The rental market in Colorado Springs is booming right now – in fact, according to the Colorado Association of Realtors, the Colorado Springs housing market is the strongest in the state. Real estate investors in the area are likely feeling the boom, and for those looking to break into the market or expand their portfolio, now is a great time to invest.
Managing your income properties can be a full-time job, however, and some investors prefer to be passive investors rather than actively seek new tenants, handle maintenance requests, and collect rents like an active real estate investor might. For real estate investors who don’t have the time or energy to manage their rentals, a property management company in Colorado Springs may be the key to increasing their passive income and eliminating the 24 hour a day commitment to a rental property.
Colorado Springs property management is more than just collecting rent on you, the property owner’s, behalf. The team at your property management firm will understand how to effectively manage your income properties, whether one house, several houses, or an apartment complex, and make sure that you get top dollar returns on your Colorado Springs rental properties.
The key to success in real estate investment is making sure that your rentals stay full of reliable tenants. Reliable means that they pay their rent in a timely manner, don’t cause excess property damage, and plan to stay in your unit for a long time. Tenants that come and go cause investment properties to be empty, meaning that you still pay the mortgage without their rent to cover it. For some property owners, tenants end up leaving behind a mess and damage to the property that you must pay to fix of their deposit doesn’t cover it. This makes your property stay empty longer.
A professional Colorado Springs property management company can help vet tenants for your commercial or residential holdings, checking background for past evictions, credit scores, and income verification. They can also ensure that payments are processed on time and that tenants are compliant with residential HOA requirements, city statures, and commercial regulations.
Property management companies professionally advertise your rental properties and orchestrate marketing campaigns to attract better tenants. They also inspect your property before tenants – commercial or residential – move in and again after tenants leave, using sophisticated 3D imaging video technology to determine excessive property damage and any needed wear and tear that needs to be fixed before the property is rented out again. Part of your services from Real Property Management Colorado includes periodic inspections of your properties to ensure that your property is being well maintained and doesn’t need minor cosmetic repairs or preventative maintenance on the HVAC and plumbing systems.
A Colorado Springs property management company allows rental owners to work their main job while receiving passive income. In addition, professional property management companies are up-to-date on state and city landlord-tenant laws, and can ensure that you and your tenants are fully compliant. When you’re ready to realize the full potential of your property investments, give us a call or go online to see how we can start making your rental properties work for you!