Today, we will discuss what you can expect from a professional property management company. We will be discussing a few things that residential property management services Colorado Springs should have. This information can be used when you are interviewing for or looking for a property manager to manage your investment properties.
Monthly Statements
This is an absolute necessity. It is essential to understand where your money is going, and for what purpose. Our monthly statements are sent out every month on the 10th. Some companies send them out on the 1st. However, it is important to receive a monthly statement. This will show you how your property management Colorado Springs is doing. How can you be sure what is happening? Download our owner handbook to see an example of our monthly statement.
Answering Phones and Emails
A company should answer the phone promptly, pick up the phone, and be available. While they don’t have to be available 24 hours a day, they should provide after-hours service. They should also respond quickly. It shouldn’t take more than five days for emails to be returned.
Screening
A management company should be able to screen tenants if they are going to hire you. Professional commercial property management services Colorado Springs will screen tenants for income, landlord-tenant verification, and criminal history. Applicants must be screened.
Legal Aid
Legal aid is a term that refers to professional property management companies that should consult an attorney for expert advice. I will ask our attorney if you ask me a question regarding legal matters that I don’t know. You should feel confident that your important legal issues were reviewed by an attorney. We have our legal counsel whom we can reach out to frequently.
Set Fees
You should not interview a property manager if they don’t know their fees. A professional management company will have fees. You can see our pricing page to learn more about our fees. We are open and honest about the cost of our management plans. We even show you our plans in detail in this video.
Software
Asking property managers about their software is a great way to get to know them. How do they collect rent, pay bills, and keep track of maintenance invoices? Some types of proprietary software will be used by commercial property management companies.
Maintenance
Professional property managers will have access to maintenance contractors. This is a crucial part of being a property manager. Property managers need to be able to contact the right people to help them if something goes wrong.
End-of-the Year Accounting
This happens only once per year, but a professional property manager can provide end-of-year accounting. You will receive 1099 along with a Schedule E. This schedule will detail all income and expenses (management fees and landscaping) that you have had during the year. This information should be given to your accountant for tax preparation and planning.
