Why Choose US to Get the Best Rent for Your Rental Home

Why Choose US to Get the Best Rent for Your Rental Home

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.

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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).

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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.

Just a Few Simple Reasons Renting Can Be Better Than Buying

Just a Few Simple Reasons Renting Can Be Better Than Buying

Just a Few Simple Reasons Renting Can Be Better Than Buying

Reason #1: You can change your location whenever you want

Owning a home and raising a family are top priorities for some people. Settling down and finding a safe and homey suburb to live in for the next ten to twenty years is perfect for that. On the other hand, there are quite a few people who aren’t sure where they’ll be next year, let alone in a decade. This makes the idea and option of buying a home a not so feasible option.

When you rent, you have the flexibility to move next month or next year without the stress of having to find renters for your home and/or maintain a property remotely.

Reason #2: If the water heater breaks as a renter you don’t pay for it

As a renter, surrounded by homeowners you’re sure to witness the hidden costs involved in owning a home. “A friend of mine recently had to have her heater replaced and consequently ate baked beans for four months afterwards.” says renter Jackie Smith. When you rent, it’s the home owners/landlords responsibility to pay for the repairs on and in the property.

“It’s nice to not have to drop a couple of grand per year on things like curtains, hot water systems and replacing toilet cisterns,” says Jackie.

Reason #3: Renting can be less pricey than buying

People many times buy a house as a way to save money, they do this by putting most of their monies into a home and property where it can’t be touched, rather than a bank account where it’s always accessible for withdrawal. Instead of buying a home though, one can save just as well with paying rent and putting the extra money in a high returns investment bank account rather than buying property.

Whether you rent or buy, it’s important that you do what’s right for your own circumstances and your own financial situation. If you are a homeowner looking to rent out your home or a tenant looking for a new home to rent, call Legacy Properties-PM at 720.989.1996 or contact usWe proudly serve many Denver areas including Aurora, Centennial, Highlands Ranch and Parker.

How do I pick a good property manager?

How do I pick a good property manager?

In Denver and Aurora, there are many very good property management companies.

The question then is, how do you decide which property management company is the best one for you?

What I tell people all the time when this comes up is that while you do need to make sure that the one you choose has the experience and training needed. But, you also need to feel a personal connection with, someone that you feel you can trust. The first part is a much easier one to answer. The most important part to finding someone who is trained and highly qualified in any field is to look for those that invest in themselves. In the case of property management, that means looking for someone who is a member of the National Association of Residential Property Managers. NARPM members spend hours learning what is happening legally at the federal, state and local levels. The truly dedicated ones even take it one step further and earn special designations. These designations require a greater investment in time, more specialized training, and giving back to their community of property managers by way of service. The other things that you need to look at when selecting a property manager for your investment would be:

Price – While important, this should not be your primary consideration. In the Denver or Aurora area, most, if not all companies charge a percentage. The most common are between 8% and 15% of the collected monthly rent. Depending on how much time they spend on your property, it usually works out to about $4-$8 an hour. Some also charge a flat fee that is due every month; this is something the Legacy Properties-PM does not do. The other cost is the leasing fee, in other words, the fee charged for the handling all of the prospective tenant contacts, showings, application reviews and lease writing. This is also usually a percentage-based fee and there is a wide range out there of what is charged. You need to talk to any company that you are considering about what you are getting for your money, and see if you can get references.

Experience – This is probably the most important thing for you to look into. Not only how long have they been managing homes, but also what experience do they have that ties in with it. Some examples would be: do they own any rental properties themselves, have they done any hands on cleaning or repairs of rentals, have they personally done any evictions. The staff at Legacy Properties-PM has done everything from cleaning and repairs to being a part of the physical eviction team and everything in between.

Fees – I actually think that this is far more important the price, because this is where your dollars can really add up. You need to know what items your property management company will be charging you for. The most common one is a renewal fee, this is charged for the time spent in discussions with you and the tenant and getting the proper paperwork filled out. Other questions to ask would be: Do they add anything to your repair bills, or charge for property reviews? I’ve even heard on some companies that charge a “paper-processing fee”. What that means is that they add a charge on to every piece of paper or email that they come in contact with for your property. Do they charge a service fee for your evictions, or insurance claims?

Maybe they charge an advertising fee or an account setup fee. These are all things that you need to find out and decide for yourself if they are worth it. With Legacy Properties-PM, you’ll only have three fees. The leasing fee, the management fee and the renewal fee, that’s it.

