Property Manager Recommendations Denver/Should I make a switch?

Question

Hi BP community,

I hope everyone is doing well!  I am looking for any recommendations on a good property management team in Denver, CO.  I have one in place for one of my other properties but have found them to be lacking in communication recently.  They have done a wonderful job in placing a tenant and ensuring rent has been paid.  The team I currently have does lack some communication when asking for clarification on decreased payment of rent etc.  Is this the norm for property management teams?  I also have a good working relationship with our realtor who sold us the property who has been pretty responsive to our questions and is willing to help us keep an eye on our place but does not have much experience in placing tenants.  He may be a good candidate to help us manage our property.  Please advise as I am relatively new in the property management space.

Big thanks!

- James

Greg Weik · Answer

Hi @James Cheang, we'd love to chat with you to see if we can be a good fit for your property management needs.

I will DM you as well, but we are highly recommended on BP as well as on Google.  We've been helping landlords for 15 years and I can tell you that communication is the #1 reason I see clients leave a PMC and come over to RES.

The process to switch over your PMC to Real Estate Solutions is very straightforward and probably easier than you might anticipate.

I look forward to chatting with you - and you are welcome to call our text us at the number in my signature.  Either I, or my Office Manager, Chris, welcome a discussion with you about moving forward.

Taylor Fortini · Answer

Hi James,

I own a property management company here in the Denver area and made the switch from being a traditional realtor to starting this property management company because I saw a need for better a better property management company in the area. We strive to raise the bar for others in our industry and feel that just answering the phone and responding to email timely is not a high enough bar.

It is great that you have a good realtor in the area, they will be a huge help to you in making good decisions related to your property and we are happy to work with them however we can. Do keep in mind though that most Realtors in CO do not conduct property management services and that is primarily because most Brokerage's office policies prohibit it due to the liability.

I would be happy to chat with you about your property and what you are looking for in a property management company to see if we might be a good fit for each other.

My best,

Taylor Fortini

James Cheang · Answer

Hi Taylor!

I would love to chat with you to see if we would be a good fit. When would be a good time to jump on a quick call?

Thank you for your response. I look forward to hearing from you!

Drew Sygit · Answer

@James Cheang

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😊