6 Tips for Choosing a Property Management Service in Breckenridge
Finding the right property management company requires knowing your options. Here are tips on choosing a property management service in Breckenridge.
By investing in real estate, you’re following the advice of 90% of millionaires who say that real estate is the best investment you can make. However, for your property investment to be a success, you need to manage it.
Hiring a property management service can help you streamline and optimize the management of your real estate. The key is to choose the right service to work with.
This guide will help you know what to look for, so you select the right management company for your needs.
1. Understand the Services Offered
Each property management company offers a unique suite of services. It helps to create lists of your “must-have” and “nice to have” services.
Consider these types of services and whether you want your management service to provide them for your property.
- Annual property inspections
- Maintenance services
- Tenant screening
- Rent collection
2. The Experience of Other Clients
Read references and reviews to find out what the property management experience was like for previous clients. The service you choose should have a reputation for being professional, accountable, and responsive.
They should have a reputation for proactive action and not reactive. This means they have disaster and contingency plans in place. There are set and clear standards that the property management firm adheres to.
3. Fees and Costs
As with any service, it needs to make financial sense to employ it. Fees and costs shouldn’t be your sole deciding factor, though. Look for a service that has a clear fee structure.
The service should also provide you with regular accounting statements, so you understand your rental property’s account status.
Modern property management firms use software to automate many tasks. Look for a firm that embraces technology to streamline processes and make renting easier for potential tenants.
There should be a portal for tenants to log into for rental payments and maintenance requests. There should also be a portal for you as the owner to manage reporting and your disbursements.
5. Performance Track Record
Ask potential firms what their performance track record is. This ensures you trust your property in Breckenridge to a capable firm. Some property managers are more experienced with managing homes for families while others are more adept at managing commercial real estate.
Look for these statistics to understand a service’s performance track record.
- Vacancy rates
- Occupancy rates
- Average tenancy length
- Number of properties under management
- Number of owners represented
You’ll want to confirm that any property service you work with is a legitimate company. You can do this by confirming the licensing of a particular service. You can do this online.
Verify that the company is licensed to work where your property is located. You’ll also want to confirm that the license is in good standing.
Find a Property Management Service
By following these six tips, you’ll be prepared to find the best property management service. Pay attention to what a service has to offer you and how that fulfills your needs.
Research what other clients have to say about the quality of a service and a firm’s performance track record. This will give you a good indication of how that particular service will perform for you.
Contact our skilled team of property managers and entrust your property to a qualified team.