Five Tips for Finding a Rental Agency in Colorado Springs
Finding a rental agency for your Colorado Springs property might be as easy as a simple online search. However, with so many property management companies operating in the area, how will you know which one best suits your needs?
Not all rental agencies offer the same services, and some work at lower efficiency levels than others. Therefore, finding the right one should be undertaken while avoiding hasty decisions could lead to long-term financial disaster. Here are some tips to help you find the right rental property management company in Colorado Springs:
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Choose whether to go local or national
When looking online, a search reveals that your options vary when it comes to a rental agency operating in Colorado Springs, Jackson, Fort Collins, Nashville, Detroit, etc. Many property owners opt to deal with well-known multinational companies like Jones Lang LaSalle Incorporated (JLL) or Greystar Real Estate Partners. However, other landlords prefer the personal touch of working with a local company, such as Highest Point Real Estate and Property Management or Cornerstone Real Estate Team Property Management. It might be advisable to explore your options with both types of companies before making a choice.
An increasing number of rental property owners are turning to Evernest to meet their rental agency needs. The company has an established presence across Colorado and has worked hard to ensure its stellar reputation for adhering to its key deliverables and ensuring that property owners’ and tenants’ rights are respected alike.
Some property rental companies have been known to be somewhat lax when it comes to tenant vetting. This can create a situation where a landlord has sitting tenants who cannot afford their rent or simply refuse to pay it. The unpleasantness and income disruption such circumstances present are every rental property owner’s worst nightmare.
When interviewing a property management company, inquire about how they vet tenants before considering matching them with properties on their books. Tenant vetting consists of verifying an applicant’s employment and salary amount, as this determines their ability to afford the rental fees charged.
It can also include a credit check to see if the would-be renter has a history of responsible financial behavior and is not up to their eyeballs in debt. The latter could mean substantial debt repayments that would make the rent unaffordable. Finally, a tenant background check should include communicating with previous landlords to get a picture of how they have behaved in the past, as it is a reliable indicator of how they will behave in the future.
Investigating a Colorado Springs rental agency could be as simple as asking other landlords in the area which companies they deal with and their opinion on different agencies.
Alternatively, consider a rental agency’s online reputation. However, bear in mind that clients are more likely to make online comments about complaints than compliments. But if you see a pattern of people complaining about the same things time and again, think twice about hiring the agency.
Credentials and accreditation
A rental agency should be registered with the National Association of Residential Property Managers (NAPRM) and Colorado state regulatory authorities. These logos should appear on the company’s website. However, do not leave it there, instead asking to see their registration papers or confirming their membership with the relevant organizations and professional bodies.
Rental property agents should also have valid real estate licenses, and potential clients should feel free to discuss an agent’s qualifications before committing to an agreement. An agency that seems evasive about such queries should be viewed with caution.
Some companies that offer their services as rental agencies only dabble in the industry. They earn most of their money by selling properties. These real estate agents might be competent at managing rentals, but are they the best that money can buy? Speaking of costs, these companies might charge more for their services than specialist companies would.
It is preferable to engage with a company specializing in rentals as its agents are more familiar with industry regulations. These agents know how to handle tenant relationships, ensure rent is paid on time, manage repairs and maintenance through a network of reliable Colorado Springs contractors, and take care of procedures like evictions. Rentals remain their primary focus, and selling real estate does not distract them from managing rental properties on their books.