Property Management Companies? (Denver, Boulder: rentals, condo, how much)

[mariolatry]

Since it's obvious that our condo isn't going to sell any time in the next century, it looks like we'll be renting it out. Since we're moving 2,000 miles away, I'm guessing that a property management company is the way to go.

Does anyone have any experience with this? If you have experience with a specific company, please PM me to avoid violating any board rules.

[CapHillboy]

I live in Denver and have had rentals in Boulder and Denver for about 10 years now. After the second year, I starting using property managers for the Boulder property (because i live in Denver) and so far, all has gone relatively smoothly.

A couple of suggestions, just off the top of my head:

• Of course, find out what the company charges per month and what they do for you for their fee.
• Find out what the company does to market your rental when it's empty and who pays the cost. Be sure to get that in writing. I had one manager who told me that the company bore the costs of getting the place rented and that's why the company charged 10%/month. (A previous company had charged me only 6%/month, but made it clear i was responsible for costs associated with getting the place rented. To be fair, the 6% company also charged me first month's rent when the new tenants moved in.) Well, the first time the place had to be re-rented, i got a bill for the advertising costs.
• Check references and find out how frank the property manager will be with you. If you're moving far away from your rental, you're going to need to rely on your property manager to let you know what you've got to do to get maximum return for your property. My Boulder property was a mess after five years, but my manager never told me. It really needed to be repainted and spruced up; I saw that immediately i went to the place. (Yes, I was a lazy landlord.)
• Make sure you get along with whoever you hire as a property manager. I've always hired individuals, where it's probably more important. But never underestimate the power of good chemistry. Part of that chemistry is making sure that your rental philosophy and the property manager's is the same. Some people believe in max rent, even if it means new tenants with every lease; others believe a steady tenant for several year is the best way to maximize your return (very few months when the place is not rented). Decide which you are and make sure the property manager agrees with you, or at least is willing to work based on your philosophy.
• And just remember, most property managers really do want to keep their clients. Don't jerk them around. Before you whine to them about how much you need to get in rent, be sure to do some research to find out what similar properties are renting for in your neighborhood. (No, I'm not a property manager in disguise, but i have friends who have rentals who have whined to me about just this issue, as well as why the property manager keeps asking for money for repairs. I know where their properties are located and can't see what they're whining about. And remember, repairs are just part of the cost of owning property. For some odd reason, many people think because they don't live in a place that repairs aren't necessary. The people renting your place are human beings as well and deserving of decent living quarters.)

Finally, good luck on finding a property manager and getting decent rent from good tenants! And if you happen upon good tenants, make sure neither you nor your property manager treat them badly. To my mind, good tenants should be treated like royalty.