5 Ways A Property Manager Can Save You Money

5 Ways A Property Manager Can Save You Money

Congratulations! You jumped into being an investment property owner. Great decision. Now time to make another great decision… hire a property manager. Yes, you’ll have to pay a fee to them to manage your property, or even properties, but in the long run doing so will save you a lot of money. Here’s how:

The first and best way to save you money

The first and best way a property manager can not only save you money, but help you make more money is to keep the time your property is vacant to a minimum.

Empty properties are money vampires. Not to mention the costs of cleaning, changing locks, fixing damage and wear and tear and marketing the property when it is unrented. You are spending money to maintain it, paying taxes on it and probably mortgage payments on it all while there is absolutely no income to offset those costs.

A good property manager or management company will have a pool of prospective, prescreened and prequalified renters that they can contact to rent your property. Since part of our job is to keep your property well maintained, your tenants will be happy and less likely to leave in the first place.

Finds you high quality tenants

Another way we keep it rented is by finding your higher quality tenants. Bad tenants are a nightmare not just for the aggravation, but also for the expenses of unpaid rent, costs to evict them and any damage to the property. They can suck money right out of your wallet. It’s almost worse than a vacant property.

A property manager will vet prospective tenants for you. They will thoroughly check them out, including a criminal background check, verification of employment and review of his or her rental history. They will know the right questions to ask their employer and previous landlords to get the answers needed to screen them in or out.

Have you ever heard of “professional tenants”? They are scammers who get into the property, never pay rent and make it incredibly hard to evict them because they file lawsuits claiming discrimination.

Property managers are used to looking for this and weeding them out. Not to mention that they do know the Fair Housing laws and will be sure not to violate them.

Property management and maintenance and repairs

Repairs and maintenance can be expensive. A property manager can seriously save you some money. If they have their own maintenance crew, that is a huge help. Often, their services are included in your monthly fees, saving you this expense altogether. If they don’t, or the job is bigger or more extensive than maintenance staff can handle, the property manager will have a network of licensed, bonded and insured contractors.

Since we deal in volume, we can usually secure reduced rates for the contractor’s services.

Now onto the actual money to be made

A property manager will have an established and successful rent collection process. Live by the rule that if you give a tenant an inch they will take a mile.

Remember that you need a consistent cash flow and while life happens, it shouldn’t happen to your bottom line. The best part is that the property manager is the one that has to hear the sob stories, not you! They are much better at being impervious to the drama and enforcing the lease.

Let’s not forget the lease itself

They will have a standard lease they successfully use with their managed properties. One less thing to worry about! The property manager will get it signed and handle renewals of the lease.

This is important because if the lease isn’t renewed, but the tenant holds over, they become a month to month tenant. That will cause its own raft of problems. They will make sure it is enforced, and also make sure the lease doesn’t violate any laws.

Inspections

Lastly, we will handle any necessary inspections. In order to maintain your property someone needs to regularly inspect it. Any small issues will be caught and fixed before they become big, more expensive ones. These inspections are part of your monthly fee and will save a lot of money in repairs.

Save some money!

So save yourself a bucket of cash and hire a property manager. It will be the second best decision you will make as an investment property owner.

5 Ways A Property Manager Can Save You Money...Congratulations! You jumped into being an investment property owner. Great decision. Now time to make another great decision... hire a property manager.

Why Boulder Is The Hottest Real Estate Market In The Denver Metro Area

Why Boulder Is The Hottest Real Estate Market In The Denver Metro AreaBoulder, Colorado. This beautiful, mountainous area has become quite hot for real estate in the Denver metro area.

Located about 30 to 40 minutes from Denver, it’s the perfect place for those who want to be close to the city for work but live out where you can see gorgeous mountain views, flatirons and not worry about construction messing up either.

Being a hot market means homes are more expensive to purchase, but also more lucrative to own and sell.

The City of Boulder is protective of its citizenry and reputation. They don’t allow clubs or restaurants to remain open late to keep noise at a minimum. It’s also a college town, so protecting the students is also important.

Beautiful views

Boulder also has amazing bike paths, gorgeous vistas of wide-open spaces and incredible trails. This is all while being in close proximity to a large city. There is a huge park in Boulder with huge rocks called the Flatirons. perfect for a newbie rock climber.

The weather is great too!

Since it’s really a semi arid area, snow and rain are minimal so beautiful weather reigns. Warm summers and winters that are usually not close to frigid are common. With all that beautiful weather spending time close by nature is easily accomplished. Lots of waterfowl, eagles, and other wildlife. It’s an amazing place to go rock climbing and bouldering and hiking and skiing isn’t too far away. If you like other sports like sailplaning or hang gliding, or even ultralight flying.

Some complain about the lack of diversity and conservative politics, but don’t let that stop you. Things like that are fluid, and with all the other pluses, why let that be a sticking point?

Come see Boulder and see what you think. You won’t be disappointed!

Get Your Home Ready For Winter… The Fireplace Edition

Winter is here and if you have a fireplace or wood burning stove in your home it’s still not too late to get it ready for the rest of the winter.

Get Your Home Ready For Winter... The Fireplace EditionFireplace and chimney maintenance is incredibly important. So here are some things you should do to get your fireplace in the best condition for burning wood this winter.

