What is property management?

What is property management?

Now that the kids have moved on, you and the spouse have decided to celebrate your freedom. Or maybe you want a break from the responsibilities of being a landlord. But you also want to see if you can stay cash-positive while you snowbird it somewhere a little warmer. If you are wondering, “What is property management” you have come to the right place, 365RPM. We are a local property management agency made up of northern Colorado residents like you. Call us today to find out what to expect from a property management company. Call 970-506-0615.

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Asking, “What is property management?” is the right starting point

When you decide to move to a new environment, you will be tempted to manage your rental property on your own — especially if it has been the family home for decades. After all, who could care for your property better than you? Who knows its quirks and just the right kick to correct an issue? When you think about what a property manager duties checklist means to your time commitment, you may rethink that idea. If you could have a trusted, reputable, and reliable company run it for you, it could take a lot of pressure off of you. As former empty nesters ourselves, we know what you may be feeling; we treat your property as if it were our own.

Rental property ownership has changed dramatically through the years. The Pew Research Center conducted a study in 2021, finding that in 2018, 6.7 percent of individual tax filers owned an average of 1.72 properties. After the mortgage crisis of 2007-08, property ownership was at 6%. By 2014, it had grown to 7.2% of tax filers reporting they owned rental properties. Property management agencies then were pretty sparse, but today, you have choices. And if you need to ask, “What is property management?” when you are ready to give up your landlord duties, you will be pleasantly surprised at the comfort you gain when you turn over the keys and allow a trusted manager to take over.

Renting your property can mean regular ‘passive income’

Renting out properties also is a good way to earn “passive income.” According to Investopedia, renting your property is a great way to earn passive income. It is a means of having a steady and consistent monthly income, and you may be able to deduct some of your expenses related to it. Doing it on your own, however, can lead to some disadvantages that are difficult to overcome, such as finding consistent and quality tenants and maintaining and repairing your property — which can be hard to do if you are in another state. When you look up “What is property management,” you will learn you can rest easy and let someone else do the hard work while you are still earning money. That may lessen the load of your concerns.

That is where 365 RPM (Real Property Management) comes in. We have managed properties and student rentals for decades from our Greeley location. So when you ask, “What is property management,” you are asking the right team. We’ve expanded our management reach to Fort Collins and Loveland. If you have properties located throughout Northern Colorado or student rentals that have accumulated over time, we can handle the load for you.

Northern Colorado also is a great market in which to rent your properties. With colleges in all three towns, you will likely have a consistent tenant base. You can even stand out from the crowd and charge a little less than other surrounding properties to get your foot in the door. Using 365 RPM, we have a well-established client base, which turns over regularly with a new student population coming to each town every year.

365 RPM has the answers to your questions about how to manage your property

When you ask “What is Property Management?” you will find that the duties vary from finding quality renters to maintaining your property and collecting your rent. A property management agency also handles tenant complaints. We have 24-hour maintenance workers if pipes burst in the middle of the night or appliances quit working. We get the phone calls — not you. At 365RPM, we also handle financial reports for your taxes. 

7 ways property management helps owners 

After years of managing your rental home or properties, it may be difficult to hand over day-to-day management to an agency. Seeing the differences between property management vs landlord may help you decide on the value of hiring an agency to manage your properties. Here are seven advantages of hiring property managers to consider when you are looking at the potential of hiring a property management agency:

  1. Time Commitment:  Hiring a property manager allows you to reclaim your time. Property managers handle all aspects of property management, freeing you from the daily responsibilities and allowing you to focus on other priorities.
  2. Tenant Interaction:  Property managers serve as the intermediary between landlords and tenants. They handle tenant inquiries, enforce lease agreements, and manage tenant relationships on behalf of the property owner.
  3. Maintenance and Repairs:  Property managers take care of maintenance and repairs for landlords. They have a network of reliable contractors and handle all aspects of property upkeep, ensuring that properties remain in optimal condition. If you are asking ‘what is property management,’ know that with 365 RPM, you are getting the best in the area.
  4. Legal Compliance:  Property managers have expertise in landlord-tenant laws and ensure that properties are compliant with regulations. They handle legal matters, such as lease agreements and eviction proceedings, on behalf of the landlord.
  5. Financial Management:  Property managers handle all financial aspects of property management. They collect rent, pay bills, provide financial reports, and ensure that landlords receive consistent income from their properties.
  6. Vacancy Management:  Property managers have experience in marketing properties and attracting qualified tenants. They handle tenant screening, lease negotiations, and move-in inspections, minimizing vacancies and maximizing rental income.
  7. Stress and Peace of Mind: Hiring a property manager alleviates stress and provides peace of mind for landlords. Property managers handle all aspects of property management efficiently and professionally, allowing landlords to enjoy passive income without the hassle.

These differences emphasize the benefits of using a property manager, such as saving time, reducing stress, and ensuring effective property management. When you start to wonder “What is property management,” these distinctions may help you decide if it is for you.

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Clients often give us 5 stars in their review of our services

Whether you are wondering “what is property management,” or have used other agencies, know that turning over your rentals to 365RPM will give you the peace of mind you’ve been searching for. We know that word-of-mouth helps people when they are making decisions. Here is what some of our property owners say about us in their five-star reviews: 

“365 Real Property Management has provided excellent property management services for the real estate I own. They have been our property management company for over 10 years and excel at communication, responsiveness and worry-free property management. I plan on being a 365 client for many years to come!” — Brent Shaddeau

“We just finished our first full year of having 365 manage a rental property for us. We are incredibly satisfied. They have been great at communicating with us, being attentive and responsive to repairs needed by the tenants, and provide timely and detailed reports and updates. We look forward to continuing on with their services.” — Jessica Franz

365RPM was named the best property management company in Greeley by expertise.com. We have an A rating for reputation and an A+ rating for professionalism. Contact us so we can get your property managed as soon as possible. Located in Greeley, CO, we serve Greeley, Fort Collins, Windsor, and all of Northern Colorado. 365RPM. We also provide HOA management. 365RPM is a cut above the rest! Give us a call at 970-506-0615.

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