Are you wondering how you can become a better Denver real estate investor? It’s not too late to set resolutions and goals for your business, or upcoming endeavors. Every great investor is evaluating goals and making changes when needed. Make sure you are being smart with properties and valuable dollars by using these four tips that will ensure success for the new year!
Build a Savings
If you have a tenant that breaks your contract and moves out tomorrow, without paying, are you prepared to be able to make those payments? If there is a major fix that needs to be made, do you have enough in savings to cover it? As a property owner, it is your responsibility to have the funds to cover such events. As an investor, you should dedicate at least two percent of the overall value of each of your properties to savings. It is important to build the savings to be able to cover you for any disaster that can happen. Ideally, you need to have at least three months saved for emergencies. This is a great rule of thumb to also keep in mind for your personal life and expenses, too. Here’s how to figure out how much emergency savings
Keep Personal Preferences Out
When buying and staging rental properties, remember to keep your own personal preferences and flair out of it. Do your homework on area specs to ensure you are competitive in the market. This could mean you should make upgrades such as adding granite counters, new appliances, or hardwood flooring. A rule of thumb for rentals is to keep everything neutral. Paint the walls white, beige, grey, or a similar neutral color. As you show your rentals to prospective renters, they need to be able to envision themselves in the space, which may not necessary be your vision. Something as simple as wall color or specific appliances can stray someone away.
Create a Plan for the Future
Do you have short- and long-term goals for your real estate planning? If not, just like an emergency, you need to create them stat! In the short term, make sure you are accomplishing things such as a community feel and becoming an established service that tenants can trust. Look at long term goals, such as how much you would like to make, or what you would like to own 10-20 years down the road. Build milestones that will get you there—and stick to those.
Seek Help Where Help is Needed
Are you overwhelmed with your property? Do you struggle with elements of being a property owner? Are there issues that you do not know how to fix? This is where a property management company comes in. By utilizing a team of experts, you can fill in the gaps that will help you achieve your short, and long-term goals. This can include a team that will help you strategize, work one-on-one with tenants, handle maintenance issues, and aid with taxes.
For any help making your properties more successful this year, DenCO Property Management and Sales will help. Review our information for Denver property owners
for more in-depth information on how we will help. Get started and call us today at 303-722-9688 to get started.