Is Your Rental Property A Business

You have a rental property. Whether it was a home you lived in or just an investment property, if someone asked you if it was a Is Your Rental Property A Businessbusiness, what would you say? How you answer depends on a lot of things.

One thing to take into consideration is how emotionally involved in the “business”are you? If you have emotions tied to the property or business relationship it may keep you from making practical decisions.

Here is an example:

A young couple moves out of state and decides to rent their first home to one of the couple’s siblings. The couple needs the rent money from the sibling to pay the mortgage so they can save the money they make now for their next home. This sibling is also responsible for the utilities. The couple keeps the utilities in their name just to be sure they are being paid. The sibling consistently shorts the rent and refuses to pay the utility bills. Instead of being able to rationally decide that evicting the sibling is the answer, the couple instead puts up with it until it causes issues between them. Business? Probably not!

Next, how do you account for the monies collected?

Is the security deposit in a separate interest bearing account? Are the costs and income also kept separate from household accounts? How the IRS determines if something is a business or not is by seriously looking at commingling of monies. Successful businesses, even family run ones, don’t put business assets into house accounts.

If you seriously want to treat your rental property as a business you need to change your thinking.

If you need help in what to do, contact a property management company like Denver Realty and Rentals. We can help and take the day to day responsibilities and money collection, etc., out of your hands. We can help you treat it like a business! 303-452-5853

Owner Behaviour Sets The Tone For Your Property Management Business

Have you ever heard that old saying that the customer is always right? Well, if you’re a property manager or run a property management business, owner behavior will certainly set the tenor of the relationship. It may even decide whether a property owner client stays a client! Not sure what I mean?

Here’s an example

Owner Behaviour Sets The Tone For Your Property Management BusinessYou are managing a property that is a single family home. The family is a typical one: mom, dad, 2 kids. Your property owner insisted on a pet free home, so their lease specifies no pets.

The family has given you, the property manager, no indication that they have a pet. You inspect the property regularly and don’t find any. Unfortunately your client has it in his head that the family has a cat, dog and other various pets in the home and won’t take your word for it that they don’t.

Their lease also says they, the tenants, are entitled to quiet use and enjoyment of the property and advance notice for inspections. Now guess who keeps showing up unannounced to “inspect” the property? Yes, the owner, their landlord.

A ripple effect

Whether there is a problem or not, the landlord can’t just drop in unannounced. Neither can you, the property manager. You know that. You’ve tried to explain it to your client. What the client’s behavior will cause is a ripple effect.

First, if he has you try and evict the tenant, they will have a claim against both you and the landlord for violating the lease as well. Down the line it could damage your business. You, as the property manager, will suffer. In the eyes of the tenant you are the landlord. You are an agent for the landlord and his bad behavior will reflect on you.

Do some initial screening

The answer? Screen your property owners. Set ground rules for what they may do if you are managing their properties. If they don’t like them, don’t take the client on. If they can’t abide them after you take over management, fire them. Don’t let your business suffer because of a bad client.

Rental Property Management Broomfield CO

Broomfield, Colorado is a fantastic place, especially if you have a rental property to share with another family. As a
landlord, being available 24/7 to maintain that property is difficult at best. This is especially true if you’ve moved out of the area. So you need a great property management company. There are many to choose from, but your choice is Denver Realty & Rentals. They provide the best service for real estate investors and their properties.

24/7 365 days a year

Rental Property Management Broomfield CODR&R provides all of the services you could possibly need, 24/7 365 days a year. It would be great if emergencies happened during the day when your plumber, electrician or contractor has regular business hours. Unfortunately, that’s not usually the case!

They usually happen in the middle of the night, on holidays, at times that are inconvenient. That doesn’t bother DR&R. They have plumbers, electricians and handymen ready to help whenever your tenants need them.

Oh no, your current tenant has given notice! How can you possibly get the property cleaned, repaired, shown to prospects and re-rented in 30 days? Keeping it rented is the only way you can make money. Don’t worry, DR&R will get your property in tip top shape, shown and rented, and also improve it to increase your equity. They also inspect annually and between tenants.

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 Broomfield, Colorado area visit these sites:

http://www.colorado.com/cities-and-towns/broomfield
https://en.wikipedia.org/wiki/Broomfield,_Colorado

Rental Property Management Westminster CO

You have a rental property in Westminster, Colorado. You know that you can’t be there to take care of it at a drop of a hat. So you need a great property management company. They aren’t a dime a dozen, so your best bet is Denver Realty & Rentals. They provide the best service for real estate investors and their properties.

24/7 365

Rental Property Management Westminster CODR&R provides plenty of the services you need, 24/7 365 days a year. As you know, calls can, and usually do, come in the middle of the night, on holidays, at times that are inconvenient. That doesn’t bother DR&R. They have plumbers, electricians and handymen ready to help whenever your tenants need them.

Worried about getting the property in shape for a new tenant? They strive to not only keep the your property looking top notch in between tenants, but improve it for you. They inspect annually and between tenants.

Range of services

The range of services they provide include making sure your rents are comparable to others in the area, 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.

You know that you can’t do it all, so hire the 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 Westminster, Colorado area visit these sites:

http://www.ci.westminster.co.us/
https://en.wikipedia.org/wiki/Westminster,_Colorado
http://www.colorado.com/cities-and-towns/westminster

Colorado Rental Property Management

As a rental property owner you know that taking care of one or more properties yourself can be exhausting and time consuming. Colorado Rental Property ManagementIn Colorado the best property management can’t be easy to find, but in Westminster, Broomfield and Louisville, among others, the best is Denver Realty & Rentals. They provide the best service for real estate investors and their properties.

DR&R provides many services

They are available for their clients 24/7 365 days a year. Important because emergencies don’t follow a schedule or wait for the office to open. They have relationships with vendors of all kinds to keep your properties safe and in great shape. They strive to not only keep the integrity of your property not only where it is, but to make it better from tenant to tenant. They do this through annual inspections and also between each tenant.

Other services include:

  • Check rental rates in your area
  • Prepare the home to be rented (thoroughly cleaned and repaired)
  • Advertising the property for rental
  • Provide professional photographs
  • Vet prospective tenants
  • Show the property
  • Take all the phone calls
  • Protect owner identity
  • Make sure the tenant has quiet use and enjoyment of the property
  • Follow all fair housing laws (Federal and State)
  • Move in, move out checking and cleaning
  • 24 hour answering for emergency
  • Owners are our first priority but we know happy tenants are an owner’s priority
  • Collection of full rents
  • Handle any necessary eviction process

Hire the best

Hire the firm with the most knowledge and expertise to handle your rentals. They only deal with the most experienced and affordable tradespeople to make repairs and do the upkeep on your properties. For more information visit  http://denverrealtyandrentals. com/property-management/