One other thing you might want to ask them about is how they handle calls that come in after hours and if they will show your property during evenings and weekends. These are very important in keeping your property in good repair and getting it rented quickly.

Once you have done all of your research and compared all of the companies, it’s time to narrow it down to the best two or three companies for your needs. Now comes the hard part, you need to contact those companies again and have a one on one conversation with the person who will be managing your property. Talk to them about your goals and expectations, they may be right on track with you, or maybe not. Either way, you will have a good idea if your personalities match or not. Remember, this is likely to be a person that you will be having a business relationship with for years to come. So, if it seems strained, or they don’t feel genuine to you, then you probably want to keep looking.

 

Call 720.989.1996 or contact us Legacy Properties-PM; the best in property management in Denver, Aurora, Centennial, and more.

 

This Father’s Day, Let a Property Management Company Help You Leave a Legacy

This Father’s Day, Let a Property Management Company Help You Leave a Legacy

Fathers have a lot on their shoulders, and sometimes it’s difficult to keep all the balls in the air as they juggle their responsibilities. For Dads that have residential rentals, Father’s Day might be the perfect time to team up with a property management company in the Denver, Aurora or Centennial area.

With parenting, you have one shot to do it right. There are no do-overs, and the time goes fast. One minutes you’re watching your little one take her first steps, the next she’s walking across the stage to receive her diploma. If you have the heart to be a great father, but investment properties are intruding on your time, it’s important to make some changes so your children can grow up with the legacy of having a Dad who was present and available during all the important moments.

Does this sound familiar to you? Missing school concerts, making calls while your child is playing in a sporting event, and your phone buzzing in your pocket during a recital or other performance. Responsibilities such as finding a tenant, collecting rent, or dealing with maintenance issues have to be taken care of, but you may find yourself frustrated that there aren’t enough hours in the day and those needs start creep in on family time.

In the Denver area, Legacy Properties-PM is a property management company who values family. Our own business was started by our grandfather, so we know a little something about legacies. Many people choose investing in real estate so they can provide a stronger financial foundation for their family, but it’s important to also leave a legacy as a father who was present and available during the important moments of their children’s lives.

If you feel you need to shift your focus back to family, while continuing to build your financial legacy, call 720.989.1996 or contact us. We’ll be happy to help with the details of managing the property so you can focus on enjoying time with your children. From all of us at Legacy Properties-PM, have a Happy Father’s Day!

Real Estate Investing: Cosmetic Upgrades for less Than $1,000

Real Estate Investing: Cosmetic Upgrades for less Than $1,000

Working to get your rental property “rent ready” doesn’t have to cost a ton of money. For less than $1,000, you can make high-impact home improvements that will please renters in the Denver area. Whether you already own a rental or like the idea of real estate investing in Littleton, Aurora, Lakewood, Centennial Parker, Highlands Ranch or Cherry Creek, certain cosmetic upgrades are universally appealing to renters. Don’t forget to also give your rental property a thorough cleaning and to hire an established property management company to market your listing, perform background checks on tenants and enforce the lease. Many real estate investors are good at finding profitable rental homes, but don’t like being the “tough guys” when it comes to enforcing a lease and evicting tenants. One of the fun parts of real estate investing is getting to fix up a home so it’s attractive to renters. According to a recent piece by time.com, you can do a lot with a budget of just $1,000.

Giving the kitchen a makeover

While $1,000 won’t allow you to put in custom cabinets and exotic solid hardwood floors, it will pay for an upgraded stainless steel refrigerator or new tile backsplash. Inexpensive improvements include painting, changing old electrical outlets and putting in new baseboards.

Freshening up the powder room

For a renter, the perfect bathroom is spotless. If you are renting out a home that you used to live in, don’t leave the old shower curtains or lighting fixtures. Your property management company will let the prospective renters know the shower curtains or any other accessory you have left new. Unless the toilet is spotless, consider replacing the bathroom bowl.

Upgrading the lighting

Many rental properties have old and outdated lighting. Your rental property will stand out if you put modern decorative lights in the entryway and pendant lighting in the eat-in kitchen area or above a kitchen island. You can find hip and modern decorative lighting for less than $1,000 as well as a few upgraded ceiling fans.

After you spend money with your real estate investment, make sure you protect your investment. A good property manager will find you good tenants who pay their rent on time and don’t damage your rental home. At Legacy Properties-PM, are members of the National Association of Residential Property Managers (NARPM). For more information on real estate investing in the booming Denver rental market, please call 720.989.1996 or contact us.