Tag Archives: property leasing services

Property Management Tips : Tapping Into the Millennial Generation for Rentals

Property management involves several tasks. Among the most basic tasks is the job of securing renters for the properties. Understanding the rental market is one way for property managers to boost business.

According to recent statistics from the National Multifamily Housing Council, 51 percent of the rental market consists of millennials, and the percentage will likely increase. Millennials are less inclined to purchase a home than previous generations. Since this is a key demographic for rentals, it makes sense for property managers to gain an understanding of those to whom they will likely be renting. Here are 3 characteristics of millennials.

 

Technology Savvy 

Millennials have been raised connected to the internet. They use their smart phones for about everything including texting, shopping, research, and self-care. Many millennials connect to the internet to fill out applications and make many of their regular purchases. So, in order to attract this group of people, property managers need to make rentals accessible online as well as offering a platform for filling out the application.

Once millennials become tenants, make maintenance requests simple with an interactive platform. The convenience will go a long way in keeping them locked in.

Socially Responsible

Research indicates that millennials are concerned about social responsibility. Highlighting any “green” features of the rental will go a long way with this group. Also, if there are any social causes that the property managers or owners are involved in, it can create a connection with millennials.

Social

Millennials love company and friends. Whether they are getting together for a cookout or checking out a new museum, they enjoy social activities. When selling your property to millennials, it is advantageous to mention or list all of the social spots around town.

 Understanding the millennial preferences aids property managers in renting to this group. Connect with us for more information about property management.

Boulder Property Management          Longmont Property Management

Louisville Property Management       Superior Property Management

Arvada Property Management

Property Management Company

Hire a Trustworthy Property Management Company and Relax

As an investor you want a worry free return of investment on your money.  Today, rates are making this nearly impossible through the banking system. However, investing in rental property has many advantages in this new economy, but the burden of personally managing your property assets is not one of them.

A most significant aspect of property management and return on investments is the filling of vacancies. If this is not handled correctly, efficiently and wisely it will cost the owner on revenue, time, and expenses. The property management of filling vacancies involves many steps that are best handled by an experienced team. Below are some of these steps:

  • Deciding on the rent amount. This must match or reflect the existing offers in the neighborhood.
  • Advertising the property for rent in all forms of media: social, exclusive rental websites, print, referral networks and the use of highly trained leasing professionals. 
  • Showing the unit. This takes time and coordination.  It is best to have a mechanism which eliminates the obviously unqualified potential tenant.  A good property management team will do this. 
  • Screening the potential tenant prudently.  This is to demonstrate that a potential tenant is financially stable and able to afford your rent. 
  • Coordination of the lease signing and all agreements. The documented lease is the protection device for both the owner and the tenant.  As such it is a very important document.

Finally the most important topic Hire a Trustworthy Property Management Company and Relax. That is where Housing Helpers come in.  We help you with property management whether you live nearby or are an out-of-state property owner, we know your needs and have a proven track-record.  We are willing to work for your trust by delivering outstanding service.  And remember there are NO up-front cost. You only pay for results.

Contact us today and RELAX!

Arvada Property Management       Boulder Property Management

Broomfield Property Management      Erie Property Management

Longmont Property Management        Louisville Property Management

Lafayette Property Management         Superior Property Management

 

 

Three Reasons to Rent Your Home Instead of Sell It

When it comes time to move, there are many options. You can sell your home with the help of a Realtor.  You can try to sell your home by yourself.  Or join the many people that have decided to rent their homes instead of selling it outright.

Here are three reasons that you may want to rent out your home instead of sell it.

  • You owe more on your home than it is worth.  Many people bought their house when the real estate market was high and they are going to lose a lot of money if they decide to sell now. It makes sense for them to try to rent it out for a few years to try to wait out the market and see if they will be able to make a profit on their home.

 

  • You are being relocated but are hoping to return. Many people hate to leave their dream homes when they are being relocated for job.  Instead of selling, they choose to rent their home,  holding on to their home in hopes that eventually they will be able to come back home.

 

  • Some people like to rent out their home so that they can still use it as a vacation home. This works well if you live in a college neighborhood where your home will only need to be used for part of the year. It may also work in tourist areas if you don’t mind vacationing in the off season.

