Renting Your Luxury Home In Denver – Keeping Up With The Joneses

You have a luxury home and you want to rent it out for top dollar. Well, the phrase “keeping up with the Joneses” should be your very best friend if you want to get the rents you think the property deserves.

Renting Your Luxury Home In Denver - Keeping Up With The JonesesKeeping up with the Joneses – Everyone knows that means making sure your home and possessions are better than everyone you know. Having the best house on the block rules. Renting it does too. But what, exactly, does that entail?

Top of the line

To start with it means top of the line flooring: marble, hardwoods, travertine tile. Counters should be marble or granite in the kitchen and baths. Heated floors in the bathrooms, not just the master bath. Top of the line shower heads. The kitchen should have the best appliances: stove and range top, refrigerator, dishwasher, microwave, convection oven. The family room or entertainment room should have the best television, sound system and surround sound. The home systems, like hvac and security, top technology and connected to an app for ease of use.

The best of everything

The best furnishings should be in each room. Luxury renters expect fully furnished homes.
Outside areas should have the best landscaping. Entertaining areas with outside kitchen for grilling. If you have a pool and spa, make sure the decking is the best hardscape available and the pool and filter are in top condition. If you saw it on HGTV or DIY Network and it wasn’t “how to do it on a budget” think about it for your property.

In short, if your neighbor has something better, update yours. Your renters will expect only the best. Be sure to give it to them.

If you are looking for Denver Executive Rentals company, give us a call today!! 303-452-5853

Denver Property Management News – Why Rents Are So High In Denver

Denver Property Management News - Why Rents Are So High In DenverIf you’ve been looking lately for a rental property in Denver, you know that rents are high. Why? There are a number of reasons, including low inventory, rising equity and not too much new construction.

It means that if you want to rent your property, now is a great time and using a Denver property management service can help you get it rented for the best income possible.

Rental property is hot due to low inventory

Denver real estate, for rental properties, is hot right now. There are a few reasons for this. One is low inventory. When the housing bubble burst, people stopped buying, generally, and started renting. Many were people who lost their homes to foreclosure and couldn’t purchase another home.

Others were younger people who saw the bubble crash and decided that home ownership was too risky. Renting was better. That means that many more housing was being rented and there were fewer homes available. That trend has continued. Those who have been through foreclosure needed time to repair their credit before being able to buy again. Others just kept renting.

Another reason is housing market prices are higher

Another reason is the fact that now that the markets are rebounding, those who own now have a lot more equity in their properties. That makes housing that’s for sale more valuable, and more expensive. Prices are going up, another reason for higher equity, meaning that those who may have been able to buy a few years ago are finding themselves priced out of the market. They have to continue to rent, another factor in low inventory.

Factor in low amount of new construction

The last factor in higher prices is the fact that there hasn’t been a lot of new construction of apartments… yet. That factors into low inventory. If more housing units are built, there will be more available and more choices for tenants. That will help stabilize prices, maybe even help push them down a bit. Construction is picking up, but it takes time to get places built, so any relief from higher rents from this is some time away.

Rents are high in Denver. And maybe that’s just because it’s a cool place to live too!

So use Denver Realty and Rentals to assist you in fulfilling your real estate investing goals by capitalizing on this crazy time in the housing market. NOW is the time to buy property to use as an investment and we can help you find the best deals! 303-452-5853

Top 5 Improvements To Make To Your Colorado Investment Property

You just bought an Colorado investment property and are wondering about making improvements to it. So what improvements should you make to your property in order for it to be worth more to you now in rent and later in value?

Let’s start with the really important things – systems:

Top 5 Improvements To Make To Your Colorado Investment PropertyIf your property needs updates done to HVAC, electrical, plumbing, well/septic or sewer in order to bring them up to code, you have no choice, you must do them. The more important thought is that if they are replaced they will be more energy efficient and cost you less money in the long run. Plus their improvement will be a huge selling point later.

Siding, doors, windows:

Outside is another place to look. Changing siding, doors and windows will give you a huge return on investment, make the property more energy efficient, safer and keep future tenants happy. They aren’t always expensive fixes, but they are worth every penny.

Finish unfinished areas for more living space:

Attic spaces, basements, or other rooms that could be used as bedrooms, offices or bonus rooms. They mean more money in rent and more money because of the living space additions. Baths are another huge addition that add value even just new counter tops, Adding even a half bath adds about 10.5% to the value of your home, full baths twice that. If you have the space to add one, do it.

