Aurora is growing fast, drawing more renters from Denver because of high prices. This growth means there’s a big need for good rental property services. These services help property owners make the most of their investment and reduce stress.
Services include setting the right rental prices based on the market and the 1% rule. They also help understand costs and the potential return on investment. Whether you’re experienced or new to real estate, Aurora’s rental market can be tough to navigate. That’s where professional services are key.
Understanding Aurora Rental Property Services
Thinking about investing in Aurora real estate rentals? Or maybe you’re looking to work with Aurora property managers? It’s key to know what services are out there. These services cover a lot, from knowing the local market to handling tenant screening and rent collection.
What Are Rental Property Services?
Rental property services in Aurora offer a wide range of solutions for property owners. They include:
Assessing the local real estate market to find the best rental rates and marketing plans
Screening potential tenants to make sure they’re reliable and responsible
Handling rent collection and all the financial tasks of the property
Coordinating maintenance and repairs to keep the property in great shape
Ensuring the property follows local laws and regulations
Benefits of Using Rental Property Services
Using Aurora property managers can help investors earn more and reduce stress. The main benefits are:
Higher returns thanks to smart pricing and efficient management
Less time and effort on daily property management tasks
Quick responses to tenant needs for a better rental experience
Types of Services Offered in Aurora
Aurora’s rental property services meet a variety of needs, from initial assessments to ongoing management. Investors can find the following services in the local market:
Service Type
Description
Property Evaluation
Comprehensive assessment of the property’s condition, rental potential, and market value
Tenant Screening
Thorough background and credit checks to identify reliable, responsible tenants
Rent Collection
Efficient rent collection, late fee management, and monthly financial reporting
Maintenance and Repairs
Coordinating and overseeing all property maintenance, repairs, and upgrades
Legal Compliance
Ensuring the property and lease agreements adhere to local laws and regulations
How to Choose the Right Rental Property Service
As a landlord in Aurora, picking the right rental service is key to your success. Whether you’re experienced or new, the options can seem endless. Think about these points to make a smart choice:
Factors to Consider When Selecting a Service
Local market knowledge: Choose a service that knows the Aurora rental market well. They should understand trends, prices, and demand.
Range of services offered: Look for a service that does it all. This includes tenant screening, lease management, maintenance, and financial reports.
Track record and reputation: Check the service’s history, client feedback, and awards. This ensures they offer quality and reliable service.
Questions to Ask Potential Property Managers
What’s your tenant screening process, and how do you pick responsible renters?
How do you handle maintenance and repairs, and who are your contractors?
What’s your communication plan with landlords, and how often will you update us?
Reviewing Service Agreements
When looking at service agreements, focus on the details. Check the pricing, lease terms, and legal compliance. Make sure the agreement covers all management aspects and meets your needs and local laws.
By carefully thinking about these points and doing your homework, you can pick the best Aurora landlord services or Aurora leasing agents. This will help you manage your property well and increase your returns.
The Process of Managing Your Rental Property in Aurora
Managing a rental property in Aurora requires a detailed approach. It starts with assessing the property and ends with finding the right tenants. Each step is important for a smooth rental experience for both landlords and tenants.
Initial Property Assessment
The first step is a thorough property assessment. This includes checking the property’s condition and setting a fair rent. Property Specialists Inc. also does regular checks to keep the property safe and well-maintained.
Marketing Your Rental Property
Good marketing is key to finding quality tenants. Property Specialists Inc. uses top-notch photos and creative marketing to make your property stand out. They list your property on various platforms to attract more renters.
Tenant Screening and Selection
Finding the right tenants is vital for your property’s success. Property Specialists Inc. checks credit, rental history, and past behavior. This helps avoid problems like late payments or property damage.
Working with Property Specialists Inc. makes managing your rental easier. They handle the day-to-day tasks, letting you focus on the big picture. Their expertise in advertising, tenant screening, and maintenance helps your property thrive.
Legal Considerations for Renting in Aurora
If you own or manage property in Aurora, knowing the laws is key. These laws help you avoid problems and make renting smooth for everyone.
Understanding Local Rental Laws
Aurora has rules for short-term and long-term rentals. For example, hosts must register their properties with the city. Some rentals might also need to follow Home Occupation zoning rules, depending on the property and HOA rules.
Lease Agreements: Key Elements to Include
Creating a detailed lease agreement is vital. It should cover rent, lease length, security deposits, and who is responsible for upkeep. Make sure your rentals are mainly for living, as Aurora’s zoning laws require.
Eviction Processes and Tenant Rights
If you need to evict a tenant, knowing the law is crucial. You must follow the right notice periods and reasons for eviction. Also, keep quiet hours from 10 PM to 7 AM. Regular checks on your property are needed to keep it safe and healthy.
