Property Management
Many Colorado landlords struggle with the idea of whether they want a property management company overseeing their investment.
On one hand, it’s nice to be involved and know whats going on. On the other, when things aren’t going well, your phone is ringing constantly and you have non-stop anxiety over dealing with whatever is going on in addition to all your other responsibilities. During those times, it’s easy to make the decision. From a casual poll of property owners who have teamed up with property management, these are the top five calls they don’t miss getting:
- “My heat/AC isn’t working.” HVAC is one of those things you don’t give much thought to until there’s a problem, and it usually happens on the hottest or coldest day of the year.
- “There’s a lot of water on the floor.” This is usually the start of the conversation, and then you have to play guessing games to figure out what’s going on. Did the toilet overflow? Is there a broken pipe? Maybe the roof is leaking. Water problems are one of those problems you can’t put on the back burner. They must be dealt with immediately.
- “My neighbor is too __________.” You fill in the blank. Noisy, smelly, inconsiderate, and the list goes on. It’s hard to know when to get involved in disputes between tenants, and it’s never fun.
- “I won’t have my rent until next week.” Chasing down rent is one of the worst tasks, especially from a tenant who chronically pays late. The excuses can get humorous, but the hassle is no laughing matter.
- “I know the lease said no pets but…” People are forever signing a lease and then asking to change the agreed upon rules, and many times it’s about pets. One cute little puppy can’t hurt anything, right? Wrong!
Whether you’ve been managing your own investment properties and have experienced these calls before, or are just getting into the game and are not sure you want to handle these types of issues, a property management company will take these calls so you don’t have to deal with them. Enforcing the lease, dealing with maintenance needs, and collecting rent are just a few of the tasks that they take care of so you have more time and less stress.
In the Denver area, Legacy Properties-PM is happy to take these calls. For more information, contact us.
Property Management
There are associations for just about everything these days, and putting a bunch of letters after your name doesn’t always mean much, but in the case of the National Association of Residential Property Managers (NARPM), you want to pay attention.
These are true stories that have happened when investment property owners put their trust in a manager who either doesn’t know the business or is trying to make a quick buck. If you own a rental property and hire the services of a property manager who is not a member of NARPM, these are some of the things you can expect:
- A property manager collected the rent for an apartment, and agreed to hold on to it until the owner picked it up. Instead, he spent the cash when faced with a personal “emergency.”
- Instead of hiring a plumber as agreed upon, the property manager tried to replace a section of pipe that wasn’t draining properly himself. In his new design, the water has to go uphill to drain, which means he must not have learned about gravity in school.
- Another property manager pressed for cash decided to upgrade the property owner’s plumbing system. He removed all the copper pipes and sold them.
- An owner was forced to evict a tenant for non-payment, and the manager said he could handle it. Unfortunately, he didn’t know the proper procedures and the case was thrown out when it got to court. After paying court fees, the tenant got to stay while the owner re-started the process.
These cases may be the extreme, but the fact is, anybody can claim to be a property manager. Even without any business expertise, knowledge of local regulations, skills to take care of maintenance issues, or just general ethics, a person can call themselves a manager and take your money without doing much to help you.
When you hire a property manager who is a member of NARPM, you can rest assured you won’t have to deal with any of these issues. Members are experts on local and national codes and regulations, do their work with great professionalism, and are held to a high level of integrity and honesty.
In you own an investment property in the Denver area, and are looking for a property manager who is a member of NARPM, please call 720.989.1996 or contact us. Legacy Properties-PM’s experience combined with our commitment to serving property owners makes us the best choice when you’re looking for someone to manage your real estate investment.
Real Estate Investing
Investing in real estate can yield profits, but what direction should you take?
If you’re thinking of investing in real estate, you may feel overwhelmed with the choices out there. Should you buy a single family house, or a condo? There are advantages to both, but what it usually comes down to is what renters are looking for. Maybe these thoughts will help you make a decision.
Investing in Real Estate: Condos
Condos are an attractive choice to many younger renters because it offers them lifestyle choices such as an on-site pool, tennis courts, and fitness facilities. Owners may also like the fact that outdoor maintenance is taken care of so there’s no concerns about who is shoveling snow or mowing the lawn. But you will have to pay a Condo association fee which cuts into profits, and some condos don’t allow renters so that’s something to look into before making a down payment.
Investing in Real Estate: Single Family House
Many investors find success in buying a single family house. Families with children enjoy having a private yard, as well as a little more space and privacy than a condo provides. While there is more maintenance, most tenants will agree to take care of upkeep on the yard and driveway. In the long run, these properties also usually appreciate more than a condo too.
It may seem like a house is the better choice, but things are never that simple. When you’re looking at the real estate market, you have to consider all the factors, including location and price. A rock bottom deal on a condo in a desired location in may be a better choice than a house in a questionable setting.
The best course of action is to get some input from someone familiar with your community who is an expert in reading the market, and finding a property that is a good choice based on price, location, and quality. If you’re in the Denver or Aurora area, Legacy Properties-PM is happy to help you get started with your Colorado real estate investment. For more information, call 720 989 1996 or contact us.
Property Management
The Millennial generation makes up a large demographic of Colorado renters in Denver, Aurora, Centennial, Parker, and more, so those who own an investment property or are thinking of buying one would be smart to find out what they are looking for. These 18-33 year olds are opinionated and know what they want. You can make your property more marketable based on this information.
So why are there so many renters from this generation? Many are just getting out of school, and have student loans and other expenses to pay, so renting seems like the better option to them. Those on the older end of the spectrum may still be recovering from the economic slump, and a little shy to jump into home ownership just yet. Others just don’t want to have the responsibility, preferring to hold off on the burden of paying taxes and home maintenance for a little while.
But many of these millennials don’t want to compromise in what they want. For the most part, they want a place that is updated, stylish, and conducive to entertaining. Granite counters, stainless steel appliances, open concept, and an outdoor living space are just some of the things on the top of their list. A condo or townhouse that offers amenities such as a pool or fitness center is also attractive to many from this generation.
If you currently own an income property and are thinking of doing some upgrades, this type of information may steer your decisions in a way that will attract more renters. If you’re considering purchasing a property for the purpose of renting it out, you can look for something that checks off some of these things on a millennial’s “must-have” list.
Whether you’re a seasoned landlord or just starting out, owning an investment property is a great way to build a financial future for you and your family. If the day-to-day details such as filling a vacancy, collecting rent, or handling maintenance issues gets to be overwhelming, call 720.989.1996 or contact us. Legacy Properties-PM, property management company can help with these things while you continue to enjoy the financial benefits of your investment.
