22 Jan 5 ways Denver property managers save owners money
If you own Denver rental properties, it can be a headache to keep all details, emergencies and day to day operations under control. If you are thinking about bringing on a property manager to help, there might be more reasons this can be a benefit to you than you realize.
Denver property managers can save you money in the long run by keeping on top of tenant and property needs. Here are five ways a property manager can actually save you money in the long run when it comes to rental properties and income:
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1. Relationships with local vendors
If you own properties in an area that you don’t live in, you might not have many local contacts when it comes to contractors, plumbers and other service vendors who can help with repairs. Property managers have built up relationships over the years and have quality contacts with discounts that might not be available to you in a pinch. They have a wider nets of properties to maintain and will have partnerships and expertise at their fingertips to help maintain properties and pass savings on to you.
2. Organized record-keeping
If organization and keeping documents on file aren’t your strong suit or you just don’t have the time, a property manager can keep all documents about repairs, tenants and other building-related documents on file and ready to access when needed. This can be a time and money saver if you ever come across a dispute with a renter and need to pull items, such as their rental agreement or walk through checklist, to verify information.
3. Vetting tenants
Getting the right tenants in your rental property from day one should be a priority, and can save your financial headaches down the line. Property managers can take the time to vet tenants and run background and credit checks on potential renters. This can help bring in the right tenants who have a good track record of paying rent on time and taking care of your property.
4. Collections and tenant communication
If you don’t have much time to follow up on rental payments or getting back to tenants, this can lead to bigger problems down the line. Tenants can withhold rent if emergency or long-term maintenance needs affecting habitability aren’t met. If you don’t have the time to follow up with your tenants, a property manager can easily do this in a timely fashion and keep the communication lines open.
5. Freeing up your time
If keeping up on property rentals isn’t your full time job, you might feel as if the time you are putting into your properties is taking away from other financial endeavors or career items on your plate. Sometimes, the cost of hiring a property manager is far less than the cost of your time that you aren’t focusing on your career or other investments. Bringing in a property manager can save you money and mean that you can focus your efforts where they might be better served.
With Integrity Realty & Management Inc., you can say goodbye to putting a considerable amount of your own effort into maintaining your property and communicating with tenants. We use our streamlined, professional service to help you and can actually save you money in the long run. If you are looking to hire a property management firm to help you get your rental properties under control, contact us today.
