One of the most important decisions you’ll have to make as a landlord is whether or not to hire a professional property management company, like Cobalt Creek Property Management in Denver, Colorado, or take a DIY self-managed approach. When you manage your own rental properties, you become more than an entrepreneur. Nothing beats the excitement and pride of owning and running your own business. Rental property management, however, can be a stressful occupation. Paying for a property manager gives you time to seek out new business opportunities, grow your investments, and spend the time you save enjoying life.
The Pros & Cons Of Self Management
For many people, the biggest factor in the self-manage vs. property manager decision is finances. Property management companies generally charge 10% of the monthly rent. You’ll do gain experience and knowledge in how property management works when you do it yourself which is something all landlords can benefit from. This gain comes at its own price. Your time.
DIY property management requires a considerable time commitment. To stay compliant, you will need to familiarize yourself with current and changing laws, regulations, and rules. You’ll also need an attorney to review your official documents. When you have vacancies, you’ll be responsible for finding tenants and thoroughly screening them. On top of that, you’ll also be called on to handle maintenance issues (including late at night and on weekends), collect rent, inspect units, deal with tenant complaints, and under worst-case scenarios handle evictions.
The Benefits Of Third-Party Management
When you hire a property manager, you aren’t just giving over control of the necessary day-to-day tasks. You gain an experienced business partner. Here are some of the advantages of paying for a professional property management company.
- The company already has infrastructure, policies, and documents ready.
- Resources to complete thorough tenant screening are in place.
- You can outsource the unpleasant tasks, like evictions.
- You get advice on property improvements, maintenance, and more.
- You gain insight into market trends; when you should raise your rent, etc.
Finding Your Property Management Match
When considering a third-party property management company, you need to factor in the additional cost and determine what makes sense for your current financial situation. Also, make sure the company knows how to manage the kind of property you own. You can prevent these mistakes by taking the time to find a good match. We thoroughly review your property for money saving and making opportunities and do all the marketing work for you. We also specialize in properties of all types.
Your Partner In Profitability
Have more questions about property management in Denver? Contact us at Cobalt Creek Property Management in Denver, Colorado today. Our team has over 30 years of combined real estate, property management, and maintenance experience. Schedule your consultation today if you’re ready to get the most out of your investment without the hassles of trying to figure out self-maintenance. We’re here to show you that you don’t have to do it all yourself.