The rental market in Aurora, Colorado is booming. Property owners and managers need to focus on seasonal property maintenance tips to keep their investments valuable and attractive to renters. Regular upkeep stops expensive repairs and boosts tenant happiness, leading to more rentals and better profits.
In this article, we’ll dive into the essential tips and strategies for keeping your Aurora rental properties in top shape all year round.
Understanding Seasonal Changes in Property Maintenance
Maintaining homes in Aurora, Colorado, needs a proactive plan. Residential Maintenance Aurora, Home Repair Services Aurora, and Property Upkeep Solutions Aurora are key to keeping rental properties in top shape all year.
Importance of Seasonal Maintenance
Routine maintenance keeps properties in good condition. It includes regular tasks and small repairs. By tackling seasonal needs early, property managers can avoid big problems, keep tenants happy, and show they care about Residential Maintenance Aurora.
Regular upkeep protects the investment and keeps the property in great shape all year.
How Weather Affects Property Integrity
Aurora’s weather can really harm homes. The cold winters and hot summers each bring their own challenges. To keep properties safe, it’s important to seal up windows and doors, insulate, and keep HVAC systems running well.
Common Issues Faced in Each Season
Spring: Landscaping and lawn care, inspecting roofs and gutters for damage
Summer: Ensuring proper air conditioning system function, implementing pest control measures
Fall: Preparing heating systems for the upcoming winter, winterizing outdoor plumbing
Winter: Addressing snow and ice removal, preventing frozen pipes, and maintaining chimneys
Knowing these seasonal challenges helps property managers stay ahead. They can keep their properties in the best shape all year with Property Upkeep Solutions Aurora.
Spring Property Maintenance Checklist
As winter fades, it’s time to focus on spring property maintenance in Aurora. This season is key for recovering from winter and keeping your property in great shape all year. Experts in Aurora suggest three main areas to focus on: checking roofs and gutters, taking care of landscaping and lawn, and getting outdoor spaces ready.
Inspecting Roofs and Gutters
Denver’s spring can still see a lot of rain. This means your roof needs to be in top shape to avoid water damage. Look for missing or damaged shingles on your roof. Also, clean out gutters and downspouts to make sure water drains right.
Fixing these problems early can save you from expensive repairs later.
Landscaping and Lawn Care
With spring, your yard and garden start to wake up. First, clear out any winter debris or leaves. Then, trim trees and shrubs, and get your lawn ready for growth. This includes aerating, overseeding, and adding mulch.
These steps will make your outdoor spaces look great and welcoming for your tenants.
Preparing Outdoor Spaces
With warmer weather coming, it’s time to make your outdoor areas ready for use. Check and clean patio furniture, outdoor lights, and other features. Think about adding new plants, power washing, and making sure walkways and driveways are safe.
By doing this, you’ll improve your property’s look and give your tenants nice places to hang out.
By using this spring maintenance checklist, Professional Property Care Aurora and Aurora Home Maintenance Experts can help you keep your rental property in excellent condition. This proactive approach not only protects your investment but also makes sure your tenants are happy and comfortable.
Summer Maintenance Strategies
In Aurora, Colorado, keeping your rental properties cool in the summer is key. Property Management Aurora Colorado experts work hard to keep everyone comfortable. Here are some important steps to keep your rentals in great shape.
Air Conditioning System Checks
It’s important to check your air conditioning often in the summer. Make sure it’s working well by getting it tuned up and changing air filters. This keeps your tenants cool, saves on energy, and avoids expensive repairs.
Pest Control Measures
Summer brings pests like insects and rodents. They can harm your properties. Use a good pest control plan with regular checks and treatments. Trusted Property Caretakers Aurora can help with this.
Handling High Temperatures
To beat the heat, think about adding insulation or window treatments. You could also give tips on saving energy. These steps make your rentals more comfortable and help save energy and property.
By following these tips, you can keep your rentals in top shape. This makes your tenants happy and protects your investment. Working with Property Management Aurora Colorado experts like Trusted Property Caretakers Aurora makes it easier.
Preparing for Fall and Winter
As the seasons change in Aurora, it’s important to get your rental property ready for the cold months. Doing the right maintenance can save you from expensive repairs and keep your tenants comfortable. This is key during the harsh winter weather.
Heating System Inspection
Checking your heating system is a top priority for fall and winter. Get a professional to inspect it and do any needed maintenance, like cleaning or replacing air filters. This can stop unexpected breakdowns and keep your tenants warm and cozy.
Winterization Techniques for Outdoor Plumbing
It’s vital to protect your outdoor plumbing from freezing. Disconnect hoses, insulate exposed pipes, and shut off water to outdoor faucets. These steps can prevent pipe bursts and water damage, saving you from costly repairs.
