Property Management, Real Estate Investing
When many people think about a real estate investing strategy, they often look only at properties in their own geographic area.
This might be a wise idea if a person plans on dealing with all the landlord responsibilities themselves, or doesn’t have a property manager they feel confident in, but a quality property management company can open up a whole new world.
Thinking about having to travel by plane or long road trip to visit and check on your property can cause anxiety. Some people never even consider it because they start to ask themselves, “What do I do if the tenant doesn’t send the rent? What if there’s an urgent maintenance issue, like a broken furnace or a leak in the roof? How do I know the renters are taking care of the place and not trashing the property?” Obviously it’s not an option to travel every time an issue comes up, but with a well-qualified property management company, there’s no need to fret over these questions.
In the greater Denver and Aurora area, Legacy Properties-PM is a property management company that takes care of everything on your list of concerns. Because they started out managing their own properties, they are experts at showing and renting you property, taking care of leasing paperwork, collecting rent, dealing with maintenance needs, performing property reviews, and even evicting tenants.
Whether you live close by or the other side of the country, there’s no need to worry when you have an experienced property management company that truly cares about your property and your investment.
When you hire Legacy Properties-PM, a property management company you can trust, it opens doors to other markets for investments. The Denver market is busy with people constantly moving to the region to take advantage of all the area has to offer. If investing in this area is something you’d like to consider, Legacy Properties-PM can even help you find a desirable property at a great price.
If you’re ready to think outside the box and invest in a single family home, condo, or townhouse in the greater Denver area, contact us or call 720.989.1996.
Even if you live out of town, our property management services make it a great option for investors.
Denver, Property Management
You’ve weighed the pros and cons and have decided it’s time to move.
Maybe you’ve been transferred to your current company or are taking a new position, but the result is the same. You’ve put the “For Sale” sign up in your front yard but haven’t gotten a solid offer, and it’s starting to weigh on you. Instead of taking too little for the house, consider the benefits of renting it out. It may seem like a hassle, but our expert rental property management company in Denver and the surrounding cities (such as Aurora & Centennial) can make it an easy decision.
One of the biggest concerns a homeowner has about renting their house when they won’t be nearby is how to handle all the logistics. A professional rental property management company can take care of every detail, including advertising, showing, and leasing the property. They will collect rent, take care of maintenance issues, and if needed, even evict a tenant.
Another major worry is whether the house will fall into disrepair with renters living in it. You can be assured our rental property management company will keep an close eye on your property as if it were our own. We do random exterior inspections once a month to make sure everything looks good from the outside. Then, once a quarter we do an interior inspection. We also ask any vendors who go into the house to report any issues to us. If there are any problems, the tenants are given seven days to take care of the problem, or we will deal with it and send the bill to them.
If you’re moving out of town and would like to discuss renting your house, look no further than Legacy Properties-PM, call 720.989.1996 or contact us. It may be a wise financial decision given the current market, and it would provide an additional investment that will build equity in the long-term. Most properties have the added benefit of making a monthly profit as well, so the decision to rent rather than sell may be in your best interest.
Denver, Property Management, Real Estate Investing
When you own a residential investment property, a good tenant makes life a lot easier. Someone that pays the rent on time, respects the terms of the lease, and takes care of the property are a landlord’s dream, but unfortunately such a person is not easy to find. If you’re tired of getting stuck with sub-par renters, use these 3 steps to find the best tenants.
- Advertise the vacancy. A sign in the yard or an ad in the paper is no longer the best way to market your property. Get on popular websites such as Craigslist, Zillow, or Apartments.com and put as much information as possible into a listing. Also, include flattering pictures of your property. You want to generate a lot of interest so that you have your pick from several prospective tenants.
- Thoroughly screen applicants. Don’t be afraid to ask questions such as their financial and employment situation. Ask for references from past landlords, and conduct background and credit checks. Yes, it’s a lot of work but it pays off in the long run.
- Team up with a property management company. While finding a quality renter is a challenge for you, they can find one easily using their experience and skills. Not only will you end up with the best renter available, but you will save yourself a lot of time and stress.
