by Joyce Kelly
Homeowners today are more and more often making the choice to rent their home rather than sell due to the decreasing property values in todays economy. This has made it even more important to the landlord to find a reputable, experienced property manager to help them through the process. In the past, a property manager would focus mainly on home maintenance, rent collection, and vendor management, but the new environment has made it very important for the property manager to also find suitable tenants quickly. This is not always an easy task, particularly with higher end homes.
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 poses a much larger risk for the homeowner, both financially and emotionally than just selling the home would.
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 its not required unless the company manages a certain number of properties. A licensed company must abide by the laws of the Commission and is legally accountable to both the homeowner and tenant. Without proper licensing, consumers can easily be subject to fraud and identity theft with no recourse.
2. Tenant Screening. A reputable property management company will take the time to pre-screen all tenants with a background check, including the tenants credit report, prior rental history and criminal history. This goes a long way to minimizing the homeowners risk as well as saving time and energy up front for all parties.
3. Expertise in Real Estate. Its important to have experience in todays marketplace. A property manager with a full menu of experience in all management areas will understand the needs of buyers and sellers and help them to create a win win situation for all.
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. The rental market is changing at breakneck speed and your manager must have a great grasp of the local neighborhoods as well as be tuned into to local broker network to discover properties for rent that may previously only been available for sale.
The company I helped found here in Denver, Denver Rent a Home, has spent a lot of time perfecting the rent to own process, including finding quality tenants, in order to make the process easy for homeowners and tenants alike. The use of online tenant screenings has helped find quality tenants quickly and efficiently. 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. You should be wary of companies that dont have the proper licensing, qualification procedures and experience. While this may seem obvious, many people dont understand the licensing requirements or where they run risk in a rental situation. You should also ask to speak to current clients, so they can better understand the customer service experience and what to expect throughout the process.
In short, A quality property manager, will want to fully understand their customers and the homes they are representing. They appreciate the fact that their customers are trusting them to place the right tenants in their home, and take the responsibility very seriously.
About the Author:
Joyce Kelly is the founder of DenverRentAHome.com, providing to Denver, Colorado and surrounding areas over 75 years of combined expertise in the home leasing and property management arena. DenverRentaHome.com now allows homeowners to post their properties online. Visit
DenverRentAHome.com for more information or call 303.681.6767