What Does A “Good” Property Management Company Do?

You are a landlord in need of a property manager, but there are so many out there. So how do you decide? What does a good property management company do so you know who to choose?

What Does A Good Property Manager Do?

A property manager’s main job is to manage, repair and

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maintain an owner’s property all while keeping the hassle to the tenant and landlord and expense to the landlord to a minimum.

Property owners are renting a property in order to fulfill a goal: pay the mortgage on it and make a profit, keep it from being empty which costs money in ongoing expenses and lost revenue and keep the property in good shape so when it’s time to sell it’s ready.

A well maintained property keeps its value, and also keeps the tenant happy and paying rent.

The property manager is who your tenants can call in an emergency. A proactive property manager has the skills to keep the emergencies from happening, or have the skills to fix most things keeping those exorbitant repair bills from happening.

The property manager also deals face to face with the tenants on rent issues, and, if necessary, has a “back up” list of tenants to fill in an unexpected vacancy. For the non-paying tenant, the property manager deals with the eviction process for you.

What Do Property Managers Charge?

The management company will charge a fee to do these things, so you will need to be sure you find one that is reliable for the money you pay them. But the fee is worth the peace of mind you will have knowing that your property or properties are well cared for and you won’t be having those nightmare situations quite as often!

Property management fees can range from 10%-15% of the rental price and may have a “signup cost” when you sign on.

Bottom line, the maintained value of the property and continued rental due to the efforts of the management company to collect the rent, and to keep the property from being vacant, is worth the cost of the of the service.

If you would like to work with a good property management company in the Denver area, give Denver Realty and Rentals a call today! 303-452-5853

5 Tips For First Time Homebuyers

5 Tips For First Time HomebuyersYou’ve decided that it’s time to stop renting and jump into home ownership but there are a few things that you should do before making that leap. Some of these things need to be done well before you start traipsing through house after house.

The very first thing you should do is check your credit

Not just your credit score, but your credit reports. The “big 3”: Experian, TransUnion and Equifax, will give you a complete overview of your credit situation. If there are discrepancies, get them cleared up. This can take weeks or months. If your credit score is low, you may need months or even a year to raise it. Having a good credit score can make a huge difference in how much interest you pay on your mortgage, so it will be worth putting off looking at homes until you are ready and able to buy.

Next, save, save, save

Having a decent or better down payment can mean the difference between getting the house you want or not. 20% is a good figure to shoot for, if you can save more, it will give you a cushion in case you need to fix things in the home or pay any extra fees. Plus it helps raise that credit score too!

Get preapproved for your mortgage

Getting preapproved can and will give you a leg up over other people making offers on the same home as you are. A seller who knows that you can get financing and settle more quickly will favor you over another buyer who doesn’t. It will also mean that you stick to your budget. If you are preapproved for a mortgage that will be comfortable for you to pay each month you will be less likely to be talked into a home that is above your price range.

No large purchases until after settlement

Don’t shop for furniture, cars or make other big purchases until after you have settled on your home and the money has been paid out to all parties. If you make any large, expensive purchases, especially on credit, prior to settlement you may end up without a mortgage when you are ready to settle.

Lastly, find a reputable Realtor to help you find that new home!

Definitely pick one that loves working with first time homebuyers and who will answer all your questions! A great Realtor will help you to get through the whole process safely and find a great fir home!

4 Things You Can Claim As Depreciation When You Have A Rental Property

If you’re new at owning a rental property, you may be finding that all of the rules and regulations, laws and so forth are a bit overwhelming. Add on top of that tax requirements, what you can and can’t write off, how and so on, a new landlord can find themselves spending a lot of time on all those ins and outs.

One of them is depreciation and what you can depreciate.

What is depreciation?

4 Things You Can Claim As Depreciation When You Have A Rental PropertyDepreciation sounds daunting, but basically it’s writing off the cost of an item that will be useful to the property for more than one year. How much and how long depends on several things, but basically if the cost is a one year expense, you write it off in its entirety that year, but if it’s a larger improvement that will last, such as a bathroom overhaul or new driveway, then you depreciate the costs over the useful life of the item or items.

That means you divide the total cost by the useful life of the improvement, and write off 1/nth of the cost per year.