Snow Removal Essentials
Having a good snow removal plan is key for keeping your Aurora rental property accessible and safe. Make sure you have the right tools, like snow shovels, ice melt, and a snow blower. Create a schedule and tell your tenants about it to avoid accidents and keep access open.
The recent introduction of bill HB23-1115 in the Colorado State House has sparked discussions about rent control and its potential impact on communities in the state. While some may see such action as a viable solution to the affordable housing crisis, it’s important to understand why it’s not the answer.
Drew Hamrick, general counsel and senior VP of government affairs of the Colorado Apartment Association, has expressed concerns about the potential negative effects of controlling rent in the state. He believes that while it may be well-intentioned, it will only make housing more expensive and less available, compounding the problem instead of solving it. This is because rent control removes the financial incentive to create new housing units and improve existing ones, and it restricts resident mobility.
One of the primary issues with rent control is that it can actually decrease the supply of available housing, driving up costs and exacerbating the affordability crisis. When property owners are limited in their ability to set rents at market rates, they may be less likely to invest in maintaining and upgrading their properties, leading to a decline in the quality of housing stock. In addition, the lack of financial incentives to build new units can reduce the supply of available housing, making it more difficult for renters to find a place to live.
Another issue with rent control is that it can negatively impact neighboring communities. If one city enacts rent control, builders may be less likely to construct new housing units in that area, driving up the cost of housing in surrounding municipalities. This can create a domino effect where renters in neighboring communities end up paying more for housing because their neighbors artificially reduced supply with the rent control ordinance.
For more than 40 years, Colorado has prohibited local governments from enacting rent control ordinances, recognizing the damage rent control can do to available housing and understanding that one local government’s housing policy can negatively impact neighboring communities. Instead of focusing on controlling rent, the state needs to implement policies that encourage the creation of more housing units.
One promising solution is to encourage the construction of multifamily units. These types of units are more energy-efficient, require less land, and are less expensive to build, making them a viable solution to the state’s housing crisis. Multifamily units also allow people to live closer to where they want to live, reducing the need to drive and improving quality of life.
In conclusion, while the affordable housing crisis is a pressing issue that needs to be addressed, rent control is not the answer. It can decrease the supply of available housing, drive up costs, and negatively impact neighboring communities. Instead, Colorado should focus on policies that encourage the creation of more housing units, particularly multifamily units, to help address the state’s housing shortage.
If you have any questions about our stance on HB23-1115, please feel free to contact us here. If you would like to voice your opposition to this bill, please follow this link.
We get this question frequently: What can I expect to earn in Denver real estate income from my home rental property in the long run?
When people are considering investing in real estate, especially when considering if they should sell or rent their property, the main thing they need to be considering is cash flow. Below is the process we do, but simplified.
Selling the Denver property questions:
What is the mortgage payoff?
What will the home sell for?
What is the difference?
Renting the Denver Home property questions:
What is the appropriate amount of rent for a Colorado home?
The appropriate amount is not a number you want, but rather what the market can actually bear. A professional property manager should be able to give you this number.
What is the home mortgage amount due?
This number should include principal, interest, insurance and taxes.
What is the HOA cost? Will this number be included in the rent or not?
What other utility costs are there and will they be included in the rent?
Consider: Sewer, Water, Electricity, Gas, Snow Removal, Lawn Maintenance, Trash removal and any others that apply. This is an important number to know because they will be your responsibility if the unit isn’t occupied.
What do you need for a savings reserve? In this number, take into consideration:
Maintenance fees. This number should be between 5-25% depending on the age of the house and its condition, including if remodeling has been done or not. Homes under 10 years old will be 5-15% and homes over 50 years of age will be closer to the 15-25% range.
Transition savings. This number will be the expected money that will be banked for the time between tenants. A property manager can give you a good sense of your market and how much should be put aside.
Property Management fees. These fees are worth their weight in gold. A good property management company will pay for itself in reduced legal issues, better tenants, better maintenance and more.
An example for Denver and Aurora rental home owners
Let’s take a hypothetical example. Of course, this is a simplified example for illustration only and is not advice. For professional support on your unique situation, contact us, a financial professional, and a tax professional.
John and Lisa Jones own a home and are moving out of state and are considering selling vs. renting out the property to a tenant.
Jones hypothetical selling the Colorado property questions:
What is the mortgage payoff? $212,000
What will the home sell for? $300,000
What is the difference? 88,000
This is a one time chunk of money that they will paycapital gains on unless they purchase a new property. Talk to a CPA about how this works.
Jones hypothetical renting the property questions:
What is the appropriate amount of rent? $2200/mo.
