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.

5 Ways Property Managers Make Real Estate Investors Lives Better

You invest in real estate and have a few rental properties. You’re trying to decide whether to hire a property manager to help you out. So how can a property manager make your life better?

Financially

5 Ways Property Managers Make Real Estate Investors Lives BetterFirst, a property manager can help you financially. First, they are more in touch with rental rates in the area or areas where your rental property or properties are located.

If you overprice, no one will rent, if you underprice you are cheating yourself. A good property management company will conduct a thorough market study in order to set a rental price for your property. They will also collect and deposit your rental payments. That will relieve you of the hassle of chasing down tenants who may be late or no-pay.

But before you get to the rent collection issues, getting the property rented for you is right up their alley.

They will market the property, do background and financial checks on prospective tenants and get the property rented. Finding the right tenant for you also means keeping the property rented and keeping your income flowing.

Maintenance: scheduled and emergencies

Keeping those tenants happy is also a huge part of keeping them. Having a property manager means having someone available for those emergency maintenance calls. They will handle regular maintenance, inspect the property and manage any situations where conflict resolution is required. That keeps your property in good condition. They know the best contractors, tradesmen and suppliers who will do quality work on your property.

Laws and regulations

Even more important, they will know the housing laws and regulations inside and out. This knowledge will keep you out of hot water with local, state and federal officials. Between regulations on rental discrimination and fair housing regulations and requirements (from the ADA) there is a lot to remember. Can you keep on top of it all?

Using a property manager is a smart decision. Don’t go it alone.

Looking for a great property manager in the Denver Metro area? Give Tena D a call today! 303-452-5853

Denver Luxury Home Property Management – Why Hire A “Hands On” Rental Agent

You know having a property manager is a good idea, but should you hire a hands on rental agent? After all, can’t your property manager handle that too? In some cases, yes, but a good rental agent can be a great asset to getting your property or properties rented, while your property manager helps to keep them rented.

“Rental agent” and “property manager”

Denver Luxury Home Property Management - Why Hire A "Hands On" Rental AgentOften the terms “rental agent” and “property manager” are used interchangeably. Sometimes they are interchangeable. However, there are times they shouldn’t be, and you should hire a professional to handle just the leasing of your rental property, not the ongoing management. A rental agent provides specific services dealing with the rental of your property or properties. These can include market research to fix the pricing for the monthly rent; advertising the vacancy; showing the unit to tenants; and writing up the lease contract and getting it signed.

Find tenants

A rental agent might have more resources available to find tenants. They are dealing with people daily who are looking for someplace to live. They have marketing resources available for real estate and it’s their specialty. They understand the things that people are looking for when they are trying to find a new home, whether purchased or rented. Use that knowledge to your advantage.

Provide services

Property managers can also do the same things a rental agent does, but they are better suited to provide services like collecting rent; conducting periodic property inspections; taking care of maintenance and repair; managing the tenant relationship; handling monthly accounting and preparing year-end tax reports. (disclosure Denver Realty and Rentals is a full service Denver Property Management company)

It is possible that you will need both types of services from time-to-time. If you would like to find out more about Denver Rental Property Management services, give Tena D. a call today! (303) 452-5853

Why Getting Help Managing Your Rental Properties Matters | Denver Rental Property Management

Why Getting Help Managing Your Rental Properties MattersIf you own a few rental properties, getting help managing them can save you major headaches. Unless you like using all of your own time to be a property manager, or you know all of the ins and outs of managing rental properties, having help is essential to being successful. Here are a few things that a Denver rental property management company will do for you!

Screen New Tenants

So what will a property management company do for you? Let’s start with screening new tenants. A good property management company knows the laws and also how to do proper background and financial checks. These checks will ensure that you end up with tenants who pay rent on time, stay put, take care of your property and cause few problems. Not only will the tenants be reliable, but it will also protect you from rental scams. Reputable property managers know how to look for warning signs of scams. They will also handle the lease details for you.

Knows the Legal Stuff

They will also protect you from legal problems. These include evictions, safety issues from condition of the property, inspections, having a solid lease for tenants, handling security deposits and rent collection. Keep in mind that if you have to evict a tenant, the law surrounding eviction can be a land mine. Do it wrong and you will be stuck with a bad tenant, who is mad at you for trying, and may be damaging your property.

Keeping It Rented

Of course, the aim of a rental property is keeping it rented. By keeping your property well maintained, making needed improvements for you, marketing it adequately, and renting it for fair market value, a property management company will keep you from having empty properties. Happy tenants pay on time and stay put.

The “Bad Guy”

However, if you get a tenant that is habitually late with rent, the management company is the “bad guy” that chased them down and enforces the terms of the lease. They will be the one that doesn’t cave to excuses and hold the line for you, the owner.

Use This Great Benefit

There is a lot more a property manager can do for you. It’s a great benefit that you should take advantage of today.

Looking for an AMAZING Denver rental property management company? Give Tena D a call today! 303-452-5853

How Many Properties Do You Have To Own Before Hiring A Denver Property Manager

You have bought an investment property and are wondering how many more you should have before approaching a Denver property manager to assist you with all of your real estate management needs. Well, start now! One property isn’t too few. It’s the best time to put the systems and support in place before you add more properties to your burgeoning empire!

How Many Properties Do You Have To Own Before Hiring A Denver Property ManagerA Denver property management company will provide the support and systems you need to successfully own and manage your rental properties. Property managers, whether commercial or residential, do some similar things to help.

Their duties include collecting rental payments from your tenant or tenants. This is an important part of what they do because you are in it to collect money!

A property manager also maintains the property for you. Instead of you running to the property every time a filter needs changing or something breaks, the property management company does that for you. They also provide preventative maintenance to keep broken things to a minimum.

But what about when your current tenant leaves? Well, the property management company will clean and repair the property, then find you new tenants. They will run background checks, interview potential tenants and find the one that is the best fit for you and your property. They will keep the best there for you.

If the unfortunate situation does occur and you need to evict a tenant, the property management company will handle all the notices, the paperwork with the local courts, assist with the eviction process, monitor the property throughout so that an angry, vindictive tenant doesn’t trash your real estate, and get the property ready to re-rent.

And yes, they will do this for one property or more. Put those systems in place to protect your investment now and investments later.

Looking for a great Denver Property Manager? Give Tena D a call today for a free quote! 303-452-5853