Requirements

You can only do this with property that wears out, decays, gets used up, or becomes obsolete over time. For instance, the land the building is on isn’t an item you can depreciate, but he building is. According to the IRS, you can depreciate a rental property if it meets all of these requirements:

1) you own the property;

2) you use the property in your business or as income-producing activity;

3) the property has a determinable useful life (i.e. it will wear out, etc.); and

4) the property is expected to last more than one year.

So what can be depreciated?

The structures on the land, house, garage, sheds, swimming pools, parking lots, tennis courts, and other facilities for your tenants. These can all add up to a substantial deduction from the income of the property for tax purposes.

Other items are things inside the home: stoves, refrigerators, furniture, carpets/flooring and furniture (if you provide a furnished space). Other things that you use in connection with the rental property, like computers, lawn mower, or automobile you use to conduct your rental activity.

If you aren’t sure, contact a tax professional for guidance.

In This Day And Age Are Real Estate Agents Really Necessary?

With all of the online tools, websites and advice for home sellers and buyers, is it really necessary to hire a Realtor?

The short answer to that question is a resounding yes. The internet can only tell you so much and it certainly can’t show your home, take you to homes to see and In This Day And Age Are Real Estate Agents Really Necessary?facilitate settlement when you sell or buy your home.

As it’s been said, when the going gets tough, hire an expert… or something like that. But really, why would you undertake such a huge financial and legal undertaking without being educated in the ins and outs of such things?

A Realtor knows the local market

They know how to negotiate at all phases of the process. They know how to value a home beyond number of beds, baths and square footage. They understand most types of mortgages and home financing, or know someone who is reliable that can help you should you need that type of assistance.

Now let’s talk time

Do you have the time, over and above your day job, family responsibilities and so on, to stage your home, list it with MLS and other websites like Zillow or Realtor.com, take all the phone calls, schedule showings, read/understand/respond to offers, schedule inspections, schedule settlement and all the paperwork a settlement entails, do the walk-through and finally hand over the keys?

Do you have the time to search the internet for homes to see, call the listing agents, schedule showings, write up an offer, read over the inspection report, renegotiate repairs, review the title report and all of the settlement papers?

Experience Matters

One last thing to think about! In your lifetime you may buy and sell 5-10 houses (maybe a few less, maybe a few more). For some of us, that top end is a really slow YEAR!

Realtors spend all of our time negotiating, researching, talking on the phone and getting educated about real estate. The business of buying and selling homes is our life and when you hire a Realtor, you get some of that dedication and determination just for your home!

Rental Property Management Longmont CO

Longmont, Colorado was founded in 1871 and has been a tidy, planned community from the beginning.

From the coming of the railroad to the Air Traffic Control Center, IBM Center and other big business, Longmont, has always been a good place to find a great job and a great place to live. You found that too, and now want to rent your property. You know that it will be difficult for you to manage the property since you won’t be living there. You need a great property management company.

Your best choice for a property management company

Rental Property Management Longmont COThere are many to choose from, but your best choice is Denver Realty & Rentals. They provide the best service for real estate investors and their properties.

DR&R provides property owners every service they could need for the property and it’s tenants 24/7 365 days a year. No matter when issues arise, days nights or holidays. DR&R has plumbers, electricians and handymen ready to help whenever your tenants need them.

Not only to keep your tenant happy but to keep your property in tip top shape.

Denver Realty & Rentals manages all aspects of your property

Worried about what would happen if your tenant gives notice? Or worse, stops paying rent and needs to be evicted? Well DR&R will handle the collection of rents, and any necessary eviction proceedings.

They’ll also get the property cleaned, repaired, shown to prospects and re-rented as quickly as possible. Keeping it rented isn’t the only way you can make money. DR&R will also improve it to increase your equity. They also inspect annually and between tenants.

Denver Realty & Rentals has a wide range of services

DR&R provides you with a wide range of services to make your property shine and stay rented. They provide cleaning and repairing between rentals, advertising the property between tenants with professional photos, background check prospective tenants and show the property, protect your identity if that’s your wish, help the tenants by providing quiet use and enjoyment of the property, make sure all fair housing laws (Federal and State) are followed, collecting rents and evicting tenants when necessary.