There are just some of the many benefits to renting your home out. You may owe more than it is worth and you don’t want to lose money. Maybe you are relocating and hope to come back to your dream home someday. Maybe you just want to keep it as a vacation home!

 

If you are interested in learning more about renting your home, curious as to what your home might rent for, please give Housing Helpers a call at 303-545-6000 we are here to help you!

 

Property Management Services

Property Manager

Lease Only Services versus Property Management

Rental property owners often ask if they should use a lease only service or a property management company for leasing their rental properties.  Rental properties can be great investments, and like any investment there are different ways of managing them to maximize their potential.  Each has its pros and cons, and each may appeal to a different type of investor.  So this post will explore the basic differences between lease-only services and property management services.

Some rental property owners prefer to take a hands on approach and manage their own properties, instead of hiring a property management company.  One of the benefits of this approach is the investor/owner can save money on property management fees.  But for many rental property owners the most time consuming, most stressful, and most costly part of self managing their properties is locating suitable tenants and avoiding vacancy.  Vacancy loss can destroy the income potential of a rental property if it is not kept in check.  That’s where lease only services come in handy.

For the investor/owner looking to maximize cash flow on their rental properties and minimize vacancy loss the lease only services or leasing only can offer a great solution.   Lease only services are designed to handle the upfront task of obtaining tenants for a rental property.  Lease only services will usually include the following: all advertising and marketing of the rental property, fielding all phone calls from prospective tenants, prequalifying prospective tenants, showing the property, providing feedback to the property owner regarding showings, rental rates, and marketability, and providing tenant screening and lease document resources.   Once the property owner approves of the tenant and the lease is signed, the lease only services are completed.

For the investor that is more “hands-off” and doesn’t mind foregoing some of the cash flow to have a third party acting on their behalf to oversee the operations of the investment, property management may be the way to go.  Property managers can be responsible for rent collection, scheduling repairs and maintenance, property inspections, accounting functions, and more.  Typically they will require a long term contract at least for the term of the lease.   And the property manager will typically act as an agent for the property owner in all matters dealing with the tenant relationship.  Because property management companies will likely require a contract it is important to make to review the contract carefully with your attorney.

There are important cost differences between a lease only service and a property management service.  A typical property management contract charges an ongoing recurring monthly fee to the property owner based on the percentage of monthly rent- such fees can range anywhere from 7% to upwards of 30% of the monthly rent depending on the type of property- the fee is charged for each month of the lease term.  Many times there is also a tenant placement fee and renewal fee in addition to the monthly management fee.  On the other hand, lease only service typically charge a one time fee, sometime based on a percentage of the first month’s rent and sometimes a flat rate fee- and the fee is typically only due when the tenant is secured approved by the property owner.

With a lease only service there is no ongoing recurring fees and typically no renewal fees.   For this reason lease only services can save property owners thousands of dollars in rental income over the course of a lease term.  But only if the property is properly managed by the investor during the ongoing lease term.

A poorly managed property can also end up costing the investor more in the long run.   For rental property owners that want the ability to manage their own properties, are able to handle basic management duties, but not the hassle and expense of securing tenants, lease only services can be a great way to go.

Rental property leasing services are different from property management services in a number of ways, both in the fees involved and the services performed.   This by no means covers every leasing service or property management company that is out there but lets summarize the basic differences.

Compare the services performed:

  • Lease only services: focus is on quickly obtaining suitable tenants to minimize vacancy costs.  Handling the upfront tasks of advertising, showings, and screening tenants.
  • Property management: focus is on the ongoing management activities for the property such as: rent collection, scheduling maintenance and repairs, accounting, and property inspections.

Compare the costs of service:

  • Lease only services:  One-time fee due upon lease execution.  A percentage of first month’s rent or flat fee.  No recurring fees, no renewal fees.
  • Property Management:  Recurring fee due for each month for the term of the lease.  A percentage of each month’s rent for the term of the lease.   Often renewal fees in addition.

As a side note:  Both lease only services and property management fees are typically tax deductible as an expense of operating the rental property- **always consult your tax advisor to determine if this is the case for your property**.

