The #1 Way To Keep Your Renters Happy

You have one or more investment properties that you rent out. You’ve been lucky enough to find great tenants. They take good care of your property, pay their rent on time and aren’t a problem. The last thing you want to do is lose any of them as a tenant. So how do you keep your renters happy and staying?

Be responsive

The #1 Way To Keep Your Renters HappyThe best way to keep your renters happy is to be responsive to their needs. How do you do that?

Well, there are quite a few things you can do, starting with don’t let them go to voicemail. Pick up the phone and if you can’t, be sure to return their call soon thereafter. It’s called being professional. Being prompt in answering their questions, respectful of them and responsive to them.

Next, take care of any repairs promptly

That doesn’t mean dropping everything if they need some non-emergency repairs. It does mean that if they call you on a cold January night and say the heat is out, you do drop everything and get a repair person there to help them.

If they do request any non-emergency repairs or updates, do them in a timely manner. Don’t make them wait weeks or months. And be in touch with them to keep them in the loop. Even if there is a delay, knowing you care enough to let them know will go a long way.

Related Post: 3 Ways To Reduce Your Vacancy Rate 

If you do have a trouble or disruptive tenant, deal with them now

Letting a problem tenant get away with disrupting everyone else will lose you those good tenants in a heartbeat. Pay attention to complaints. Deal with it at that time. If the police have to be involved, get them out and fast.

Always be sure to respect the privacy of your tenant. They have a legal right to quiet use and enjoyment to their home. You may need to come in and inspect or repair something, but you should give them plenty of notice in the form called for in the lease.

If you appreciate your great tenants, let them know. Be responsive to them. Show them courtesy and respect and you’ll have them for a long time.

If you are looking for a great property management company in the Denver Metro area, give Tena D a call today! 303-452-5853

Is It Better To Buy “Cheap” Investment Properties

All those “flip it” shows on TV make it look so easy. Buy a Is It Better To Buy "Cheap" Investment Propertieshouse on the cheap, fix it up and then lease it or sell it for a huge net gain, no problem… except for normal people who aren’t on TV it can be a problem, a hugely expensive one. So is it better to buy cheap investment properties?

Probably not

You know you’ve heard the commercials and infomercials about buying cheap and flipping properties. It’s the old if you buy cheap you have room to fix it up and if you rent it for more than your mortgage payment, you make more money. That may be true, but as a new investment property owner or one that doesn’t regularly fix up houses, what do you know about how much it will take to fix the problems in a cheap house?

Here’s the downside

If you buy a house to fix up and rent you start out at a disadvantage. You are paying on a mortgage, paying a contractor and hoping that the refurbishments don’t tank your budget. On a cheap house it’s more likely than not that it will. Foundation issues, termites, bad former fixes, you name it. Rip out a wall and find out there is bad plumbing, electrical or structural issues. All of these can severely impact your budget.

The solution?

Pay more up front for a solid house that needs minimal or no work (such as replacing an appliance over tearing out the whole kitchen) and you can rent it out immediately. Now you have income at or before you have to start making mortgage payments. Even if you can only get most of your mortgage payment covered by the rent, you’ll still come out ahead come tax time.

The more important thing is to maintain that solid property and build equity through value as well as through paying down the mortgage.

Don’t buy cheap or you’ll get cheap… and all the headaches it brings with it.

Are You Selling A “Special” House… How To Find Comps

You’re getting ready to sell your home but aren’t so sure how to price it. Not because you can’t find homes similar to yours to compare, but because your home has the most amazing mountain views or sits on an open space or has a really unique garage that will make a huge difference to your buyer.

How do you quantify that? How do you find comps for your special home?

So what makes your home special?

Are You Selling A “Special” House… How To Find CompsThose views, or maybe proximity to protected lands or even that a famous person lived there.

The list of special could be endless, but how do you find out how much it adds to your home’s value?

Typically finding comparable real estate sales involves finding homes that have similar square footage, bedrooms, baths and so on. Of course things like condition of the home versus condition of the comps is also taken into consideration.

Some things make it hard to find comps. Distance from one home to another in rural areas, special things like views and so on.

So how do you find a value for that?

You can stop and think about what it was worth to you when you purchased the home. Did it make you want to offer more for it than another similar home? Still not sure? Contact a Realtor in your area. A Realtor is more than aware of what makes your home special. They will also have an idea of what it adds to the value of your home.

Better yet, just list it without worrying about the special thing and then see what happens when homebuyers come calling. Your special thing will become what makes homebuyers offer more for your home than any another.

If you are in the Denver area and want help with pricing your “special” home, give Tena D a call today! (303) 452-5853

3 Ways To Reduce Your Vacancy Rate

You have a great rental property. You made sure to do all the best updates and the property is in a great location. You’re worried, though, about keeping the property rented so you can pay the mortgage and taxes on it. So what are some things you can do to reduce the chance that you have a vacant property.

Carefully screen tenants

3 Ways To Reduce Your Vacancy RateFirst, be careful about the tenants to whom you rent. Screen potential tenants. Do full background and credit checks. These will give you a good indication about their reliability. Interview them carefully. Be sure to ask for past rental references. Be careful, however, not to ask questions that could be construed as discriminatory. Check their references, and match them to the background reports. Find out what kind of tenant they were: did they pay rent timely; did they cause problems; why did they leave.

Well maintained property

Next, be sure to keep the property well maintained and charge a fair rent. Take care of the landscaping. Provide snow removal for driveways and sidewalks. Make sure that preventative maintenance is done on schedule so systems like the HVAC, plumbing and electrical are in tip top shape. Do your homework about fair rents in your area and keep to that range. A Realtor or property management company can help you with that.

Be responsive to tenant needs

Lastly, once you have a good, reliable tenant, be responsive. If they call about a problem or issue respond immediately. Get someone there to fix the problem. If you’re out of the area, hire a property manager or management company to take care of this. A good company will respond 24/7 365 days a year.

Remember that a happy tenant will stay and become a long term tenant. Take care of your tenants and they will help take care of your property. After all, isn’t that what you got into investment real estate for in the first place?

3 Key Things To Focus On When You Are Buying Your First Investment Property

You made the decision to buy an investment property. There are a few things you should be focusing on as a buyer and investment property owner. Here are a few of them.

Look for a property with good systems such as a/c and heating,etc.

First, unless you are planning on putting a lot of money into 3 Key Things To Focus On When You Are Buying Your First Investment Propertyrehabbing a property then renting it, look for a property that is in good shape. You may pay more for it, but you will pay less in the long run.

Don’t worry about paint colors and such. That can be easily and cheaply remedied. Look more for a property with solid systems: heating, air conditioning, electrical and plumbing.

Location

Next, look at the area where the property is located. Is it city? Suburban? Industrial? Commercial? Is it high crime?

Where it’s located will make a difference in the desirability of the property and amount of rent charged. Just like location makes a difference in selling a property, it makes a difference in renting it as well. Proximity to shopping, entertainment, good schools, it all makes a difference.

Look at properties as if you were the renter you want.

Property management

Lastly, make sure you hire a great property management company. This will simplify your life. A property management company will collect monthly rents for you, maintain the property, respond to emergencies that tenants may have and, if necessary, handle any evictions that may be necessary. This is just as important as the items above.

Your tenants deserve a responsive landlord, or in this case, landlord’s agent, and a well maintained property. You deserve timely rent collection and a property in a condition that will improve it’s value.

Looking for a great property management company, give Denver Realty and Rentals a call! 303-452-5853