Property Management, Real Estate Investing
When many people think about a real estate investing strategy, they often look only at properties in their own geographic area.
This might be a wise idea if a person plans on dealing with all the landlord responsibilities themselves, or doesn’t have a property manager they feel confident in, but a quality property management company can open up a whole new world.
Thinking about having to travel by plane or long road trip to visit and check on your property can cause anxiety. Some people never even consider it because they start to ask themselves, “What do I do if the tenant doesn’t send the rent? What if there’s an urgent maintenance issue, like a broken furnace or a leak in the roof? How do I know the renters are taking care of the place and not trashing the property?” Obviously it’s not an option to travel every time an issue comes up, but with a well-qualified property management company, there’s no need to fret over these questions.
In the greater Denver and Aurora area, Legacy Properties-PM is a property management company that takes care of everything on your list of concerns. Because they started out managing their own properties, they are experts at showing and renting you property, taking care of leasing paperwork, collecting rent, dealing with maintenance needs, performing property reviews, and even evicting tenants.
Whether you live close by or the other side of the country, there’s no need to worry when you have an experienced property management company that truly cares about your property and your investment.
When you hire Legacy Properties-PM, a property management company you can trust, it opens doors to other markets for investments. The Denver market is busy with people constantly moving to the region to take advantage of all the area has to offer. If investing in this area is something you’d like to consider, Legacy Properties-PM can even help you find a desirable property at a great price.
If you’re ready to think outside the box and invest in a single family home, condo, or townhouse in the greater Denver area, contact us or call 720.989.1996.
Even if you live out of town, our property management services make it a great option for investors.
Aurora, Denver, Property Management
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.
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.