At least once a year you should do a visual inspection of your home

This should include looking over the chimney. Look at the chimney and see if it is leaning. Does it have chips in the bricks or masonry joints? Are there cracks or holes visible? Is there any rust or corrosion on the metal parts, flashing or cap? If you see any of those kinds of issues, call a professional to make necessary repairs.

Your chimney cap

If your chimney cap is missing or in bad shape, replace it. A cap will keep out water, snow, ice and wildlife. Birds or small animals can nest in your chimney and cause clogs. They also can bring pests like fleas and ticks into your home via the chimney. A good cap with mesh will solve that problem.

Continue your inspection inside

Check from the attic down for leaks or staining in the ceilings or walls. This could mean that the flashing on the roof is faulty or that the flue liner is damaged. The last one is especially troubling since the flue liner is a safety feature that keeps excessive heat from setting walls on fire.

Call in a professional

Lastly, call in a professional to have the chimney cleaned. A good cleaning will remove built up creosote and remove any animal or bird nests. Creosote is an oily byproduct of burning wood. Once it builds up in the chimney the danger of it catching fire and causing a house fire are pretty high.

Getting your chimney cleaned once a year will prevent this build up. You can also help prevent creosote from building up as fast by burning oak or other hardwoods instead of pines.

Some types of wood are higher in the materials that become creosote than others. Pines are easier and faster to burn, but they cause a build-up of creosote much more quickly than a hardwood like oak. Also, when you burn a fire in the fireplace, you should burn them hot for most of the burn cycle.

Western Style Decorating Tips For Denver Homeowners

Time to update your décor? When in Denver why not try a western style look? You can go completely old west or just touches here or there, but you need some guidance in figuring out what is authentic or just need some good ideas. Here are some from rustic to tumbleweed.

Over the top wild west

Western Style Decorating Tips For Denver HomeownersIf you wanted to go way over the top, look for rustic, rough and unfinished wood furnishings. Look for lamps and accents with wild west motifs. Motifs could include cowboys, cattle, hunting, fishing, mountains, deserts, Native Americans, gambling, agriculture, and pioneers. Choosing a central theme or a combination of motifs will help you in finding the furnishings and accents you want.

Painting tips

When painting, look for colors from nature, browns and grays of wood; green, gold, orange, and brick red of leaves and grasses; the range of blues found in the sky, lakes, and rivers. Also look for tie ins to your motif, browns, greens, and blues for hunting or fishing; oranges, golds, browns, and reds for cowboys and cattle; Native Americans with brighter golds, turquoise, and orange. Great accent colors for more neutral base tones might include brick red, terra cotta, forest green, navy, orange, and turquoise.

Rustic

Of course the more rustic looking, the better in western décor. Accents can run the gamut from leather, suede, and wool, woven or fur rugs. Saddle blankets, Indian style throws, pottery, and weathered farm implements. You could even have antlers, snowshoes, old skis and sleds, rusted farm implements, and old tools as wall decorations.

So this can be a start for you. Time to start hunting estate sales, antique shops and yard sales. Have fun with it and then enjoy your touch of the old west at home.

Is The Tiny House Fad For You?

You’ve probably seen the shows on TV about the tiny house fad. People give up living in bigger homes, get rid of stuff and purchase a home that they can pick up and move anywhere, like an RV. Most RV’s are quite a bit bigger than a tiny home. They average is about 100 to 200 square feet.

So is this for you?

The upside

Is The Tiny House Fad For You?Maybe or maybe not. Yes, it definitely lowers your environmental footprint. It costs less to live in and uses many environmentally friendly ways to heat and power the home.

Since the home is moveable a tiny home owner isn’t permanently taking up land that could be used for other purposes like farming, parks and so on. Many people feel it is freeing to divest themselves of excess things and live smaller and that it is a fantastic way to see the country.

Unfortunately, there is a down side

Should you decide to buy a tiny home and make it a permanent residence in a permanent place, you may just run into problems with local governments. Towns, cities, counties and so on have rules, called codes, that deal with how homes are built, what size they have to be and where they can be put.

There are also taxes assessed on homes and the land they sit upon. If your tiny home violates building or zoning codes, fixing the problem can cost you a lot of money. Not to mention that you could be assessed with back taxes for an illegal home.

The size of things

There is also the issue of the size of things like appliances and room to move. If you have a family this can be a huge problem. Just trying to cook in a normal size kitchen with kids and pets, should you have them, can be challenging. Small children or toddlers don’t understand the dangers and having space to keep them out of the way is an important safety issue. Even the closest couples or families need space from each other. Tiny homes really don’t provide that.

Another safety issue are weather issues

High winds are something to be concerned about.  Measures can be taken to secure a tiny home, but if it’s a fast moving storm you may not have time.  Another issue could be flooding or wild fires, but in those situations having a moveable home can be a plus.  Unless it’s an unexpected flash flood or quick moving fire, you could be in better shape than your permanent neighbors. It’s a lot to consider!

It is fun to watch those shows and dream of taking your show on the road (and some people LOVE IT!) Which side do you come down on? Tiny home or McMansion?