Oftentimes, one of the biggest worries of homeowners with rental properties is protecting their investment. After all, they may have lived in this home or made improvements to the home and want to ensure it’s in the same condition as when they left it. There are too many stories of rental properties being trashed and then the renters vanishing, leaving the homeowner with thousands of dollars in damages to their property. A great property management company in Fort Collins, such as Mountain-N-Plains Real Estate Services will ensure your property is protected. In this blog post, we’ll review the measures and steps we take to protect your investment. Contact us today to get started!
HOW A PROPERTY MANAGEMENT COMPANY HANDLES PROTECTING YOUR INVESTMENT
- Taking the security deposit seriously. When you hire a property management company in Fort Collins to rent your investment property, you and the company will decide an appropriate deposit amount that will cover most damages. This amount is collected at the onset of the rental agreement from the renters and is returned sans damages upon the conclusion of the rental agreement. One of the most crucial things done by the property management company is doing a thorough walk thru at the end of the rental agreement with the renters to determine damages (if any) done since the move-in date.
- Enforcing government laws, ordinances, and regulations. One of the most common issues property management companies have with renters is the enforcement of HOAs (homeowners association). Most HOAs have rules for the neighborhood that are frequently violated by the renters, either blatantly or out of ignorance. A stellar property management company, such as Mountain-N-Plains, will handle problems between the HOA and the renter in order to ensure compliance and to minimize any fines imposed. This also goes for any other violations renters may perform, such as parking trailers in front of homes, which a city may outlaw.
- Recommending renter’s insurance. Renter’s insurance is an insurance policy that you can purchase when you’re a renter. Similar to homeowner’s insurance, a renters insurance policy covers your belongings inside the home in the event of a fire, theft, vandalism, or even a volcanic eruption (terrorism is extra, however), but not the structure itself. It also covers you if someone else is injured at the property you are renting. Renters insurance also covers your personal property even if it’s not in the home. Often, renters insurance is very cheap and is an easy add-on to your automobile policy. This protects a homeowner’s investment as well because it ensures that the renter is taken care of in the event of an emergency.
- A property management company in Fort Collins serves as a backup for utility companies to ensure continual service. Oftentimes, when renters move out, there is a couple of weeks before new renters move in. If the previous renters had the utilities in their name, they will most likely discontinue service when they move out, leaving your investment without power. This can cause major problems in the middle of winter, as the potential for pipes to freeze without service is very real. This can cause major home damage to your property. In order to prevent this from happening, a good property management company will have utilities set up to automatically default to them on the rental properties that we service.
A stellar property management company in Fort Collins can be worth its weight in gold when it comes to handling compliance issues with the renter and the HOA or the city, as well as ensuring continual utility service. This can be such a relief to homeowners, especially to those who live far away. Mountain-N-Plains Real Estate service is such a property management company in Fort Collins. Contact us today to get started!