If you’re in the Denver, Aurora, Centennial or Parker area and need help finding a responsible tenant, call 720 989 1996 or contact us at Legacy Properties-PM. We have spent years building our own legacy through investment properties, and now use our experience to help others striving to do the same. Placing tenants, collecting rent, handling maintenance issues, and even evictions are all part of our property management services so you can enjoy the benefits of your investment without it adding to your stress level or taking up your free time.
Property Management
Housing experts say the latest data shows many renters are staying put instead of buying. A new wave of renters called “shadow renters,” should soon be moving out of their parents’ homes and forming households. Now is a good time to buy an investment property in the Denver area. According to an article by nytimes.com, a recent study conducted for John Burns Real Estate Consulting shows about 14 percent of tenants who moved at the end of last year did so to buy their home place. Since 2002, the average has been close to 17 percent, which means fewer renters are transitioning into home ownership. In Denver, homes prices are high and climbing higher, which should keep the demand for rental high and vacancy rates low.
- Depend on a property manager
When searching for an investment property in Denver or Aurora areas, touch base with a reputable property management company. A good property manager will market your rental and screen tenants as well as offer guidance about what kinds of features matter most to the millennial renters in their 20s and 30s. Experts say the millennial’s are the shadow renters who will be renting in the next several years with roommates, relatives or spouses.
- Choose a walk-able neighborhood
From Lower Highlands (LoHi) and Capital Hill to Five Points or Uptown, there are many downtown neighborhoods that draw young renters. Many college grads migrate to Denver, but like to walk to their destinations. Some of the popular places to buy investment properties to rent out to recent college grads and others include LoHi with trendy lofts, duplexes and single family homes near restaurants and nightlife. If you want to attract families, some ideas include the 1960’s ranches in Hilltop, older homes in Congress Park and Tudor homes in Bonnie Brae. Baby boomer renters also like living in walk-able neighborhoods closing to shopping and restaurants.
After your property manager finds you reliable tenants who pay their rent on time every month, it’s important to keep them in place. Most renters like the fact that they don’t have to do their own maintenance work. At the same time, you want to know your investment property isn’t being trashed by careless tenants of any age. A good property management company protects your asset.
Legacy Properties-PM, are proud members of NARPM, the National Association of Residential Property Managers. For more information on owning investment properties in Denver and how a property manager gives you the edge, please call 720.989.1996 or contact us.
Property Management
A dining room is nonessential for some renters, but having plenty of “flex space” can draw tenants to your Denver rental. When investing in single-family homes, trendy lofts or condos in Denver, you will likely find some homes with formal dining rooms and some with only eat-in kitchen areas. Although having at least three bedrooms and two bathrooms is ideal, having flex space commands higher rent. For help with your real estate investing questions, talk to an experienced Denver property manager who knows what today’s renters want.
- If your tenants work at home
For tenants who work at home or need extra space, a dining room can often work well as a “flex space.” If your tenants entertain a lot by fixing family style meals, a dining room is not superfluous. At the same time, there are easy ways to work around not having a formal living room space. If you invest in a property with a dining room but rent out to people who eat out all the time, your tenants can still put it to good use as a home office or playroom.
- If your tenants entertain
Because many renters in Denver like to entertain and have fun, look for investment properties with rooftop decks or outdoor living space. Look for an open layout. If the rental doesn’t have a formal dining room, tenants can place serving plates on a bar between the kitchen and Great Room or set up tables topped with attractive tablecloths. Some renters put bar stools at a breakfast bar as well as a small table in an eat-in kitchen area. When entertaining, guests can mingle in the main room or on a deck or patio.
In general, the number of bathrooms, bedrooms and square footage dictates the rental price. In Denver, rent pricing are climbing fast. According to an article by cbsnews.com, rents in Denver went up more than 5 percent each year since 2010. In 2014, Denver rent went up a whopping 9.2 percent.
At Legacy Properties-PM, we are members of NARPM, the National Association of Residential Property Managers. For more information on real estate investing in Denver, and Aurora or surrounding areas, please call 720.989.1996 or contact us.
