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Does a property management company need a license?

Does a property management company need a license?

A property manager takes on some of the most important tasks when it comes to your property. Not only do they have to be available for daily concerns, but they perform other duties like screening tenants, collecting rent, and organizing your files. That’s why it’s imperative to work with a property management company that has the skills and knowledge to run things smoothly. Find out more about what qualifications a property manager should have and when to hire an Aurora property management company below.

What is a property manager

A property manager will oversee various aspects of your rental property, from daily operations to emergencies. They handle all communication with the tenants, maintenance and repair issues, and budget and accounting files. They can even screen new tenants with background checks and perform outtake interviews with departing tenants. Property managers keep your rentals running smoothly so you don’t have to stress over the little things. Before you hire a licensed property manager, they’ll go over all of the offered services. You can pick and choose how hands-on you’d like to be when it comes to the management of your rentals. All services you discuss and decide on with the management company will then be included in your property management agreement.

Property Management Qualifications

In Colorado, property management companies are required to have a real estate broker license. This is because many of the tasks and services performed by property managers are categorized under ‘real estate activity’. Property managers also perform brokerage tasks like accounting, filing receipts, and handling security deposits. Based on the Colorado Real Estate Commission requirements, a residential property manager who lives on-site is the only exception to this rule. Therefore, it’s important to always review a property manager’s license prior to hiring them. To check for a specific property management service’s license records, check the Colorado Division of Real Estate licensee search.

What to look for in a property management company

A license isn’t the only thing that makes a property management company worth the hire. It’s important to work with a reputable company that provides the best services for your needs. Checking with the BBB is a good place to start when it comes to reputation, but also consider the following before hiring a property management company. The type of properties they typically manage. You’ll want to work with someone who has knowledge and background with your property type. Do you lease a single- or multi-family home? What about commercial properties? Working with a property manager who has experience in a specific area ensures your property is in good hands. How they screen for new tenants. Long-term tenants are the goal for most landlords. Properly screening for new tenants has a big impact on their stay (and the condition of your property). A good property management company should have a thorough background and vetting system when it comes to new tenant approval. If they have knowledge of the local area. Local trends and issues actually help determine rent prices. Working with a local Aurora property management company also ensures that someone can be there in-person if issues arise. For more information on Aurora property management, contact Walters & Company.