When you buy a rental property in the Denver area, your primary goal is to receive an immediate ROI (return on investment) in the form of monthly rental income.
Most investors find good deals on short sales, foreclosures or fixer uppers. With the help of property management in Denver in the Denver area, you will likely receive more in the form of rent than you pay out for expenses including a mortgage. When you rely on a reputable and experienced property manager to maintain your property, you also receive the added benefit of appreciation over time. After renting out an investment property in booming areas such as Littleton, Lakewood, Highlands Ranch, Parker, Centennial, Cherry Creek and Aurora, Colorado, you will one day decide to sell your rental property. According to a report by CoreLogic, Colorado is No. 1 for home appreciation in recent years. What’s more exciting for property owners is the fact that experts predict home values will continue to appreciate anywhere from 6 to 10 percent each year.
Enforcing the lease on your rental property
A residential property management company will protect your home as the asset is by enforcing the lease. When your tenants follow the lease, they are less apt to damage your rental home, condo or townhouse. It’s extremely difficult for most property owners to play the tough guy. A property manager enforces issues such as a non-smoking or no-pet policy that keeps your home in better condition for future resale purposes.
Maintaining the exterior of your rental property
Having a property manager means you have someone to check up on your property. Your property manager might notice a roof that’s damaged or stains in the driveway that a professional can remove before it becomes permanent. When you hire a property manager to tend to your Denver yard and home, you are more likely to experience appreciation in home value.
Making timely home rental repairs
If no one responds to a tenant’s request to fix a leaking refrigerator or broken pipe, the water damage can cause mold and mildew that dramatically decreases home value. You can have greater peace of mind knowing someone is always on top of problems.
A residential property manager keeps your home in good working order and looking good so that you can turn around and sell it for a profit without having to spend weeks or months getting it back up to minimum standards to sell. At Legacy Properties-PM, we are members of the NARPM, the National Association of Residential Property Managers. For more information on our property management services and advice on investing in real estate in Denver’s hottest communities, please call us 720.989.1996 or contact us.
Retirement looms before us all, and some of us have longer to wait than others. We all know we are supposed to be saving for retirement, but sometimes that seems difficult amidst current bills. If you think what you have saved for retirement is insufficient, property management in Denver or Aurora can help.
Saving for retirement is difficult no matter your age. If you’re in your 20’s you may find putting money aside for a house more pressing. Often in your 30’s or 40’s you have to deal with the expense of growing children, and eventually college expenses. Or, perhaps you are nearing retirement age, had worked very hard to put some money aside, and watched it disappear in the recession. No matter what stage of life you’re in, it’s hard to know exactly how much money you will need to live the way you would like in your golden years, so it’s always a good idea to save more if possible.
The best way to increase your retirement savings is to increase income, and set that money aside. We’ve found that one of the most effective ways to do that is investing in residential real estate. Making a wise purchase and renting it out will generate monthly income that can grow when placed in a retirement savings account. It will also give you the opportunity to gain equity in a property that can be put to use later on in life.
Legacy Properties-PM in the Denver, Aurora, Highlands Ranch, Littleton, Parker & more, specialize in helping people build their own legacies through real estate investment. We can help you find a property that is ideal for purchasing, and do just about all the work for you, from taking care of finding quality tenants, to collecting rent and handling maintenance issues. Because we can handle just about all the details, you don’t even have to live locally to invest in our very profitable rental market.
If you’re concerned about retirement savings, or the financial legacy you will eventually leave your children someday, investing in real estate can take your situation from concerning to confident. To find out more information on how we can help please call 720.989.1996, or contact us.
Any Denver-area property owner who has had a perfect tenant knows it’s an enviable situation. Although some quality tenants leave because of job transfers or to buy a home, there are ways to motivate conscientious tenants so they renew their leases. With quality property management to look after your tenants’ maintenance needs and solve other problems, you can greatly reduce the amount of time your home sits vacant. Also, having a property manager screen potential tenants improves your chances of finding that stellar tenants. Some novice property owners wonder how far they should go to keep a good tenant. According to an article by About Money, there are a few simple tips to follow when you want a tenant to review a lease.
Be prompt about home rental tenant requests
DIY landlords who aren’t handy may have the best of intentions, but it’s not always easy to line up a plumber or electrician on the weekend or holidays. A good property management company immediately responds to requests for repairs. According to About Money, the goal is for a tenant to feel as though they are a top priority. By hiring a property manager, you are showing your tenants that you think they are worth it. For property owners who live out-of-state, the need for property management is even greater.
Keep up with the curb appeal of your Colorado Home Rental
Some real estate investors neglect curb appeal when they aren’t trying to sell a property or flip it for a profit. Landlords may not care as much about the aesthetic appeal of a rental when it’s already leased out. If you want to keep a good tenant happy, rely on your property management company to maintain the yard and entryway. Cleaning or painting the mailbox, filling in mulch, planting native Colorado trees or plants can work wonders on the curb appeal so your tenant feels proud when pulling into the driveway.
Update the interior of your Colorado Home for Rent
If you have owned your rental property for many years or bought an investment property that hasn’t been updated since 1970, invest some money in improvements. The top priorities for your Colorado rental property include safety and energy-efficiency. Next on your list is to make the space more contemporary. You don’t need to completely gut the kitchen to keep a good tenant. However, small efforts such as replacing kitchen or bathroom flooring, adding a new kitchen backsplash or replacing worn carpet can mean a lot to a tenant who was contemplating moving out when the lease expires.
At Legacy Properties-PM, we can help you with all your property management needs in neighborhoods such as Parker, Highlands Ranch, Lakewood, Cherry Creek, Aurora, Littleton and Centennial. We are proud members of the NARPM, the National Association of Residential Property Managers. For more information on real estate investing in Denver, please call 720 989 1996 or contact us.