Seeking property manager in Colorado Springs area

Seeking property manager in Colorado Springs area

Rental Property Investor · Colorado Springs, CO · Member since 2015 · 35 posts · 14 votes

Hello! I'm looking around at property manager in the Colorado Springs area. Currently I have a property manager that is competent at the day-to-day management and placing tenants but is lacking when it comes to keeping me informed as to the condition of the property unless there is a maintenance request. I generally hear from the HOA before them if weeds are getting out of hand in the front yard, for example. They also provide little in the way of investor services such as advice on what improvements can increase cash flow most effectively. On the upside, they are quite inexpensive compared to other property managers in the area (7.9% rather than 10%) and you get what you pay for.

So, I'm considering moving on to another property management company and wouldn't mind advice on what to look for as well as recommendations from anyone who invests in Colorado Springs.  CS has a host of highly rated property management companies.  I have one property so far, but plan to expand and property managers who offer discounts for managing multiple properties would also be a plus.

From what I've heard, choosing a larger, more establish, and local property management team makes it more likely they can analyze the market and suggest improvements to the home to make it more profitable.  What I'm looking for is a responsive, efficient full service company who knows the investment market and is able to provide suggestions on what would make the home more profitable to rent out (eg, "add air conditioning!" or "yea don't do that renovation yourself ever again... here's a professional to help fix it" or "this is the worst kitchen I've ever seen, but you can fix it for $1200 by doing such and such."  Practical advice.  

I also like to have a rapport with my property manager, so friendly and professional is good.  Someone aimed at helping me as the investor but who will also treat the tenant fairly and is not a pushover for a bad tenant.  I want honest assessments of how things are for the tenant, how I can keep the property in good shape, and how I can maximize cash flow.

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Rental Property Investor · Indianapolis, IN · Member since 2015 · 108 posts · 66 votes
3y

@Colin Smith @Ryan Thomson

@James Ross I don't know either of these guys but the data I have is backing up what they're saying - Solid Rock is a solid PM Company. 3.8 stars on 82 reviews. Below average days on-market. They probably manage ~300-500 units. They have ~18 team members which tells me it's a lot more likely they'll have time for you and communicate well. You won't just be another number to them. Also they use Buildium which is one of the best PM softwares out there - rated 4.5 on softwareadvice.com. They also use TenantTurner, which has become really popular. I'd just make sure there's still a personal touch and good experience for applicants so you maximize your rental income too. 

Make sure your property is in their wheelhouse though. Below you can see a heat map of the general areas Solid Rock typically manages. 

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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    3y
    Quote from @James Ross:

    Currently I have a property manager that is competent at the day-to-day management and placing tenants but is lacking when it comes to keeping me informed as to the condition of the property unless there is a maintenance request.

    Communication is key to a good property manager. If they are really on the ball, they'll be proactive in their communication which is a clear demonstration they are handling the problems. If you have to pull information from them, then they aren't doing well.

    Sorry I don't have a personal recommendation for you. I can tell you that I bought my first house in C-Springs for $85,000 in 1999 and sold it for $110,000 in 2020. It's now worth $385,000 and a good example of why investors should never sell property unless they are upgrading to something bigger and better!

    The DIY Landlord Book4.7248 Reviews
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    3y

    @James Ross

    In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.

    It's often a case of not doing enough research, as they don't know what they don't know!

    Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator.

    So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.

    EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean? What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.? You’d be shocked by how little actual screening many PMC’s do!

    This also leads owners to ASSUME simpler is better when it comes to management contracts.

    The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

    We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord. Beyond the Monthly Management, Placement & Maintenance fees, all other fees in our contract are IF EVENT -> THEN fees.

    We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:

    https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processes

    We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

    EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

    P.S. If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general. Take ownership of your mistake and learn to do the proper due diligence recommended above😊

  • Rental Property Investor · Colorado Springs, CO · Member since 2015 · 35 posts · 14 votes
    3y
    @Drew Sygit:

    Thanks so much for the detailed reply!  I'll check out your post right now!  I'm going through what questions to ask as I write this (well ok I took a break to read your reply and write this), so that will be extremely helpful.  I'm definitely trying to educate myself.  Your note about "if it isn't in the contract then they can charge for it" is excellent advice.

    The company I hired was at the recommendation of a real estate agent I worked with, who was recommended by someone I trust.  Great agent, love working with him.  The management company has been mediocre, unfortunately.  I certainly don't think all of them will be!  And no bad mouthing of PMCs was intended.  I absolutely intend to continue using professionals to manage my properties.  Doing a loooooot of research now that I should have done before renting out the property.

