Working with a property management company in Fort Collins can help you both protect and optimize return on your investment. However, when screening through potential companies, many rental homeowners quickly learn that not all property management companies in Fort Collins are created alike.
Every provider has its own experience levels, services, rates, and areas of expertise. Some will use cutting-edge technology, while others may rely on more traditional (aka paper) methods. Additionally, while there are some fee standards in the industry, every company has a unique pricing model.
It's important not to underestimate the value brought by your selected provider. Ultimately, the property management firm you choose will be overseeing your home on a daily basis as well as engaging directly with tenants. Go into the process armed with these essential questions to ensure you're entrusting your property to the right management firm.
When screening potential property management firms, longevity matters. Look for a firm that has a proven operational history as well as a well-established reputation for quality service.
Like any industry, all property management companies in Fort Collins will not offer the same set of services and solutions. Get a detailed outline of what is provided, so you can be sure your chosen vendor has everything you'll need to manage your home and tenants.
Understanding how many properties a firm manages will help you determine the size and expertise of a potential provider. You can also ask about the size of their staff to gauge if a company has sufficient resources for your rental as well.
Working with a provider that oversees other homes and apartments in your regions mean that you've entrusted your building with a team that understands the distinctions of renting there as well as renter preferences.
Property managers that care for commercial or retail properties will have a different strategy than those that oversee residential properties. When discussing your needs with potential providers, be sure to confirm that you're working with someone that manages homes, townhouses, and apartments.
Most companies leverage a diverse range of data points, such as the location of the property, size of the unit, number of bedrooms, and amenities when designating rental rates. Discuss the criteria they use in their market analysis before making your final decision.
Working with a professional property management firm means that they will help ensure your property is rented as often as possible. However, sometimes, vacancy does happen. Discuss the strategies they use when filling empty properties to gain insight into how they manage tight deadlines without compromising tenant quality.
Many companies will take a set percentage of total monthly revenue on your property. However, this can vary based on the services provided. Go into the process with a full understanding of your provider's pricing model.
Some firms may have fees for services they consider "periphery," such as marketing a property or evicting a tenant. Always ask about additional fees so you can plan and budget accordingly.
This can be a major red flag. Your property management provider should be motivated to keep your rental occupied. A reputable provider will typically forfeit at least a percentage of their fees when your rental has no tenants.
This is another potential deal-breaker. You should be wary of property management firms that attempt to lock you into an unreasonable contract. You should be able to leave a firm if they aren't providing quality services.
Your chosen provider should conduct a very thorough screening of all renting applicants. A qualified company will perform background checks, verify employment, and contact previous landlords to confirm that all the information provided on the rental application is accurate.
All Property Services offers a comprehensive suite of property management strategies to landlords in Fort Collins and throughout the surrounding region. Contact us today to learn more about how we can help you optimize ROI with your rental property.