Owning one or multiple properties and renting them out to businesses ensures a great, stable income, but your properties will not generate income on their own – they will need to be managed and taken care of, the related activities including attracting and screening prospective tenants, building repairs, maintenance and upgrades, rent collection, handling tenant complaints, even evictions. All these are stressful and time-consuming tasks that can be especially difficult to handle if you live hundreds of miles from your properties or if you have other work to do and cannot spend your entire day solving problems related to your buildings and your tenants.
The answer to the question in the title is yes, you can surely manage your commercial building rentals on your own. However, the best solution if you want to ensure that your property rental business runs as smoothly as possible is to hire a Denver property management firm. Here are the benefits.
More Reliable Tenants
One of the tasks handled by property management firms is the screening of potential tenants to find occupants who can be trusted to pay the rent in time and to take care of your property as if it were their own. The problem with having a bad tenant is that in most cases, it is very difficult to make them leave, therefore careful screening by an experienced property manager is essential for saving you from financial and legal difficulties.
Your properties need to be rented out to generate income for you, therefore it is in your best interest to minimize the period of vacancy between two tenants. Property management experts know how and where to advertise your properties efficiently and how to minimize the time for which that your property is unoccupied.
Your rental units are in many ways similar to your home: there is always something to do and to repair around the house. Denver property managers will handle all the tasks related to maintenance, repairs and upgrades, such as painting, roof repairs, gutter cleaning, lawn maintenance, electrical and plumbing repairs. Having a good property manager reduces the risks of having to pay for expensive, large-scale repairs by providing you access to their network of properly licensed and insured property repair specialists to ensure that your property is perfectly functional and your tenants are happy with their rentals.
A well-kept property is also more valuable than a neglected one. Hiring a property manager is not cheap, but it is definitely worth the investment as it will increase the value of your properties and will make them more attractive for potential buyers, should you decide to sell.
Peace of Mind
Having a trustworthy property management by your side will ultimately make your life much easier. Not having to deal with the daily issues related to your property or properties will allow you to concentrate on activities that you cannot or would not outsource, giving you more free time, more peace of mind and more freedom to travel or to do whatever makes you happy.