What is the mortgage amount due? $1235/mo.
What is the HOA cost? NONE
What do you need for a savings reserve?
oMaintenance fees. 10%: $220/mo.
oTransition savings. 5%: $110/mo.
oProperty Management fees. 12%: $264/mo.
Projected Income: $2200/mo.
Projected Expense: $1829/mo.
Difference: $371/mo.
In this scenario, the $88,000 would be returned in under 20 years, and the property will have grown in value. This also assumes the rent NEVER went up in 20 years. So at the end of thirty years the Jones would have:
A sold house that allowed them to get another house that has increased in value OR
A home they are living in that has increased in value AND a rental home that is free and clear of a mortgage payment. Their potential income then increases from $371/mo. to $1606/mo. and this can continue into retirement as a residual income.
There are additional tax benefits and consequences as a real estate investor that you should be aware of that apply in each scenario. They include what deductions are allowing whether you are living in the house or not.
This illustration is for educational purposes only and does not serve as legal or investment advice. Please contact a professional to discuss your specific situation as the numbers could be very different.
Call 720 989 1996 and let us show you how renting a home in Denver and Aurora Colorado pays!
Denver is such a large metropolis that the suburbs have just seemed to be a natural occurrence. However, I was very surprised to learn that Aurora, Colorado actually became incorporated in the spring of 1891, just 32 years after Denver was founded as a gold mining town. In 1907, Aurora became the official name for the town of Fletcher, a four square mile of prairie that currently sits right about the area of the new Children’s Hospital.
Aurora has a proud and long history of military presence with Fitzsimons beginning and remaining in the area since 1918. Lowry Air Force Base opened in 1938 and closed in 1994 for redevelopment. Buckley Air Force Base currently is located in Aurora and are responsible for what locals refer to as “The Golf Balls”. The large structures seen on the horizon when looking east of Buckley and north of Colfax house satellites but have been the topic of several conspiracy theories.
Aurora’s history is shown in a variety ways at the Aurora History Museum. They describe it as:
“a public museum in the city of Aurora, is a community-based cultural center featuring changing history, culture, decorative arts, and fine arts exhibits focusing on a wide variety of topics. For researchers, the museum is the primary resource in Aurora for historic records, photographs, exhibition, and information.”
Aurora Colorado Today
Aurora now occupies 154 square acres and the population is around 346,000, according to the 2013 Census. Aurora is home to the Colorado Freedom Memorial, near Buckley Air Force Base. The names of nearly 6,000 service men and women who gave their lives since Colorado’s inception are etched in the glass panels of the memorial.
Another memorial park, although it doesn’t list Aurora as its location, it is on the edge of southeast Denver that most people still consider Aurora at 2601 South Havana Street. Babi Yar Park is a memorial to those who were victims of the 1941-1943 Soviet massacre of Ukrainian Jews. The park is designed in a way for a silent meditation and remembrance of those who passed. The landscape and sculpture are worth a trip to the Babi Yar Park.
If you have ever visited DIA (Denver International Airport), you would wonder how it is NOT considered a part of Aurora. The Denver International Airport is surrounded by Aurora but was actually annexed by Denver in 1988. Currently, there is tremendous debate over the location of the Airport and its development regarding claims to the property and the original arrangement regarding development.
If you are planning on visiting or relocating to this growing area, find out more about the local businesses, amenities and more at the Aurora Chamber of Commerce.
Aurora is a great place to invest in a rental home, and we would love to help you manage it and increase your financial legacy.
Legacy Properties-PM CAN get you the most rent for your investment home by careful research and comparisons of the most recent rent prices in your area. I am Devin Bewley, CEO of Legacy Properties-PM, and I use only the best software programs to help me compare rent prices around your neighborhood, and I have special access to data that the public does not.
The average property management company may use a basic free program to compare rental prices in their client’s area. When looking at this comparison, the rent prices range over a year period and a much larger demographic area than is really necessary to get an accurate’ comparison. With the information below a 2 bedroom home going for $800.00 a month is considered “reasonable” in the area around the specified address. This means only a B+ grade versus the A++ grade Legacy Properties-PM gets.
Why does our property management company deserve a superior grade when it comes to our rental comparison? Because we spend the extra time and effort to research the rent in your area much more accurately. We do this by lessening the demographic area near your rental home from 1 or more miles to a .3 mile area instead. As well as, shortening the time of recent rent rates in that area, for example comparing the last 3 months versus the last year (See below).
When we take the time and effort to get accurate rental comparisons for your Aurora or Denver rental home, you can be assured you are getting the best rent for your home. Legacy Properties-PM is here to help you with your rental investment today. Call us at 720.989.1996 or contact us.
