Private property management is the act of managing private residential properties for profit, oftentimes as part-time rental homes. The Vail Valley is full of this type of real estate, and it’s important for homeowners to understand the role a property management company can play in maintaining their investment and providing a quality living experience for tenants.
Professional property management companies are experts in the rules and regulations of real estate, including laws protecting both landlords and tenants. They also know how to handle the day-to-day tasks of renting, maintenance, and marketing. They’re also able to draw on the expertise of 3rd party contractors and lawyers when necessary.
Most importantly, they can save owners valuable time and stress by handling the countless small tasks that make up the job of being a landlord. This includes taking care of broken windows, leaking pipes, and tenant complaints. It’s a big job, and one that most owners don’t want to do.
Landlords and property managers both manage rental properties, but they usually take different approaches. Landlords are usually more hands-on and play a larger role in the operation of their rentals, whereas property managers oversee official processes for tenant requests and lease agreements.
In return for their services, property managers usually charge fees to investors – either a flat fee per rental or a percentage of the rent collected. This fee structure aligns the interests of both parties, helping to maximise income and operate the property smoothly. Landlords should be sure they’re aware of these fees before signing a contract and handing over the keys. private property management