Update your kitchen:

Just doing simple updates like painting, refacing or painting cabinets, replacing flooring or changing counter tops will add a lot of value. People look for updates in kitchens, so do what you can there even just updating the counter tops. If you have a bigger budget, gut and replace. Don’t forget to update appliances too. Old ones are a problem and new ones energy efficient.

Add storage:

Any additional storage that you can provide or build into your property will add value. Closets, built in cabinetry or shelving, storage areas. It all adds up.

Updating an investment property is a good idea, one you should not ignore! If you need more personalized suggestions for upgrades to your Colorado Investment Property give Tena D. a call today! 303-452-5853

Luxury Property Management – How Luxury Rentals Differ From “Regular” Rentals

You’ve seen the ads for “luxury rentals” and maybe you wondered how a luxury rental differs from a “regular” rental. Sometimes called “executive” rentals by property management companies, they are a world apart. They’re full of amenities, and are often available for shorter lease terms for executives who need a place to stay for a few weeks or months. Furnished, gorgeous and up to date.

Typical Executive Rental

The typical executive rental is a high end home. Built with only the best high end touches like high ceilings, crown moldings and large rooms. Kitchens are gourmet or Luxury Property Management - How Luxury Rentals Differ From "Regular" Rentals chef’s kitchens with high end appliances, gourmet stoves, granite or marble counters, wine coolers and islands. Baths have double sinks, Jacuzzi tubs, separate showers with multiple shower heads, deep soaker tubs, heated towel racks, marble or granite tile and counters. Every room is spacious with high end finishes, hardwoods, marble or travertine floors. Homes have high end technology and are tastefully decorated. Furnished to the nines, and rented as fully furnished. They are found in expensive communities, often gated with pools, gyms and golf courses. Tenants have access to the community extras.

Furnished and Stocked

Executive rentals are furnished rentals and will include things like linens, fully stocked kitchens which include all appliances, big and small, pots, pans and dishware. Staffed or with services like cleaning crews and staff to shop to keep the pantry full, the executives looking for these types of homes usually need them for a short time span that depends on their professional duties or travel schedules.

Use Property Management

Items that are usually included in the much higher monthly rent are utilities, furnishings, and community amenities, Depending on the executive’s needs, other inclusives may or may not be added to the monthly rent. The property management company can help with matching the executive to the rental.

If you would like to find out more about listing your luxury property, give Denver Realty and Rentals, Executive Property Management a call today! 303-452-5853

To Evict a Renter in Colorado – What is the Process for Colorado Property Management

If you own a property that you rent out, eviction of tenants is always a possibility. Eviction is the legal process where a landlord obtains a court order to forcibly remove the tenant and their possessions from a property.

In Colorado, a landlord of a property can only evict a tenant “for cause” or “without cause.” If the lease has not yet expired, the tenant can only be evicted for cause, usually non-payment of rent or violation of a condition of the lease. A tenancy can be terminated without cause if the lease has expired.

The initial eviction notice is called a demand for possession, and must be in writing and specify the grounds, describe the property, state the time when the tenant must leave, and be signed by the landlord. Specific reasons for the notice govern the length of time the tenant has to vacate. The notice must be served personally on the tenant or a member of the tenant’s family over 15 years of age or by posting if the tenant isn’t home or tries to evade service.

The court proceeding in an eviction case is started with a summons and complaint. The summons commands the defendant to appear in court at the time and date set in the summons by the landlord’s attorney. Typically, tenants have only a few days to respond to the summons after it has been served. The summons and complaint must be served on the defendant by a sheriff or other person over 18 who is not a party to the action. The summons can be given to anyone over 18 who lives at the same place, or by posting or mail.

The tenant may file an answer, and the answer must admit or deny the allegations of the complaint and present all the tenant’s defenses. The defendant also is required to assert any counterclaim, that is, any claim the tenant may have against the landlord at this time or risk losing the right to counterclaim. If the court accepts the tenant’s answer, it will set a trial date.

The trial date is usually within five business days. An eviction trial is governed by the Colorado Rules of Civil Procedure, the Colorado Rules of Evidence and the eviction statutes. Both parties make opening statements, call witnesses and make arguments. If the landlord wins, they will receive a Writ of Restitution and the sheriff will come and evict the tenant.

Need a great Colorado Property Management Company? Give Tena D a call!!! 303-452-5853