Owning rental property can be a rewarding investment, but it also comes with a host of responsibilities. As a property owner, you’re faced with decisions about tenant management, maintenance, and financial oversight. The question often arises: Should I hire a property management company?
There are many reasons why enlisting professional help might be the right choice for you. Citadel Realty, LLC is a property management company in the Colorado Springs area that can help you make the decision.
Screen Out Problem Tenants
One reason you may be considering “Should I hire a property management company?” comes down to dealing with tenant screenings and communications. It takes quite a bit of time to do reference and background checks. It is also stressful when you have to contact these potential tenants and let them know they didn’t pass your process.
Self-Management Tip: Tenant screening is critical. Be sure you conduct thorough background checks, verify financial stability, and check references. This is for your benefit, as you want them to be able to afford your set rent and be there long-term.
Property Management Solution: Property managers are skilled at tenant screening. Their experienced eyes quickly spot red flags, ensuring you land reliable renters. Say goodbye to sleepless nights wondering if your tenant will pay rent on time or take care of your property.
Act as the Point of Contact for Tenant Concerns
Handling tenant issues can be time-consuming. Property emergencies don’t always wait for convenient hours. After having multiple late-night calls or having to do emergency repairs yourself, you definitely might be asking, “Should I hire a property manager?”
Self-Management Tip: Consider getting an answering service that can help you manage calls at odd hours. These types of services can schedule appointments for showings, answer maintenance calls, and sometimes even take in lease applications by phone.
Property Management Solution: Property managers are available 24/7. Whether it’s a leaky faucet or noisy neighbors, they address problems promptly. You’ll get the benefits of having someone who knows your property and tenants too. You can focus on other aspects of your life while they handle tenant calls.
Expert Rental Marketing
There are many things to consider when it comes to property rental marketing. Do you run your own website? Get a subscription to one of the property rental online groups? Offer up referral bonuses? If you know marketing isn’t your thing, you probably looked up “Should I hire a property management company” to find help.
Self-Management Tip: Writing rental ads and taking photos can be challenging. Look at other listings to determine what to say about your property to make it stand out. Take photos of your rental property at a time when the property has the best interior light. Refrain from nighttime photography. Or consider hiring a professional. Know your market and neighborhood to set the right rental prices.
Property Management Solution: A great property manager, like Citadel Realty, LLC, excels at rental marketing. They know how to create compelling ads, showcase your property in the best way, and set competitive rent prices. Your property will get filled faster, minimizing vacancy periods.
Decrease Tenant Turnover
Have you been experiencing a higher rate of turnover? Perhaps you have had difficulty getting tenants to pay rent on time, or had multiple tenants leave because of changes in where kids go to school or military assignments. If you’ve been asking yourself “Should I hire a property management company” because it’s been difficult for you to maintain tenants, then you might want to give Citadel Realty, LLC a call.
Self-Management Tip: Happy tenants are more likely to stay. Respond promptly to their needs and be sure you provide clear communications.
Property Management Solution: Property management companies prioritize tenant satisfaction. They manage requests and can provide regular communications. Happy renters are less likely to leave, reducing turnover. Plus, they handle reasonable rent increases smoothly.
Efficient Financial Management
Bookkeeping is not always a property owner’s forte. You might have some budgeting software, or maybe you’ve just been using spreadsheets. Either way, if you aren’t an accountant by trade, doing the books may seem like a chore and that prompted you to ask yourself “Should I hire a property management company?”
Self-Management Tip: Managing finances can be overwhelming. Software subscriptions like Quickbooks can help. You will want to take the time to go through their online training or take a class to learn how to use it correctly. Often these software solutions can also help you streamline rent collection and maintain accurate records.
Property Management Solution: Learning a new software can also be time-consuming and if your heart isn’t in it, it can be more stressful than fun. Property managers will handle rent collection, accounting, and budgeting for you. You will receive detailed financial reports without the hassle.
Citadel Realty, LLC the Answer to “Should I Hire a Property Management Company”
While self-management is an option, hiring a property management company like Citadel Realty, LLC, offers peace of mind and efficiency. Consider your needs, and weigh the benefits. Whether you own one property or a portfolio, professional management can make your investment journey smoother and more rewarding. Contact Citadel Realty to answer the questions you have about “Should I hire a property management company?” today!
Citadel Realty, LLC
Citadel Realty, LLC provides top-notch services for residential, land, income properties, bank-owned properties, and relocation in the El Paso County area. We pride ourselves on providing the best customer service with honesty, integrity, and respect. Contact us to get the best property management services in Colorado Springs, Monument, Fountain, Falcon, Manitou Springs, and other cities in El Paso County. With decades of experience in real estate and property management, you can rest assured that your property is under professional care. Give us a call at 719-266-6003.
