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.
If you worry that your home is not rent worthy or “rent ready” you may need property management in Denver to tap into the booming rental market in Denver. Whether you have a single-family home, a condo or townhome, your property manger will go over the details of what you can do. Much of the work that needs to be done may depend on the phase you are in. If you are in the middle of a rehab or complete renovation, you may have questions about whether Denver-area tenants prefer a certain number of bedrooms or a certain floor plan. If you just need to make a few cosmetic repairs or clean, you may be wondering about deep cleaning versus replacement carpet or have patching and painting questions. The bottom line is your tenants want a home that is clean, safe and secure. According to an article by Military.com, there are things you can do to make improvements before you even meet with Legacy Properties-PM, your new residential property management company that will market and show your property as well as screen tenants and enforce an agreed-upon lease.
Making your Colorado rental property safe
The first step to getting your Denver home rental property to be worthy of being on the rental market is to make it safe. Install lights at the entry way and inside the home in darkly-lit hallways. Replace electrical circuits that are a hazard. Have the home inspected for mold or mildew if that’s suspected. To go the extra mile, have a security system installed or at least, good locks on the doors.
Sprucing up your rental home interior
According to a piece by Zillow.com, it’s extremely important to have the carpets professionally cleaned. If you know the carpet is 5 years old, simply rip it up and put down new carpet for your new tenants. Painting a home is also a fairly inexpensive job. More important, make sure there’s no lead paint if your home is an older home.
Checking your budget
Before spending money on any remodeling projects within your Colorado rental home property, check with Legacy Properties-PM, your property manager about how much money you will get in terms of rent income. If you will be able to rent your home out for an extra $100 a month by putting in stainless steel appliances, it may be worth it to buy an appliance package. On the other hand, if a total kitchen renovation costs $50,000, but only increases your rent by $50, it may not be worth the investment.
Whether you own a rental home in Aurora, Lakewood, Parker, Littleton, Highlands Ranch, Centennial, Cherry Creek or Denver, it pays to have a property manger. Your property manger will walk through your home with you to point out any defects or problems that need to be addressed to make it rent ready.
At Legacy Properties-PM, we take pride in being a member of NARPM, the National Association of Residential Property Managers. For more information on property management in Denver and throughout Colorado, pick up the phone and call 720 989 1996 please contact us.
Are you concerned the condition of your investment property will deteriorate with renters?
Investment property management addresses one of the biggest concerns we hear from Denver property investors. Owners new to investment property worry about whether the condition of their rental home will go downhill once tenants move in. It’s definitely a valid concern, especially because many owners either lived in the house themselves, or put a lot of sweat equity into fixing it up, and don’t want to see it destroyed.
In addition to many other services, Legacy Properties-PM, a Denver property management company, can stay on top of keeping a property in tip-top shape. Their investment property management services may be the exact fix you are looking for.
Investment Property Management Strategy #1: Screening
The first reason you can be confident your rental property will be taken care of is an extensive screening process of prospective tenants. We don’t allow just anyone to move into your Denver rental home just because they happen to have some cash in hand. Credit and background checks ensure we find a renter who is responsible and will take care of the house as if it were their own.
This proactive investment property management approach makes sure you don’t start with clients who are more likely to cause damages.
Investment Property Management Strategy #2: Reviews
Secondly, our investment property management service includes periodic reviews. This makes sure small items don’t become bigger ones. We make sure your property is well-taken care of. A monthly unannounced drive-by allows us to check out the exterior of the property. To a trained eye, there are things we can look for outside that will give clues as to how well the interior of the house is being cared for. Trash in the yard, lawn tools left strewn about, and toys all over the place can be a sign that tenants aren’t the best housekeepers.
An interior property review is done every quarter. With a 48 hour notice, tenants have time to clean, but not do any major repairs. This investment property management strategy allows us to assess whether there has been any damage beyond normal wear and tear. If there is, tenants are given a time period to take care of the situation. If it’s not taken care of, then we arrange with one of our local Colorado vendors to make appropriate repairs and we bill the tenants for the cost.
Investment property management can help keep value
Upkeep of a rental property is a valid concern, but with a tenant screening process in place and regular reviews by an investment property management company, you can rest assured that your house will be taken care of.
For more information on property management services in the Denver area call Legacy Properties-PM at 720.989.1996, or contact us.
If you own rental property in or around Denver and Aurora Colorado, then you know that sometimes it’s not just a financial investment, but a big time investment too. A property manager can ease the burden, taking care of most or all of the landlord responsibilities. If you’re looking to team up with somebody to help manage your rental units, here are some tips to find a great property management company in Denver.
Ask other investment property owners for recommendations. It’s always good to know somebody else is happy with their service before you invest your time looking for somebody.
See if the manager knows his or her stuff. Some people just jump into this because they need some income, but don’t really know the process.
Ask them detailed questions about lease enforcement, rent collection, and the eviction process. If the person doesn’t sound confident, move on.
Pay attention to their people skills. This person represents you. Do they convey respect, professionalism, and other qualities that are important to you?
How are they interacting with you? Is the person cutting you off or finishing your sentences? This type of person can be hard to work with because they think they know how things should be done, rather than listening to what you want. Be cautious if they seem to think they would not respect your ownership decisions.
Ask their typical procedures for maintenance issues, rent deposits, screening tenants, financial records, and eviction procedures. Find out how flexible they are if you have a problem with any of those items.
Ask if they are a member of the National Association of Residential Property Managers (NARPM). These managers have the distinction of extreme loyalty and professionalism. They also have a higher level of knowledge of local and federal laws regarding rental property.
If you’re in the Denver area and looking for a residential property manager, contact us. Legacy Properties has many years of experience managing homes, townhouses, and condos in the area with great success and professionalism.