DenCo Property Management Blog

Preparing for Peak Leasing with Your Denver Investment Property

May 16, 2018

The spring is one of the peak times of year that keeps Denver investment property owners busy! As a property owner and/or landlord, it is important you are prepared for this rush and make sure you get interest in your rental(s). Whether you own a double or a multi-unit apartment complex, any vacant units are lost dollars. Use these top three methods to ensure you are ready.

Maintenance Unit Reviews

In the weeks leading up to your busy season, it is beneficial to inspect the units. This will help you find any damage in them that needs to be fixed. This can include appliances that aren’t working properly, fire alarms that do not work, cracks, issues with flooring, plumbing problems and much more. When repaired, this will create a better living environment for your current tenants and be in pristine condition if potential renters view the space.

When conducting maintenance unit reviews, it is important to give the person living in the space advanced notice. An easy way to do this is by sending an email a week in advance, specifying when you will be inspecting units. If you only have one or two spaces you own, you can always contact those renters directly and schedule a time.

Proper Listing Information

Most landlords will send their tenants renewal notices two to three months in advance of their lease expiring. This gives them ample time to find a new place and you time to make repairs and show the space to prospective renters.

It is incredibly important that your listing information is as up to date as possible when putting them on apartment or renter search websites. This can include accurate bathroom/bedroom information, accommodations or highlights such as the type of floors, appliances or counters, amenities and more. The more details you can include, the more helpful it will be to a search.

In addition, be sure to have updated pictures that are high quality. Make sure they are not blurry and do not include clutter. They need to be neat and clean to give prospective renters an idea of what the unit looks like. You also will benefit from taking photos outside (yard, outdoor amenities, etc.). Not a photographer? Don’t worry! There is no need to spend thousands on a photographer; you can accomplish the task with your very own smartphone. Use these tips and tricks on how to take awesome pictures with your phone.

Upgrading Business Software

It is crucial to have a great business software to help you manage your property. A great system will include ways for you to communicate with renters in one secure place, manage payments, handle accounting and tax information, control maintenance requests, house renter’s insurance information, securely store documents, and much more. The more organized you can be, you will be able to run your business more efficiently.

Are you looking for ways to help you manage your investment properties—especially to kick off peak leasing season? DenCo Property Management and Sales can assist! From working with renters and maintenance requests to handling the finances, we offer a variety of services to help you with every step of managing your property. Contact us today at 303-722-9688 to see how we can help.

Seasonal Maintenance Routine Schedule for Your Investment Real Estate

May 2, 2018

As a new season has arrived, it is important to keep up with your scheduled maintenance for your property. It is a great time to ensure the outside is in premier shape to attract new tenants and keep the existing ones happy with their home. Spring is also a great time to assess your property to see if there was any damage due to the winter and handle any preventative maintenance as well. Whether you own a building, complex or single-family home, learn more about routine maintenance to handle this spring.

Building or Complex Maintenance

For the exterior of your apartment complex, spring is the time to handle your landscaping needs. This can be done through your maintenance staff, or by calling a local, trusted landscaper. First and foremost, make sure all walkways are cleared and safe to walk-through. Your walkways, parking lots, and building siding may be dirty from use—which can be fixed through power washing. For your landscaping, you will need to remove any weeds or debris from your areas, re-mulch trees and shrubs, and handle any pruning. Spring is also a perfect time to plant more flowers to help bring new life to your establishment.

Inside your building, inspect the open areas. Ensure floors, walls, and all other areas clients walk through are in great shape. Be sure to patch any holes, fix flooring issues, and anything else you find in your inspection. In addition to aesthetic repairs, it is just as important to make sure workhorses of the building is sound. Review this list of apartment maintenance tips for your appliances, plumbing, and other areas.

