Rental Property Investor · Denver metro area, CO · Member since 2019 · 2 posts · 0 votes
I have a 3 bed, single family home in Greeley I rent to my daughter and her 2 friends and they pay through my Buildium account. They will move out in July/August and I would like to keep the property as a college or family rental but don't want to manage it after they move out (I live in Centennial). Any recommendations for a good Property Management company in Greeley, or advice in that college area rental market? Will a property manager use my Buildium or should I bail on that system? I have only 1 other property in Englewood that is managed by a local PM with a solid single long term tenant and not yet in my Buildium. I feel confident that I could manage that one with Buildium, so I am looking to go all in Buildium or not, especially for recordkeeping. Potential for another property in a year or two but not looking now. Obviously pretty new at this.... thanks! Meg
I'm a big fan of TRI Property Management in Greeley. I don't think they are using Buildium. I think they use Appfolio and I'm not sure if they integrate or not as I am not familiar with Buildium. TRI has managed my properties for years.
You can start by going to www.narpm.org to search their directory of managers. These are professionals with additional training and a stricter code of ethics. It's no guarantee but it's a good place to start. Regardless of how you find them, try to interview at least three managers.
1. Ask how many units they manage and how much experience they have. If it's a larger organization, feel free to inquire about their different staff qualifications.
2. Review their management agreement. Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.
3. Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers. It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees. Fees should be clearly stated, easy to understand, and justifiable. If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee. Don't be afraid to negotiate!
4. Review their lease agreement and addenda. Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.
5. Don't just read the lease! Ask the manager to explain their process for dealing with maintenance, late rent, evictions, turnover, etc. If they are professional, they can explain this quickly and easily. If they are VERY professional, they will have their processes in writing as verification that it is enforced equally and fairly by their entire staff.
6. Ask to speak with some of their current owners and current/former tenants. You can also check their reviews online at Google, Facebook, or Yelp. Just remember: most negative reviews are written by problematic tenants. The fact they are complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.
7. Look at their marketing strategy. Are they doing everything they can to expose properties to the widest possible market? Are their listings detailed with good quality photos? Can they prove how long it takes to rent a vacant property?
This isn't inclusive but should give you a good start. If you have specific questions about property management, I'll be happy to help!
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