A Property Management Firm’s Role In Your Real Estate Investment
Whether you are a seasoned real estate investor or not, you should know what a property management firm does and how they can benefit your business. While you may be a hands-on landlord, you would be surprised that a residential property management company will often offer a la carte services and take care of the jobs you may not want to participate in.
Most states in the U.S. require property management companies to have a special property management license or at least a real estate license in order to operate. This benefits landlords so you know that not just any Joe Blow off the street is claiming to know about real estate investments, most real estate professionals know what owning a rental entails and will know how to take care of your real estate investment.
A reputable property management company is typically responsible for the following property management activities:
Managing the accounting and finances of a property
Initiating and handling litigation with tenants
Managing insurance needs
Controlling maintenance work
A property manager’s role is not necessarily limited to these tasks but these are the main roles they fill in the landlord-tenant relationship.
Property management companies have been known to charge either on a set fee schedule or on a percentage of gross income from the property. Just owning a property is not enough to profit from real estate, the property must be professionally managed, making a property management company’s services invaluable
CW Properties Inc. is a Denver residential property management company located in the beautiful front range of Colorado. The company specializes in managing properties in Denver and Boulder Colorado and offers full-service and a ala carte professional residential property management services. You can learn more about the company at www.CWPropertiesInc.com.