Home Tips

If you are a landlord to a single-family home (or homes), you do not have to wait until your tenant moves out to make sure the house is in good condition. Contact your tenant to arrange a time you or your local property manager can inspect the home. During this inspection, here are some of the areas check:
  • Roof and gutters
  • Siding
  • Heating and cooling
  • Foundation
  • Windows
  • Insulation
  • Water heater
  • Drains

Tenants Moving Out

If you will have a tenant moving out this spring, this is the best time to handle all of these inspections. It is also the best time to go through and make any upgrades, fixes or repairs that are needed. When a tenant moves out, you will need to fully clean the unit or house. Next, give the space a fresh coat of paint. Assess the floors to see if repairs, cleaning or replacement is needed. Next, assess the other areas of the house. Note any repairs to make or take advantage of tax season discounts and add in things such as new cabinets, counters, appliances, etc.

As a property owner, it is always important to understand the top maintenance issues your Denver residential property may have. For these issues, and routine maintenance, DenCO Property Management is here to help. No matter what assistance you need with your rental property or properties, including routine maintenance, we can handle them for you. Call us today at 303-722-9688 to get started.

Top Denver Residential Property Tips from Local Experts

April 18, 2018

Denver’s housing market is still very much a seller’s market, making it difficult for buyers to find the house of their dreams since they are selling like hotcakes. Then for others, they are not ready to buy or would like to explore an area before making a commitment to move to the area. These are all ideal situations if you own a Denver residential property or are considering a purchase. If you are looking to invest in a rental, or need some refreshers, use these property management tips.

Clean Up Your Credit

It is important for property owners to improve their credit in order to buy or refinance a rental. Before making any large moves, take care of any problems with your credit and work to get a score that is 740 or higher. After you accomplish these tasks, you will be able to take advantage of a better interest rate. In addition to a great credit score, it is important to have plenty of money in your savings. This will be something your lender will look for and will also protect you in case anything unexpected arises.

Assess Long Term Gains

Before purchasing a rental property, or if you have an existing one, assess the long term gains you will achieve. Know what your goals are with the property in terms of what you would like your return on investment to be. Next, plan for maintenance repairs. On average, you should expect to spend roughly one percent of the property’s value on repairs and fixes each year. If you are interested in a property that you feel may require work, or are dumping cash into something you own, it may not get you to your long-term goals.

Put as Much Towards Your Down Payment as Possible

In addition to having a credit score that is 740 or higher, the more money you can put towards your down payment, the better. Why? There are many additional factors in investment properties that traditional homes do not have. One of the reasons is because in most situations, you will not be able to use mortgage insurance as they are typically not available for rentals. When you work with a lender, they will explain how much you need to have down, which can be anywhere from 20 to 25 percent of the purchase price.

Find a Property with Work You Can Handle

If you have assessed a property that needs work, but fits within your long-term gain budget, make sure you can handle the work. Often times, new property owners get into situations with projects beyond their level expertise. If you are not able to do the work, do not spend too much time or money on the project yourself as often times, it will require an expert to come in. This is a waste of time and money.

As you work towards your goal of a successful rental property, be sure to read more about the 10 tips for buying your first rental property. Next, be sure you know the five ways Colorado property management will help your investment real estate with DenCO Property Management and Sales. Our team will help you with maintenance issues, long-term gains, and much more.

Benefits of Renting from Colorado Property Management

April 4, 2018

If you are one of many that you “eye on the prize” is homeownership, don’t forget about the many benefits of renting. In fact, there are many situations are smarter to rent! When renting from Colorado property management, you can take advantage of a variety of perks. Learn more about the top reasons to rent, differences between renting a house versus in a building or complex, and benefits of renting from a property management company.

Top Reasons to Rent

Renting provides several benefits and options that home ownership does not have. To start, there is a lower financial upfront cost, that also may be lower throughout your time living there. Instead of needing thousands of dollars to put down, you simply only need to cover your fees. Then the savings can continue throughout your time renting as you will not be responsible for maintenance and repairs. It’s ideal for individuals who are building a savings, exploring new areas, or move around often. It is also helpful in tricky markets. While in many cases, the value of a home will increase, but it may not always. Or, even if the value does go up, you may have had to make investments that balance everything out. It is also important to remember the recent tax changes as these changes under the GOP tax plan affect homeowners.

