Real Property Management Colorado
Real Property Management Colorado
Greg Bacheller
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Posts by Greg Bacheller
Property Management Basics-A Breakdown of What We Do For Your Lakewood Rental
Did you know that many of our clients are first-time or accidental landlords? This essentially means that circumstances more than intention drove the decision to rent out their property. So whether the choice to rent out your property for the first time stems from an inability to sell, a job relocation, or any other extenuating circumstances, it helps to know what the basic process is when it comes to property management.
Rental Management 101-The Property Management Basics
Navigating the Vacancy Period
The first step in managing a rental property boils down to having someone to rent your home. After all, you can’t manage or collect rent on an empty property. So when it comes time to find new tenants, the initial step that every reliable property manager makes is a market assessment.
Managing Your Lakewood Rental
Once the tenants move into the property, the real management part begins. Our team is there every step of the way; we handle it all so you don’t have to. Our team of experts each specializes in their own particular area of property management, including leasing, maintenance, and accounting.
Managing the Move-Out Process
Moving is stressful for everyone, so our team does what it can to help alleviate the pain on both sides of the agreement. Once the tenants have moved out, our team completes a thorough inspection to document the condition of the property. We compare it to the condition at move-in and process the security deposit accordingly, keeping you up to date on any maintenance or repairs that are needed to get the property back into a rent-ready condition.
Understanding the property management basics of how our team operates helps to ease some of the pressure of being a first-time landlord. o whether it’s your first time renting out your property or your 100th, our team is here to help to navigate the rental roadmap from start to finish.
How to Maximize Peak Leasing Season in Colorado Springs
Did you know that 70% of moves occur between Memorial Day and Labor Day weekend? With those stats, it’s easy to see why peak leasing season occurs between May and early September. Increased activity means greater demand, which of course, equals an increase in rents. So whether you’re looking to fill a vacancy this summer or renew the lease with your current tenants, here are a few tips to help you maximize this year’s peak leasing season in Colorado Springs.
1. Know Your Current Market & Renter Demographic
Make sure to do your homework when deciding what your starting rent should be by searching for comparable properties in your area. Check for the number of rentals in your neighborhood and surrounding area, taking into account the difference in upgrades and amenities.
2. Update Your Marketing Strategy
It’s important to put your property’s best foot forward with quality photos and a detailed ad that highlights all the important features and amenities your rental has to offer. Make sure your ad details location-specific highlights, such as travel access, local attractions, the neighborhood name, and nearby amenities.
3. Capitalize on Lease Renewals
If your residents’ lease is set to expire this summer, make sure to reach out to them well in advance to inquire about their plans.
4. Create a Turnover Kit and Maintenance Gameplan
In the event your property is going to be vacant over the summer, have a game plan in place to help minimize your vacancy period as much as possible. Schedule move-out inspections and repairs as soon as your residents vacate the property.
5. Update Your Vendor List
Having a reliable team of vendors for any type of repair is essential during any stage of rental property management.
Ready to Maximize Your Rental’s Earning Potential This Summer? Get Started With a Free Rental Analysis with Real Property Management Colorado today!
How Much Do Coloradans Have To Make To Afford A Home In Denver?
We’ve all felt it for a while now: that increased pressure when it comes to the cost of living here in Colorado. With rising home prices and increased interest rates, buying a home has stretched further out of reach for many. And the increase in rental rates hasn’t alleviated that burden much either. Studies currently show that buyers and renters are struggling with affordability issues when it comes to housing, with many indicating they’re cost burdened, or pay more than 30% of their income towards housing. But just how much do Coloradans have to make to afford a home in Denver these days?
According to data, the average home price in Denver increased 2.7% in the last year, while interest rates currently sit at the highest level since late November 2023 according to Freddie Mac.
The median income currently for Denver households stands at a little over $98,000/year, falling short of the $160,000+ needed to afford the average home price.
Housing is a need that isn’t ever going away and Colorado continues to be a hot spot for many looking to make a move. The choice to buy or rent a home comes with a lot of considerations, including financial, lifestyle, and personal preference. And while affordability continues to apply pressure in many aspects of our lives, we will continue to be a resource to both renters and property owners alike. Contact us about our available rentals and our property management services for more information.
What’s Most Important When Hiring a Colorado Property Management Company
The main themes from the initial survey spoke of having reliable tenants, thorough communication, and effective maintenance management. But what was the most important? The majority of those surveyed indicated that having responsible, reliable, and long-term tenants was most important to them (98%), followed closely by clear and proactive updates about the status of their property.
