Condos offer an interesting alternative to apartments and other rental properties. Like apartments, condominium properties offer a sense of community not found in single-family homes. They also bring a lot to the table in the way of common areas and amenities. The primary difference is that condo units are owned, and owners are free to rent their properties to others.
At RPM Colorado, we have years of experience working with condo owners to rent their properties. We’re locals, so we understand the unique complexities of the Colorado Springs rental market, too. From gaining exposure for your rental property through Zillow, Trulia, Hot Pads, and other tools to our property management services, we’re equipped to handle everything, leaving you free to enjoy the profits from your rental property, without all the headaches that accompany property management.
We focus on exceeding your expectations at every touchpoint, from communication frequency to the depth of each property inspection. Your property is our priority.
Interested in learning more about our Colorado Springs condo management services?
Navigating the Tightrope of Condo Management in Colorado Springs
The Colorado Springs rental market is vast, fragmented, and fast-paced. Between military families, young professionals getting established in the area, retirees moving to town, and college students, it’s important that you’re able to chart an informed, accurate course. We provide the compass you need to move forward confidently.
The Right Price?
When it comes to condo rentals in Colorado Springs, you must be able to price your unit correctly. Bedroom and bathroom counts are just one factor in setting your rents. Property amenities, location, age, and other factors all play a role here. For instance, does your condo property boast a pool? What about an on-site fitness center? A restaurant? Amenities like these drive up demand, and your rent price should reflect that.
There’s also the fact that you’ll most likely need to deal with your HOA, which can be fraught even at the best of times. That’s particularly true if you’re trying to act as a go-between for your tenant and deal with the HOA while handling your other responsibilities.
At RPM Colorado, we have years of experience working with HOAs and we’ll reach out to them on your behalf when there are things that your tenant needs. We’ll also work with tenants if the HOA believes they are somehow in violation of an agreement or covenant item.
In some cases, HOAs strictly prohibit renters from becoming involved. In those situations, we’ll update you with all aspects of the issue so that you can handle everything. Of course, we believe that the best tenants are informed tenants, and we make them aware of all HOA requirements during the vetting and screening process. That nips any potential issues in the bud while attracting the right type of renters who value what HOAs bring to the table.
Our condo management approach accounts for everything, from move-in/move-out inspections to handling late rent payments. Our goal is to alleviate the burdens of owning and managing a rental property, leaving you free to focus on more important matters.
Beyond Communication – Keeping Tabs on Your Property
You must regularly inspect the property. Move-in/move-out inspections are required, but you will also need to visit the property throughout the tenant’s lease to verify the unit’s condition. Most of our clients don’t have the time to do that regularly because of other obligations, but that can leave you at risk for a tenant who does not maintain the unit properly.
We conduct quarterly inspections of your rental unit to make sure that the tenant is caring for it correctly and to handle any maintenance needs. That keeps both you and your tenant happy. How much time can we save you? It’s possible to focus on more important aspects of your life while leaving the property inspections to our experts.
Avoiding Confusion with Lease Lengths
When it comes to lease length, one-year commitments are the norm. However, Colorado Springs has a high percentage of military families, and they have unique needs and concerns.
Property owners also need to realize that they are legally required to let servicemembers out of their leases when they are deployed. What does all this mean for your rental condo?
Simply put, you need a flexible approach. Working with an expert team that possesses deep expertise not just in the condo rental industry, but in the Colorado Springs market, is essential.
At RPM Colorado, we understand the unique makeup of the area’s rental industry. We can draft lease agreements that offer the flexibility that military members and their families need and provide you with the protection you deserve. These can include three-year leases, as well as renewals for short periods.
Leverage Your Competitive Advantage
Condo owners are up against stiff competition. Area apartment complexes often have better amenities. In some cases, they can even offer a free month of rent, making it more difficult to compete with them.
Our team can help you leverage your unit’s competitive advantages and outdistance the competition. From the unit’s location to the fit and finish to flexible lease agreements, we put together attractive marketing campaigns that connect you with your ideal tenants.
The Expert Guidance You Need for Success
Going it alone in the Colorado Springs condo rental market can be daunting. You deserve to work with an expert with years of experience handling condo management, HOA communication, and tenant screening.