adds value to your property and potentially allows for higher rent prices.
Local property management companies have a network of local contractors and maintenance people to take care of issues.
Instead of having to search for a contractor remotely for every repair and make cold calls until they find someone to do the work, a local company can contact a trusted repairman they have likely worked with before to quickly get the job done.
And because the company is local, they can meet with the contractor in person if necessary and check the progress and quality of the work themselves.
Working with local contractors saves the property management company time and money because they don’t have to waste time searching blindly for a worker and can quickly contact someone they know does quality work.
Some local property management companies even have their own staff of repair workers to quickly solve issues.
And because the local company has partnerships with trusted repair professionals, they may even be able to get a discount, which can translate into savings for the property owner.
For small seasonal maintenance to larger repairs, it’s incredibly beneficial to have a team of trusted, local contractors.
They Can Respond to Issues Quickly
Emergencies happen in rental properties. No matter how well the property is maintained, something will inevitably break over the weekend or after normal working hours.
There’s also always the chance of a storm or other emergency affecting the unit. In all of these cases, being able to respond to issues quickly is crucial.
All property management companies should have a 24/7 emergency maintenance line for tenants to contact with problems. The difference with a local company is that they can quickly send someone to check on the situation instead of a remote company having to sort through numerous issues and track someone down to send to the unit.
That faster response means a local company can catch issues before they turn into bigger problems and start repairs right away.
If the water heater goes out in the night or the roof starts to leak, having a local property manager respond quickly gives that unit a head start on repairs. A fast response can save time and money down the road by preventing issues before they increase in severity.
A quick response also builds trust with tenants. Renters want to live in a property where issues are responded to rapidly.
When a local company responds to issues quickly, tenants know their feedback and issues are important, which makes them want to stay in the rental property longer.
Hiring a local property management company can make all the difference in protecting your investment, providing great service to tenants, and ultimately creating a smoother and more profitable rental experience.