Do you own properties in Breckenridge, CO and looking to rent them out? Here’s why you should seek property management for Breckenridge rentals. Updated March 5, 2021.
More Vacation Rental Owners Going with Property Managers
According to research, American property owners are on course to invest $22.04 billion in property management by 2023.
As the real estate market continues its overall rally after the 2008 crisis, more people are looking to hold rental property. However, the question of managing such assets can set owners under pressure as more demands are put on their time.
With that in mind, here’s a look at seven compelling reasons why you need to invest in a property manager for your Breckenridge rentals.
What’s a Property Manager?
A property manager is an individual or organization that oversees residential or commercial property for a fee. In most cases, a property manager will be in charge of property that’s under the ownership of others.
For every property such a manager handles, the owner will pay an agreed rate that’s a percentage of the rent revenue.
Why Should You Hire a Property Manager for Your Breckenridge Rentals?
A property management company can be particularly useful, but only if you know how to take advantage of their services best. Here are a few reasons that make for a compelling case as to why you need to partner with a property manager.
1. Efficient Rent Management
One of the most vital reasons to bring on board a property manager is that they help manage the rental income your property generates.
In fact, extensive experience in this area is one of the non-negotiable traits you often need to assess when looking for a property manager.
A property manager can help set the appropriate rent level for your property that can sustainably attract tenants.
A good manager will be intimately familiar with the rental rates in the market your property is located in. Such a manager will also have relationships that help them spot out changes in rent that other owners make that might affect your property.
Since they are more attuned to the market than you, property managers always know the right rent level that can highlight your property’s value proposition.
Aside from setting and adjusting the rent, a property manager is also hugely useful in rent collection.
Seeing that the manager’s day-to-day job includes regular rent collection, they are better placed on developing systems that ensure tenants pay on time.
If any tenant’s rent falls overdue, a good property manager will become worth their weight in gold. That’s because they will set and enforce late collection fees, which incentivize your tenants to pay on time.
2. Guest Management
Getting guests to take up your property is only the beginning of an involving relationship that you can delegate to a property manager.
The beauty of investing in a property manager is that you don’t spend your time looking for tenants. A reliable manager will take on that role and develop the necessary marketing strategies that resonate with potential tenants.
If your property has been struggling to attract tenants, a manager can advise you on makeover ideas to better position your property.
When any complaint or tenant-related emergencies arise, the manager can take them off your hands, and promptly address them.
That not only solves the issue promptly, but it also enables you to retain tenants for longer as they appreciate the fast resolution.
3. Effective Tenant Screening
The only thing worse than not having tenants is allowing bad tenants into your property.
When you hire a property manager, you are tapping into their deep expertise in tenant assessment. An experienced manager has seen hundreds of tenants and is much better positioned to spot bad client behavior faster than you.
Thus, through a manager, you can turn away tenants that seem troublesome. If you need to dig in for more information, a manager knows how to run credit and background checks for more insight.
Ultimately, you’ll have better odds of selecting the right guests for your property, which reduces turnover.
4. Managing Property That’s Far Away
Do you have a rental property that’s located far from you? The more miles there are between your property and you, the more time you’ll need to set aside to oversee the operations.
The catch is that if you decide to dedicate significant time supervising remote property, you’re taking time away from other core areas of your life.
A property manager can step in and handle the supervisory work for you more effectively, especially if they operate where your property is situated.
That frees you up to sink more time into the duties that can move the needle for your business or critical life goals.
5. Managing an Extensive Portfolio
Like any other business, investing in property is a numbers game. The more you have, the more you earn.
However, with each property you add to your portfolio, you also increase the duties you need to attend to and keep your investment running.
At a certain level, you hit a wall where you either decide to forego buying more property to give time to what you have or keep investing.
If you continue investing in a growing portfolio, you’ll need to hire a property manager.
That way, you can effectively serve your tenants without spreading yourself too thin or becoming an impediment to more expansion of your property portfolio.
6. Full Compliance With the Law
How well do you know the laws and regulations governing landlord-tenant relationships? Are you willing to continue investing time and money in keeping up with these dynamic rules?
Hiring a property manager for many property owners is a way to stay compliant with the authorities.
A good manager understands up-to-date knowledge of federal and state laws and regulations around screening and selecting tenants. In case you need to evict a tenant from your property, a manager knows the legal boundaries within which to do that.
With a reliable property manager, you can be sure your investment remains compliant without you having to invest heavily in staying abreast of it all.
Get the Most out of Your Rentals With a Property Manager
The real estate market is on a relatively upward trajectory, which is drawing more investors to the Breckenridge rentals market. However, unlike property for sale, rentals call for continuous management, which can consume your time. As such, you need to partner with a property management firm that can help you get the most from your investment.
Alpine Edge Property Management is a property management firm dedicated to serving Breckenridge property owners and tenants. Talk to us today for experienced and customized property management services.