Many circumstances could lead you to investigate available services from a property management company. You might have to leave town to follow employment. Or you purchased a second home hoping for a quick sale of the first and now are responsible for two mortgages instead of one. You could be a younger person seeking your first home or a senior looking to get out from under a mortgage you can no longer afford. Maybe you’re relocating to this area and searching for the best down-sizing retirement scenario.
Colorado consistently ranks among the best places to live and play as well as start and grow businesses. The Grand Valley in particular offers some of the best medical care available as well as a growing university. Mesa County and the City of Grand Junction provide excellent business support entities and extend tax incentives.
Many of the people who come to the Grand Valley to seek health care, go to school, work or play become so enamored with the area they return to live here.
My experience in Western Colorado shows me that as an asset owner, you should know there’s a market for your property.
The third quarter of a year might be the strongest time for residential rentals due to school enrollment. But there’s a strong push in the first quarter as well at income tax refund time. Commercial rentals are continuously occupied and vacated depending on the demand for services in any given area at any given time.
Consumers are becoming increasingly tech savvy and rely on the quick response of online searches for information and services. In working with any property management company, be sure of the amount of exposure to the targeted market your asset receives so your vacancy will be short-lived.
If you’re struggling to find a good tenant for your property, be it commercial or residential, seek assistance from a reputable property management company. Ask about the services you require and whether or not the company can tailor its services to meet your needs.
Keep your asset in good repair so it’s ready to occupy. Be reasonable with your pricing and terms, conduct background checks and check credit reports and personal referrals as well. These steps greatly assist in the placement of a good tenant. Continued interaction with the owner and tenant by the management company insures the retention of a good tenant and the security of the owner.
If you desire to lease a property, be aware of the checks that will occur and be ready to address any adverse information in your credit or rental histories. Owners of commercial and residential properties will require personal and financial information to consider you as a viable occupant.
The contracted property management company should provide both the owner and possible tenant with guidelines on the different types of contracts involved and how to accomplish the leasing process to complete the transaction to everyone’s satisfaction.
As the occupant of a leased property, you should be acutely aware of all the responsibilities the management company bears towards the leased premises and you as the occupant. You should feel comfortable reporting any issues and expect quick responses.
Property management companies provide services for both sides of the leasing equation. They are the rails that keep the industry on track towards the desired asset management and tenant representation.