Working with property management professionals in Boulder can save you time and money, as well as provide peace of mind that your investment is in good hands.

Many first-time investors assume that they can buy property, find good tenants, and simply relax as passive income flows in. However, managing property is a full-time job, and it’s one that most people are not prepared to take on.

Here’s a closer look at what property managers do and how they can help you.

What Does a Property Manager Do?

The primary role of a property manager is to protect your investment and increase the value of your property. They do this by:

• Screening and selecting tenants: This is one of the most important responsibilities of a property manager as the quality of your tenants will have a direct impact on your profitability and the condition of your property.

A good property manager will screen tenants using a variety of methods, including credit checks, criminal background checks, and employment verification.

They will also ensure that the tenant meets your minimum criteria, such as income level and rental history.

• Negotiating leases: This part of property management is something that many would-be landlords underestimate. A good lease will protect your interests and minimize the risk of legal issues down the road. It’s also something you should not DIY or trust to a standard template.

Negotiating a lease involves more than just setting rent prices – it also includes specifying the length of the lease, outlining what is included in rent (such as utilities), and detailing the rights and responsibilities of both landlord and tenant.

Property management companies in Boulder will have extensive experience drafting leases and can ensure that your interests are protected.

• Collecting rent: Property managers are responsible for collecting rent from tenants on behalf of the landlord. This includes sending out late notices and, if necessary, initiating eviction proceedings.

Property managers will also handle any security deposits, which are generally required by law to be held in a separate account.

• Coordinating repairs and maintenance: A huge part of being a landlord is maintaining the property and dealing with repair issues as they arise. This can be a frustrating and time-consuming process, especially if you live far away from the property.

A property manager will coordinate all necessary repairs and maintenance, including finding reputable contractors, scheduling work, and overseeing progress.

They will also handle any emergency repair situations that may come up. For example, if a pipe bursts in the middle of the night, a property manager will coordinate with a contractor to have it fixed as quickly as possible.

• Complying with laws and regulations: There are a variety of laws and regulations that landlords must comply with, including those related to health and safety, building codes, and fair housing.

The best property managers will have a thorough understanding of both local and state laws and will ensure that your property is in compliance.

This includes keeping up with any changes in the law, such as new smoke detector regulations or lead paint disclosure requirements.

• Dealing with problem tenants: Unfortunately, even the best screening process can’t guarantee that you won’t end up with a problem tenant at some point.

If a tenant stops paying rent, causes damage to the property, or otherwise violates the terms of their lease, an experienced property manager can take the stress out of the situation for you.

They will handle all communication with the tenant and, if necessary, begin eviction proceedings – an emotional, stressful, and sometimes dangerous process that you should not have to deal with on your own.

• Preparing financial reports: At the end of each month, a good property manager will provide you with a detailed financial report. This report will include information on rent collected, repair and maintenance costs, and any other expenses incurred during the month.

This report will give you a clear picture of the financial health of your investment and will help you make informed decisions about how to best manage your property.

• Maintain relationships with vendors: Purchasing a property is not the last touchpoint you’ll have with professionals in the real estate industry. Throughout the life of your investment, you’ll need to maintain relationships with a variety of vendors, such as contractors, landscapers, and pest control companies.

Reputable property managers will have a network of trusted vendors that they work with on a regular basis. This means that you can be confident that any work that needs to be done will be done promptly and to a high standard. It also means that you won’t have to waste time shopping around for new vendors every time you need something done.

In short, property managers bring a wealth of experience, support, and resources to the table. You can focus on other aspects of your life knowing that your investment is in good hands.