Management Company users for rentals?
We've been winging it ourselves for the past 5 years with renting our house out. We're thinking about hiring a management company in Denver. Does anyone have experience using one? How did you like it? We don't live in the States right now (military) so it's tough to do things through the phone, internet. I know the costs of hiring someone is a percentage of the monthly rent. Any good tips? Every time we've advertised our house, we had to drop the price after a few months because we didn't get any responses. Right now we're are paying $170 to cover the rest of the mortgage with the current tenants. Guess it beats selling the house way lower than what we bought it for. What are your experiences?
It does make life easier. Shop around for one since each area is different, offering various services. It gives you peace of mind too. Sometimes tenants need reminding of their responsibilities. A good management company also checks on your place and does monthly inspections. There are also realitors who offer similar services, they may not charge as much. If you find a program through electric companies, mortgage companies and even Lowes to cover maintenance for your appliances, it's a good idea to have insurance on major appliances when renting.
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