  • Rental Property Investor · Colorado Springs, CO · Member since 2015 · 35 posts · 14 votes
    3y

    @Drew Sygit

    I love that article you recommended.  Do you have a link to part 2 and any other subsequent parts of the series?  I can't find them.  Thank you!

  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    3y
  • Rental Property Investor · Colorado Springs, CO · Member since 2015 · 35 posts · 14 votes
    3y
  • Ryan ThomsonBusiness Member
    Real Estate Agent · Colorado Springs, CO · Member since 2018 · 1k+ posts · 1k+ votes
    3y

    Hey @James Ross I am a big fan of Solid Rock Realty. You should reach out to @Colin Smith. Guy runs a big meetup in town and really knows what he is doing. 

    The Assumable Guy544 Reviews
  • Colin SmithBusiness Member
    Realtor · Colorado Springs, CO · Member since 2013 · 987 posts · 447 votes
    3y

    Thank you for the recommendation @Ryan Thomson!

    I'll shoot you a PM @James Ross to see if we are a good fit for one another. 

  • Rental Property Investor · Indianapolis, IN · Member since 2015 · 108 posts · 66 votes
    3y

    @James Ross I can help you choose which PM is the best in Colorado Springs, CO with objective data. Shoot me a dm or email - happy to help. 

  • Greg WeikBusiness Member
    Property Manager · Denver, CO · Member since 2020 · 263 posts · 327 votes
    3y

    Hi @James Ross, we would be happy to chat with you to see if RES is a good fit. 

    I own the company and we've been in business for 15 years.  I own multiple rental properties and I can say with confidence that my team knows what it's doing.  My office manager is also a broker and also an investor who owns properties.  This dramatically impacts company culture around here.  We understand what our clients are looking for in terms of value and wealth generation because we are looking for the same things. 

    We will always steer you and all our clients to their highest ROI.

    That said, if your tenants have weeds, you will always hear from the HOA before us. We are not on-site and we are not likely to see issues of that nature before an HOA that is cruising the neighborhood looking for issues like this. If we are made aware of issues, however, we always act swiftly and competently.

    The process of switching PMCs is pretty simple in our experience.  We take on doors from other PMCs almost every week, and we will be in the Springs this afternoon picking up another 10 units from another company.  

    Please feel free to drop me a line or contact my office directly and we can go from there.

    Real Estate Solutions4.4387 Reviews
  • Melanie ThomasBusiness Member
    Real Estate Broker · San Antonio · Member since 2022 · 1k+ posts · 489 votes
    3y

    Hi there! I would look on the NARPM website. They have a really great tool to help you locate a Property Management company in your area. If you need help navigating the site or have any questions I am happy to help. Good luck and happy investing! 

    RentWerx Property Management4.73300 Reviews
  • Rental Property Investor · Indianapolis, IN · Member since 2015 · 108 posts · 66 votes
    3y

    @Colin Smith @Ryan Thomson

    @James Ross I don't know either of these guys but the data I have is backing up what they're saying - Solid Rock is a solid PM Company. 3.8 stars on 82 reviews. Below average days on-market. They probably manage ~300-500 units. They have ~18 team members which tells me it's a lot more likely they'll have time for you and communicate well. You won't just be another number to them. Also they use Buildium which is one of the best PM softwares out there - rated 4.5 on softwareadvice.com. They also use TenantTurner, which has become really popular. I'd just make sure there's still a personal touch and good experience for applicants so you maximize your rental income too. 

    Make sure your property is in their wheelhouse though. Below you can see a heat map of the general areas Solid Rock typically manages. 

  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    3y

    @James Ross make time to chat with @Greg Weik.

  • Colin SmithBusiness Member
    Realtor · Colorado Springs, CO · Member since 2013 · 987 posts · 447 votes
    3y

    @Matt Speer

    Interesting to a computer take a stab at the makeup of our company. Surprisingly, it's not too far off! :)

  • Rental Property Investor · Indianapolis, IN · Member since 2015 · 108 posts · 66 votes
    3y

    @Colin Smith That's great! 

    We can predict where you manage, how many units, average rents, days on-market and other predictive stats for PMs in the US. 

    For the average investor/client it will have a similar effect the "CarFax" had in the auto industry. And for the PMs it will be an opportunity to track and improve your KPIs and use them to win even more business. 

    BiggerPockets is great with the community and referral network. The problem is you never know if it's genuine or if the person referring is affiliated with the company. 

  • Rental Property Investor · Colorado Springs, CO · Member since 2015 · 35 posts · 14 votes
    3y

    Wow, thanks everyone!  I appreciate all the information.  My family has been sick the past week so I haven't been on BP, so I apologize for not responding sooner.  I'll reach out to people now!

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