House vs. Complex

When searching for your ideal place to live, you will need to consider renting a house or in an apartment building. With a house, you will not have to contest with neighbors literally sharing walls with you. It is a good consideration with larger families, or those with pets. This also gives you quick access to outdoor space, too. While these luxuries may come a higher cost, it may be money well spent—depending on your situation. With a building, you will be in close quarters with neighbors. For some, they feel safer, especially in units that are not ground level, or require a special access key to enter. Also in a building, you typically have more amenities and services within the community that are cared for. When there is inclement weather, they usually do the heavy lifting (i.e. shoveling snow, icing sidewalks). Ultimately, between the two, the right option is the one that best fits your needs and lifestyle. No matter which type of location you rent from, it’s important to learn the top ways to be a good tenant from your local Denver residential property manager.

Benefits of Using a Property Manager

A housing complex with a property manager will provide you with excellent service. You will have a place you can call to quickly receive answers to your questions or maintenance needs. It is also convenient to have people available to get packages and provide personalized service that often times, you may only get in a hotel. While each building or complex is different, it is great to live in a place where you know you have a team holding down the fort when you aren’t home.

As you look for the perfect place to rent from, be sure to look at what we have available through DenCO Property Management and Sales. We make it easy to pay your rent online, and are available for your maintenance needs. Call us today at 303-722-9688 to see what we have available.

Go-To Marketing Tips from Colorado Property Management

March 21, 2018

You can have the perfect rental unit or building and plan to make your tenants have a great experience living there. However, if you do not have a plan to attract business, your hard work will not get far! This is why it is great to learn some marketing tips to spread the word about your rental. Lucky for you, there is no need to have a degree in marketing, you just need to know a few things. Use these tips from Colorado property management to drive interest to your rental!

Digital Ads are Where It’s At

Long gone are the days of putting an advertisement in the newspaper or hanging flyers. With digital advertising on sites like Google, you can target specific details about your prospective renters that will be attracted to your rental. Some of these include:
  • Area
  • Income levels
  • Age groups
  • Behaviors and interests
  • Much more
Not only will your ads be shown in internet searches, but even in the ad areas within the web pages they visit. This is all done without you having to research and find lists. Instead, it is all based on information people have publically shared through accounts such as Gmail or social media. It is important to reach customers when it matters, which Google can assist with.

The Power of Social Media

Social media has become such an important advertising tool for marketers. In many cases, you can spread the word about your rental unit or building with a small budget! If you own an apartment building, make sure you set up a social media presence for it. Choose platforms you know you will keep up with—do not set up accounts you know you will not update regularly. Facebook and Instagram are great options.

Make sure your pages have all the information they need and post regularly. Share highlights of being a resident, neat pictures, testimonials, and all other things that will show potential renters why your property is where they want to live.

From here, you can create Facebook ads that target the audience and area that would be interested in your property. Run ads on Facebook and Instagram—and the business will come. You have to make meaningful connections with people to grow your business.

Invest in Great Photography

In order to attract business, people must see high-quality photos and graphic designs to be interested. Thankfully for you, even with little to no experience, you can make this possible.

First, shop the web for camera lenses that you can use on your smartphone. You can often find them for $20 or less, that will enhance the quality of your photos.

Next, make sure you get several great photos of your unit. Capture all of the rooms, exterior, and any other important areas. Make sure they aren’t blurry! Last, you can add flair to your photos by adding text to them. Websites like Canva or PicMonkey allow you to touch up your photos and add words to them for free.  

Just as important as great marketing, you must be able to give your residents a wonderful living experience. If there is anything in the rental process you are not as familiar with or have time for, DenCO Property Management and Sales will help. Learn more about our five ways Colorado property management will help your investment real estate. From there, call us at 303-722-9688 to get started.