A property manager is an individual or a company hired to oversee the day-to-day operations of a real estate property. Property owners and real estate investors will hire property managers when they do not have time or do not want to manage the property themselves.
Does a property manager need to be licensed in Colorado?
Property managers can offer a solution to investors who own properties but do not enjoy dealing with tenants. It is not uncommon for investors to prefer to be hands-off when it comes to their investment, especially institutional real estate investors.
A property manager is essentially the go-between of a real estate investor and a tenant. A property manager may supervise and coordinate building maintenance and work orders, do light handyman and cleaning work, resolve tenant concerns, advertise, and show vacant units. They may also collect rent and communicate regularly with the property owner about the status of the property. In essence, the property manager makes sure that everything is dealt with in a prompt and timely manner.
The biggest advantage of hiring a property manner is that it removes the need for the owner to be near the property. This arrangement can allow real estate investors to focus on investing in more properties rather than managing the property they already own. However, if you are a real estate investor, you may be wondering if property managers have to have a license.
While this can vary from state to state, in Colorado, all individuals operating as a property manager are required to obtain and maintain a real estate broker’s license. This will apply to most people working in the industry except for property managers on site.
If you are interested in purchasing property but do not want to run the business, you may be interested in hiring a property manager. If you are looking for a property manager in the Denver area, Walters & Company can help manage and lease your property.