Property Management
Pests are a pain in a rental property. You’d think that a few bugs wouldn’t cause such an uproar, but they definitely pose a problem. Not only do you have to get rid of the intruders, but the tenants themselves can become pests when there’s an infestation. A property management company can help you navigate this situation because it’s often time-consuming and stressful.
If you have had investment property for any length of time, you’ve probably gotten the call about a pest problem. It usually goes something like this: “Hello, I just saw a ______ and you have to do something about it right now!” You fill in the blank. It could be roaches, bedbugs, ants, wasps, mice, or some other unwanted visitor.
In many cases, the tenants are the ones who brought in the pest. Maybe a roach caught a ride in a box from their last apartment, or they got a good deal on a used sofa that happened to have a colony of bedbugs living in it. But somehow, as the property owner, it becomes your problem to eradicate the issue.
Pest control is a time-consuming task. Even when you hire an exterminator, the problem requires monitoring to make sure it is under control. Several treatments are usually prescribed, as well as continual communication with the tenants because they will have to keep an eye out for pest activity.
In the Denver area, Legacy Properties-PM is experienced in dealing both with pests and tenants. We know exterminators who can tackle the problem effectively, and can handle the emotional calls from renters.
Property management services not only make your life easier when pest issues arise, but we take care of other maintenance issues, collect rent, enforce the lease, and review the property on a regular basis to make sure there are no problems. For more information on how we can help with your investment properties, call 720.989.1996 or contact us.
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.