Reliable tenants and clear communication are essential for profitable and successful rental management. For that reason, our team has procedures in place to thoroughly screen prospective tenants and provide clear and concise communication at every stage in the property management cycle. Our screening process aligns with all of the local, state, and federal laws while maintaining a strict criteria to find qualified applicants for your property. And as things change, we’re always adapting and improving to meet the needs of both our clients and our residents.
Communication is Key
The second and third most important things to our clients revolved around communication. Providing the necessary updates about the property and effectively communicating the costs involved with routine and emergency maintenance ranked high on the list. Our goal for communication has always been transparency and our team works hard to keep the information flowing smoothly.
Relief and Peace of Mind
Being relieved of the day-to-day tasks and stress of managing a rental is a given. And while both aspects are important to our clients, they ranked on the bottom tiers compared to the other themes listed. After all, it’s why many turn to hiring a property management company in the first place. Hiring a Colorado property management company to manage your rental property involves a lot of thought and consideration. Our clients experience remarkable results for one major reason: because Real Property Management Colorado CARES about what we do.
How to Rent Out Real Estate in Colorado Springs
Thinking of converting your home into a rental property? Maybe you have the opportunity to buy an investment property. As one of the top property management companies in Colorado Springs, we’re ready to share our wisdom. Here are a few things to consider when choosing to rent out real estate in Colorado Springs.
1. Assess the Local Market
First things first, look at the market. Knowing the local market, including narrowing down the specific location your property resides in, will help determine how well your property will do in the current market.
2. Complete Any Repairs
Offering a well-maintained rental property shows prospective tenants that you care about the home and their needs.
3. Have A Thorough Plan For Finding Tenants
Make sure you have your approval criteria set and ready before collecting applications. Verify that they remain compliant with local, state, and federal laws.
4. Brush Up On The Laws
Property management is a highly regulated industry. There are strict landlord-tenant laws that govern just about every aspect of managing a rental property and at nearly every level of government, too.
5. Talk to Your Insurance Agent
Talk to your insurance agent to ensure you have the right coverage for your rental property, from coverage for tenant damage to lost rent.
6. Budget, Budget, Budget
It’s important to budget for both the routine costs and the unexpected ones.
7. Hire A Reliable Property Manager
Managing a rental takes time, knowledge, and commitment, all of which professional property managers have in droves. After all, it’s their job! Choosing a reliable property manager to handle the day-to-day management for you helps alleviate a lot of the stress that comes with DIY management.
When you have all of the right resources and preparations made, owning a rental property becomes significantly less daunting. And while every property and situation is different, it pays to prepare where you can.
Tenant Holiday Tips To Keep Your Season Merry and Bright
1. Decorate With Care
Be mindful of making any modifications that could cause damage, as these could be deducted from your security deposit at the end of your lease. Consider damage-free décor or hanging things with Command Strips vs nails or hooks. And when it comes time to hang the lights, keep fire safety tips in mind. Check the wires for any frayed wires or broken bulbs and replace them as needed.
2. Safeguard Your Travel Plans
It’s not uncommon for criminals to scope out social media sites for unsuspecting victims posting their holiday travel plans in order to find potential targets. After all, it’s much easier to break into a home when no one’s there to stop you. Think twice about posting your plans online and consider upping the security on your accounts to control who can see what you’re posting.
3. Thwart Porch Pirates
Utilize package tracking and scheduled deliveries to ensure your items arrive at a convenient time. This way packages don’t remain out in the open. Some carriers offer to deliver to pick-up lockers instead, keeping your things safe and secure from sticky fingers. Talk to your landlord about gaining permission to install security cameras or video doorbells.
4. Mind the Weather
You never really know what you’re going to get with Colorado weather. One day, temps range in the 60s and the next day it’s snowing. With temperatures fluctuating often, it pays to keep an eye on the forecast. Make sure you and your home are prepared for those sudden drops by keeping your heat above a certain temperature.
The holidays truly are a wonderful time of year. Whether you’re staying home or venturing out, make the most of this season and be sure to enjoy it safely!
Looking for a New Home For the Holidays?
Check out our available rentals at Real Property Management Colorado.
Recent Episodes
Property Management Basics-A Breakdown of What We Do For Your Lakewood RentalHow to Maximize Peak Leasing Season in Colorado Springs
How Much Do Coloradans Have To Make To Afford A Home In Denver?
What’s Most Important When Hiring a Colorado Property Management Company
How to Rent Out Real Estate in Colorado Springs
Tenant Holiday Tips To Keep Your Season Merry and Bright
