Fort Collins has an upbeat rental market with more renters than properties now that the country has transitioned to economic recovery after the COVID-19 crisis. Rental property ownership in this area can be a lucrative investment. Indeed, many people are actively seeking houses to purchase to get on the Fort Collins rental income bandwagon.
Some landlords prefer to maintain independent rental property businesses, handling all aspects of the rental relationship alone. Others opt for property management companies that ease much of this burden. If you are looking for a real estate property management company in Fort Collins, here is what you need to know:
Examining your options
A simple online search reveals that several companies operate in the Fort Collins area. Some landlords might opt to go for recognizable names, such as large international residential property managers like Morgan Properties and Cortland. Their extensive and established operations worldwide make them seem like a safe choice. However, several local companies in Fort Collins offer top-quality service, including Advantage Property Management and Real Property Management Colorado. When looking for professional, reliable property management Fort Collins landlords have a plethora of choices. One of them is Evernest which is a Fort Collins property management company that has operated for over a decade, offering clients a full panel of services, including tenant recruitment, vetting, and relationship management. Many happy clients find the company’s rates competitive and their service outstanding.
Understanding Fort Collins’ rental market
Nearly half of Fort Collins residential properties are rented from landlords. The city has a growing economy that COVID-19 may have challenged but shows signs of rapid recovery. Fort Collins is the governmental and economic center of Northern Colorado, meaning that its jobs market is positive. Many people move to areas like Fort Collins in search of better work, healthcare, and education opportunities. Therefore, it is unlikely that a rental property owner will ever be short of prospective tenants.
The city is home to several tech innovation companies, such as Secure64 Software, Wolf Robotics, and Revolution Bioengineering. Smaller startup owners are also opting to headquarter themselves in Colorado due to its centrality. The Fort Collins area is a popular choice. Many newcomers to Fort Collins are younger individuals working in the tech industry. Their housing preference is to rent instead of buying.
With this younger generation of workers flocking to cities like Fort Collins, property owners and management companies need innovative technology at their fingertips. Millennials prefer to maintain business relationships remotely and favor paying their rent online and dealing with requests via email.
As a landlord, you might not have the knowledge or capacity to give this demographic what they want regarding technology. However, leading property management companies have this capacity and strive to improve it continuously. This has been a saving grace during the pandemic when direct contact between landlords, tenants, and property managers was discouraged.
Proactive property management
As a Fort Collins landlord who chooses to work with a property management company, you want it to take the hassle out of rental property ownership. Nevertheless, you need to stay up to date on what is happening at your properties and the status of any disputes.
The best property management companies issue monthly reports to their clients detailing rental payments, maintenance and repairs costs, potential tenant vacancies, and intervention plans to ensure that properties do not stand empty. These companies utilize escrow accounts to hold security deposits, and clients can access information about their stake in these accounts.
Vet potential tenants
As with most areas, there will always be tenants who push their luck, trying to get a rental property they cannot afford, defaulting on their rent, or ignoring the rental agreement’s stipulations. Therefore, rigorous vetting of potential renters is essential for a cordial, long-term landlord-tenant relationship.
Vetting includes running employment checks on applicants and verifying their salaries. A credit report details previous financial behavior, which is a sound indicator of future actions and acts as a valuable tool in determining if an applicant would make a good tenant. Landlords should also know if potential tenants have a criminal record or have been evicted in the past. Getting this information as an individual can be time-consuming and challenging. Having a rental property management company do it on your behalf is far more convenient.