Prevent Lease Option Flops With the Right Property Manager

Oct 01

Prevent Lease Option Flops With the Right Property Manager

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More and more homeowners are deciding to rent their home instead of sell because of the current housing market. As a result, it is becoming more and more important to find quality, efficient property management services. In today’s environment, homeowners are no longer just interested in a company that performs great upkeep, collection and vendor management, but rather are relying on their property manager to quickly find reputable and responsible tenants. Especially in the case of higher end homes, this can be difficult.

The increasing concern of homeowners to find solid and qualified tenants stems from the fact that many are now considering long term leases or lease with option to buy scenarios rather than just short term or vacation situations. This type of situation is much riskier for the homeowner both on a financial and an emotional level than just selling the home would be.

Homeowners or prospective tenants should consider the following factors when selecting their property management company:

1. Licensing. Because only larger property management companies are required to be licensed in Colorado, many choose not to get licenses. Licensing ensures that the property management company has agreed to follow the regulations of the Commission and a tenant or property owner can hold them accountable. . It is easy for unscrupulous management companies to commit fraud against a customer or even identity theft and the home owner or tenant have very little remedy.

2.Tenant Review. The property management company should take the time to pre-qualify all tenants by running a confidential background check including credit and prior criminal and rental history. While this extra step can take some time, it is worthwhile in the long run and substantially lowers the risk for the landlord.

3. Real Estate Experience. A high level of experience is important in the real estate market today. Property management companies with real estate experience, in building, selling, and managing understand the needs of buyers and sellers and can efficiently navigate the landscape.

4.Community Know How. It’s important that the company has established positive relationships within the real estate community. The rental market is changing at breakneck speed and your manager must have a great grasp of the local neighborhoods as well as be tuned into to local broker network to discover properties for rent that may previously only been available for sale.

Our Denver Based property management company, Denver Rent a Home has focused on streamlining the tenant placement process and taking the hassle out of the hands of the homeowners. We have recently launched an online tenant pre-approval service, where prospective tenants can fill out simple forms to get pre-qualified for any of the available listings. There is also a thorough background check conducted on every prospective tenant, and we pride ourselves on learning what is important to our clients very early in the process.

Regardless of whether you are an owner or a prospective tenant, be sure to choose your property management company well.Be extra cautious of managers who cannot show you the proper licensing for your state, aren’t able to show you examples of their experience or cannot explain to you their process for managing your home effectively. You may feel that you can trust your instinct, but in a risky situation such as rent to own you can never be too careful. You should also ask to speak to current clients, so they can better understand the customer service experience and what to expect throughout the process.

A great property management company really wants to make sure they understand their clients and know the properties as if they were their own. They appreciate the fact that their customers are trusting them to place the right tenants in their home, and take the responsibility very seriously.

DenverRentAHome.com can help those in the Denver, Colorado and surrounding areas with over 75 years of combined expertise in the residential rental and property management fields. As Colorado natives, they will be able to help you find the ideal lease option situation in any price range. Homeowners can now post their properties online for FREE for two weeks, followed by a low monthly fee. And prospective tenants can now get pre-qualified online! Visit www.DenverRentAHome.com for more information or call 303.681.6767.

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