any property manager recommendations in the Loveland / Ft Collins

[Erik Bringleson]

Hi,

I am getting ready to rent a single-family home in Loveland and looking for any recommendations for a property manager. 

Thanks, Erik

[Account Closed]

Greetings Erik

I'm a local property manager in Northern CO with Youle Realty. I also own rentals in Fort Collins and Loveland.

Feel free to contact me directly. I would love to discuss your management needs.

Ian

[Roger Kifer]

Hi Erik,

I use Real Property Management of the Rockies and can't say enough positive about my experience with them. If you call them, please tell them I sent you.
https://www.rpmfortcollins.com
970-658-0410

Best regards,
Roger Kifer

[Drew Sygit]

@Erik Bringleson

Even if someone give you a referral, what meets their expectations, may not meet yours.

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 – and they often select the first PMC they call!

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😊

Please send us any feedback via email, as we do not use the DM feature here.

[Erik Bringleson]

Hi,

Yes, I agree with your opening statement. I have been watching some videos on what questions to ask before hiring a pmc. Your article is very thorough and helpful. I had a question about this statement in part 1 of your post.

Do they use the standard “income must equal 3x rent” or something better? What is something better?

I put together an email to send out to potential pmc. Can you give me your thoughts? Is it too much info to ask right away? Maybe I should just ask 1 or 2 questions from each section to quickly weed out the bad or just ok pmc? Then do a deep dive on the pmc that makes the first cut?

Here is my sample email draft

Hi,

I own a single-family home in Loveland and I am looking for a property management company. I have some initial questions about the services your company offers.

     Tenant Screening:

• What is your income requirement?
• Other than credit score, what else are you evaluating on their credit report?
• What do you require applicants to submit and how do verify all this information isn’t fraudulent?

1. Maintenance & Repairs:

• How do you handle tenants’ requests for repairs?
• Do you use a handyman for small repairs?
• When are options discussed with me (i.e. installing a cheap plastic faucet that may break again soon or a more expensive metal one that should last longer)?

1. Rental Marketing:

• Where and how will you advertise the rental property?
• What information do you provide to justify your suggested rent amount?
• What update information do you provide and how often - online views, inquiries, showings, applications, etc?

1. Communication & Documents:

• Do you have an online portal for tenants to pay rent and landlords to access documents?
• What documents do you routinely provide to property owners?
• How often do you check on tenets and the property in person?

1. Fees:

• Monthly management fee?
• What other fees do you charge? (Late fees and what percentage the owner receives, Tenant placement fees, Lease renewal fees, Vacant property fees, Maintenance fees, Eviction fees, Inspection fees, Bill processing fees, Etc.)

Thank you, Erik