Don’t try to do it all yourself. Hire the best property management company with the most expertise to handle your rentals. For more information visit http://denverrealtyandrentals. com/property-management/
For more information about the Longmont, Colorado area visit these sites:

Rental Property Management Lafayette CO

Lafayette, Colorado is a community rich in the coal mining Rental Property Management Lafayette COhistory of Colorado. It’s history includes claims to having the first woman bank president in the world. Living there has been a great experience for you, but now you’ve decided to rent your property.

You know that being a landlord can be a challenge. You need a great property management company. With so many out there, it can be hard to choose. But you know that your best choice is Denver Realty & Rentals. They provide the best service for real estate investors and their properties.

Great services

DR&R provides property owners and investors every service they could possibly need for the property and its tenants. Their services are provided 24/7 365 days a year. Your tenants can have issues arise day or night and will expect that their problem be solved.

DR&R has plumbers, electricians and handymen ready to help whenever your tenants need them. Not only to keep your tenant happy but to keep your property in tip top shape.

Handles all your tenant interactions for you

Worried about what would happen if your great tenant turns bad? Gives notice? Or worse, stops paying rent and needs to be evicted? Well DR&R will handle addressing bad behavior, collection of rents, and any necessary eviction proceedings. They’ll also get the property cleaned, repaired, shown to prospects and re-rented as quickly as possible.

Keeping it rented isn’t the only way you can make money. DR&R will also improve it to increase your equity. They also inspect annually and between tenants.

DR&R provides you with a wide range of services to make your property shine and stay rented

They provide cleaning and repairing between rentals, advertising the property between tenants with professional photos, background check prospective tenants and show the property, protect your identity if that’s your wish, help the tenants by providing quiet use and enjoyment of the property, make sure all fair housing laws (Federal and State) are followed, collecting rents and evicting tenants when necessary.

Hire the best property management company with the most expertise to handle your rentals. For more information visit:    http://denverrealtyandrentals. com/property-management/
For more information about the Arvada, Colorado area visit these sites:

http://cityoflafayette.com/
https://en.wikipedia.org/wiki/Lafayette,_Colorado

Rental Property Management Arvada CO

Arvada, Colorado is a Denver suburb with a lot of history, a small town feel and quiet tree lined streets.

Rental Property Management Arvada CO...Arvada, Colorado is a Denver suburb with a lot of history, a small town feel and quiet tree lined streets.

Having been the first place in the area to find gold in 1870, and a part of the westward railroad expansion, the rich history provides a cool vibe for the area.

But you already know this since you own a home there. Now you want to rent that home but know that being a landlord can be a challenge.

You need a great Arvada property management company and with a lot of choices to be had, you know that your best choice is Denver Realty & Rentals.

They provide the best service for real estate investors and their properties.

Services provided 24 hours a day

DR&R provides property owners and investors every service they could possibly need for the property and its tenants. Their services are provided 24/7 365 days a year. Your tenants can have issues arise day or night and will expect that their problem will be solved.

DR&R has plumbers, electricians and handymen ready to help whenever your tenants need them. Not only to keep your tenant happy but to keep your property in tip top shape.

When bad things happen

Worried about what would happen if your great tenant turns bad? Gives notice? Or worse, stops paying rent and needs to be evicted? Well DR&R will handle addressing bad behavior, collection of rents, and any necessary eviction proceedings.

They’ll also get the property cleaned, repaired, shown to prospects and re-rented as quickly as possible. Keeping it rented isn’t the only way you can make money. DR&R will also improve it to increase your equity. They also inspect annually and between tenants.

Wide range of services

DR&R provides you with a wide range of services to make your property shine and stay rented. They provide cleaning and repairing between rentals, advertising the property between tenants with professional photos, background check prospective tenants and show the property, protect your identity if that’s your wish, help the tenants by providing quiet use and enjoyment of the property, make sure all fair housing laws (Federal and State) are followed, collecting rents and evicting tenants when necessary.

For more info:

Hire the best property management company with the most expertise to handle your rentals. For more information visit http://denverrealtyandrentals. com/property-management/

For more information about the Arvada, Colorado area visit these sites:

 

 

Are Millennials Buying Homes In Denver?

There has been a lot written about millennials and home buying. The general consensus is that they are not big on home buying like the generations before them were and are. Denver millennials are no different. Here’s why.

