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.
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.
Many landlords want to hold on to the security deposits for their tenants so that they can use the funds in case the rent comes in late.
As a landlord, you might be thinking that you can use your tenants security deposit when your tenant’s rent is late, and then replenish the security deposit when the rent comes in.
This is an illegal practice called commingling which is defined as illegally using other people’s funds given to you in trust and meant for a specific purpose.
If you as a property owner renting your home in Colorado have received any information telling you that you CAN use your tenant’s security deposits to pay your bills, be careful.
As stated above this is illegal and your tenant can take you to court.
In fact the Colorado Department of Regulatory Agencies (DORA) cites that one of the top Colorado Real Estate Commission Violations IS “Theft of Security Deposits Held in Trust/Escrow Accounts” as noted in Chapter 20 of the Colorado Real Estate Manual.
DORA requires that a Property Management company holds tenant’s security deposits in a separate trust account. Not only does this ensure that security deposits can only be used for repairs to a home, it also protects the funds from potential lawsuits made against the property management company or the landlord.
We believe the reason why some property management companies want to have the landlord hold the security deposit is simply less paperwork and the ability to have less staff, and decrease their liability.
At Legacy Properties-PM, we pride ourselves in being an outstanding member of NARPM® which holds us to a higher code of ethics.
We never have nor will we ever have a landlord hold a security deposit. We work very hard to screen all of your tenants to ensure that they WILL not have difficulty paying their rent on time. If there becomes a problem we follow a set of procedures to collect rent from delinquent tenants.
If you have received ANY communications concerning using your tenant’s security deposit for ANYTHING other than its intended use, or if you have any questions at all about security deposits and your rental home in Denver, Aurora call 720 989 1996, read our property management FAQ, or contact us.
If you own investment property, you know all the details that are involved with such an endeavor.
Marketing your Denver Colorado rental property, choosing a quality tenant, collecting rent, enforcing the lease, and dealing with maintenance needs are just some of the things that need to be dealt with every day when renting a home in Denver. If you’re looking for a property manager to handle the details, be careful who you hire. There are several reasons why you should ask whether the person is a member of the National Association of Residential Property Managers (NARPM).
If you own a rental property in the greater Denver area, then a member of NARPM like Legacy Properties-PM can benefit you in many ways:
- Years of experience make them experts in all areas of property management.
- A broad knowledge of the economic climate of the Denver area
- Expertise involving legal issues, including landlord and tenant laws at the local and federal level.
- Market knowledge and experience translates into more profit for you as a Denver Colorado property owner.
- Professionalism at all times.
Yes, there are people out there who claim to be “property managers,” but who are really just looking for a quick buck. They may be able to take care of some of your responsibilities, but others will still fall on your shoulders, and they probably have no knowledge of local economic factors and legislation involving rental properties.
If you’re looking for someone to manage your property rental home investment in a professional manner with little time or effort on your part, then contact us. Not only are we a member of NARPM, but we have years of experience managing our own properties, building our Aurora Colorado family’s property legacy, and we can do the same for you.
Call Legacy Properties-PM at 720.989.1996 or contact us.