Today’s economy and housing market are causing more homeowners to consider renting their properties instead of selling.  As a result, it is becoming more and more important to find quality, efficient property management services. But unlike the past where homeowners were most concerned with property maintenance, rent collection and vendor management, they now also look to their property manager to find qualified, reliable tenants quickly. Especially in the case of higher end homes, this can be difficult.

The increasing concern of homeowners to find solid and qualified tenants stems from the fact that many are now considering long term leases or lease with option to buy scenarios rather than just short term or vacation situations. This type of situation is much riskier for the homeowner both on a financial and an emotional level than just selling the home would be. 

Homeowners or prospective tenants should consider the following factors when selecting their property management company:

1.   Licensing. Many property management companies in Colorado are not licensed with the Colorado Real Estate Commission, because it’s not required unless the company manages a certain number of properties. A licensed property manager is bound by the laws of the real estate commission, and has legal obligations through the commission to both the landlord and the tenant. Without proper licensing, consumers can easily be subject to fraud and identity theft with no recourse.

2.   Tenant Pre-Qualification. A critical component in the process is to pre-screen all potential tenants by conducting a thorough credit, rental, and criminal background check. This goes a long way to minimizing the homeowner’s risk as well as saving time and energy up front for all parties.

3.Full Service Real Estate Skills. It’s important to have experience in today’s marketplace. Property management companies with real estate experience, in building, selling, and managing understand the needs of buyers and sellers and can efficiently navigate the landscape.

4.Collaboration in the Local Area. . It is critical that the property management company you choose is well known and respected in the local real estate market. Many for-sale properties are turning into rentals and a solid network of brokers means a bigger inventory of homes as well as real time insight into various neighborhoods and the market as a whole.

 

Our Denver Based property management company, Denver Rent a Home has focused on streamlining the tenant placement process and taking the hassle out of the hands of the homeowners. A big contributor to this effort is our online tenant pre-approval service, where tenants can view listings and get pre-approved. It is also a standard practice to understand our customers and their needs right up front, as well as run background checks and other tenant review processes for every property.

In short, be careful to choose your property management company carefully, whether you are a homeowner or prospective tenant.Be extra cautious of managers who cannot show you the proper licensing for your state, aren’t able to show you examples of their experience or cannot explain to you their process for managing your home effectively. You may feel that you can trust your instinct, but in a risky situation such as rent to own you can never be too careful. It would also be wise to ask to speak to existing customers of your prospective manager in order to hear firsthand how their experience went.

It should be the goal of a great property manager to fully appreciate their client’s needs and the property they are managing. A quality management company never loses sight of the fact that their customers are relying on them to get reputable tenants for their homes, and they take that responsibility seriously.

DenverRentAHome.com can help those in the Denver, Colorado and surrounding areas with over 75 years of combined expertise in the residential rental and property management fields.  As Colorado natives, they will be able to help you find the ideal lease option situation in any price range.  Homeowners can now post their properties online for FREE for two weeks, followed by a low monthly fee. And prospective tenants can now get pre-qualified online! Visit www.DenverRentAHome.com for more information or call 303.681.6767.

Tags: renting vs. buying home, home relocation, rent to own

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