Cool areas of Denver

Are Millennials Buying Homes In Denver? There has been a lot written about millennials and home buying. The general consensus is that they are not big on home buying like the generations before them were and are. First, millennials have so many cool areas of Denver to choose from to live, so why be tied to a home they have to sell to move to another? Areas like Washington Park are a cool choice for a younger generation. Wash Park, as it is called has amazing spaces for jogging, walking and biking, and also a center for community involvement and socializing.

Washington Park has two lakes and the “Lily Pond” and carriage-ways that meander through the park, a 2.6-mile jogging path, 2 peaceful flower gardens, soccer fields, 2 playgrounds, 1 basketball and roller blade court, 1 horseshoe court, 10 tennis courts and a lawn bowling green.

Convenience

Millennials as a rule just don’t want to be tied down by something as permanent as a home and mortgage. Some avoid it out of fear of financial disasters, but most avoid it out of convenience. When you rent, the most you could be tied to a property is a year or two. If you need to move you don’t ruin your finances by defaulting on a mortgage. Instead they can ask a landlord to let them out of a lease.

Many apartment complexes offer apartments that have amenities that if they were buying in a home would make that home out of their price range. Things like well appointed apartments, pools, fitness complexes, fire pits, and more.

Money

That leads to the last reason why millennials are more apt to rent over buying in Denver: less money. High amounts of college debt and difficulty in finding higher paying jobs makes it difficult to qualify for a mortgage. Don’t give up as a seller, though. The number of millennials now buying are rising.

Selling Your Home – Be Sure To Pick A Salesman Not A Consultant!

Have you heard the idea that your Realtor needs to be your consultant? Not a good idea. You need your Realtor to be a salesperson. Consulting with you is one thing, but being in consulting mode when you really need a salesperson to represent your interests isn’t a good thing.

A good Realtor

Selling Your Home – Be Sure To Pick A Salesman Not A Consultant!A good Realtor needs to be a good salesperson. Not just to sell your home either. But let’s not get ahead of ourselves. Yes, they need to be ready to sell, hard sell if necessary, to find the best buyer and get them ready to buy.

From open houses when you have to sell the merits of your home to other agents, to showing your home to prospective buyers, they need to be able to handle questions, handle objections, make them need your home, not just want it.

Once they make an offer the salesperson needs to stay and handle the negotiations. What is a good offer to take and when you should push back for more.

As a buyer you need a strong salesperson as well

Your consultant will listen and then start looking for the best home for you, but then the salesperson must go to work.

They need to help you offer the best price and then push back when the counter offer is too high. They need to push for concessions and get the best deal for you.

After the contract is signed, the salesperson isn’t finished. He or she needs to make sure that they can sell the appraiser the bank sends that the home is worth at least what you offered, if not more. They need to sell the home inspector on the merits and if there is anything found, sell the seller’s agent on the need for more concessions because of the report.

So don’t look for a consultant in your Realtor, find a salesperson!

The Money You Spend On Your Rental Property Is Not Personal Anymore

You decided to use your home as a rental property. Great! Time to shift your financial thought process about that property from being a home where expenses are just that, expenses, to one where those expenses aren’t personal any longer. What do we mean by that? Read on to find out.

First, your rental property is a separate “business.”

The Money You Spend On Your Rental Property Is Not Personal AnymoreThat means that the income from that property, the rent paid to you, is considered income for tax purposes. Now before you worry about that, remember that where there is income, there are deductions.

Think about it. You have deductions for your personal expenses. Things like health care and medical expenses, real estate property taxes, mortgage interest, childcare and so on. Your rental property is no different.

You will need to keep track of things like improvements made to the property, utilities paid, real estate taxes and mortgage interest paid and property management fees. The IRS has guidelines and your accountant can be a big help in what is and isn’t deductible.

Long term benefits

Next, the money you spend on your rental property will give the property, and you, long term benefits. This is because like when it is a home, improving and keeping your property in good repair will increase the value of the property.

So as with your home, keep valuation in mind when making upgrades to the property. Also keep that in mind when screening tenants. One tenant that trashes your property can decrease the value considerably while one that cares for it like it was their own will help you maintain and increase the value.

It’s a business

Remember, having a rental property means it’s no longer about you. Think of it as your home and the emotional attachment will cloud your financial judgment. Think of it as a business and you will benefit now and in the future.