Rental property owners who have never worked with a professional property management company before may wonder what we do and why we exist. Denver property managers can help you lease and manage your investment property while helping you earn more and spend less on it. We provide expertise, resources, and a deep understanding of the local market and the entire management industry.
These are some of the most important things you can expect when you’re working with professional property managers.
Compliance with Rental Laws
When you rent out a home, you’re required to comply with local, state, and federal laws and regulations. There’s a lot to keep up with. You have to understand the fair housing laws, habitability requirements, and the rules surrounding security deposits and landlord/tenant relations. You need to understand the Americans with Disabilities Act, and how it pertains to tenants who have service animals or need accommodations. You need to follow the Fair Credit Reporting Act when you’re gathering data and screening applications. Not only are there are a lot of laws to know and comply with; there are a lot of changes to keep up with.
A professional property manager stays up to date on all of these regulations and keeps you and your property in compliance. This takes a lot of risk and liability off your plate. It’s easy to make an unintentional mistake that could end up costing you thousands of dollars.
Professional Accounting and Bookkeeping Services
Professional property management includes transparent, detailed, and accurate accounting. You should receive regular statements that outline the income and expenses associated with your rental property, and at the end of the year, you should receive a 1099 that you’ll need to file taxes. A good property management company will provide an online portal where you can have instant access to your account at any time. This will help you stay organized and informed.
Local Market Knowledge
When you work with a property management company, you benefit from the wisdom and expertise that comes with their many years of renting properties in the local market. This delivers insight into market trends and rent prices. You’ll know what the tenant pool looks like and how long it may take to rent out a property. If you’re thinking of buying another investment property or selling one that you own, your property manager can help you strategize. This is an important resource, especially if you’re a property owner who isn’t local to the area.
Leasing, Management, and Maintenance Services
Finally, professional property managers expertly handle all the details that go into renting out a home. You won’t have to worry about marketing your property, scheduling showings, screening applicants, collecting security deposits, negotiating leases, writing pet policies, responding to maintenance emergencies, dealing with tenant disputes, collecting rent, or enforcing the lease. We respond to tenant inquiries and manage conflict resolution.
These are only some of the things that property managers do for you. If you’d like to hear more about Denver property management services, please contact us at Walters & Company Property Management.