Rental property owners/investors have a multitude of choices when it comes to renting out their properties and protecting their investment.  Regardless of which way you decide to go, hiring a professional to help can make your life easier and the ownership of your investment more enjoyable.

 Property Management Companies

Winterizing Your Rental Property | Helpful Tips For Landlords and Renters

Boulder Winter Flatirons  Even though the cold season has been slow to arrive this year, there is no doubt that a Colorado winter is sure to happen sooner or later. If the weather forecast is to be believed, it is likely to happen sooner rather than later! When it does, you don’t want to discover that your home or apartment wasn’t ready for the frozen flakes and sub-zero temperatures. Below are a few tips for winterizing your rental property and whether you are an owner or a renter, using these tips could save you a lot of unnecessary money and shivering down the road.

In order to avoid a lengthy to-do list, the following information is presented with the fitting acronym of SNOW-Seal, Note, Outside, and Windows.

Seal: The first step to winterizing your rental unit is to seal any holes, cracks, or crumbling mortar. A good way to find these often hidden nooks and crannies is to wait for a windy day and then carefully comb through your property in search of any drafty spots.

Key areas to check include walls, window sills, wood trimming, siding, and near electrical outlets and doors. With a thorough inspection, you’re bound to find a few places that need additional caulking or weatherstripping. Using caulk, tacky rope caulk, or weatherstrips in these areas will help keep the weather out and the warmth in.

Small gaps and holes can generally be fixed with a simple caulking, but larger problems may require a self-adhesive foam found in a local hardware store. If it’s an issue of a draft sneaking through beneath exterior doors, you can either replace the entire threshold or just insert a seal in the threshold. With any of these seal solutions, ensure that you try to find the exact fit- otherwise, get one size bigger and trim it down to the proper size. Trying to seal a spot with something too small will only lessen the problem, but not eliminate it.

Note: The next item in our SNOW tip list is “N,” for “Note”- and I don’t mean the type you used to write to your third-grade crush in elementary school. There are two primary components at play here- the heating system and the alarm system.

First and foremost, take note of your heating system before you need to rely on it through the cold winter days. Also check the pilot light and burners if your heating system runs on gas or oil. The filter should not only be checked at the onset to winter as well as checked (and if need be, changed) every month to avoid dust and pollutant build-up and increase efficiency.

Another item to note are the air ducts. The U.S. Department of Energy states that a centrally-heated home can lose as much as 60% of the heated air before it even reaches the vents if the ductwork is not done properly.  In other words, it pays to ensure that those air ducts are both well-connected and well-insulated. It’s also a good idea to vacuum them out every few years to allow easier air flow devoid of gunk and grime.

Another very important item to note for winterizing your rental is the alarm system. This includes both smoke alarms and monoxide detectors. The batteries should be checked twice a year to ensure they are working properly. Beyond the biannual check, however, it is vital that they are in working order for the winter months when homes and apartments are more likely to be enclosed with running heat and therefore more susceptible to fire dangers.

Outside: This section covers the importance of winterizing gutters, roofs, and outside faucets. A long autumn can cause a build-up of leaves and other windblown items into your gutters, but it is well worth clearing out before the snow demands the space. If snow falls on clogged gutters, it will hinder the water from effectively draining from the roof. This trapped water could potentially freeze, thaw, and re-freeze several times throughout the winter which can damage not only the gutters themselves, but also the attached roof.

In addition, pay close attention to any loose or damaged shingles because the weight of snow is bound to worsen their conditions. Finally, if applicable to your rental property, the chimney is another outside element to consider. Beyond the general sweep, it should be inspected as soon as possible in order to avoid unpleasant surprises later on.

A final word on the outside section concerns the curse words of winter, “frozen pipes.” It is important the note that your lease may hold you responsible for any damages that come as a result of frozen pipes, so taking caution in this matter is not only recommended- it may be required. Wrapping exposed pipes with heating tape or some sort of insulating cover is a good way to start. In addition, it is also important to drain any exterior spigots and pipes so as to avoid freezing excess water.

Windows: We have reached our final letter of SNOW, the “W.” Here it stands for the all-important windows element of winterizing. If storm windows are not an option, you can still enhance your heat efficiency by protecting them with plastic sheeting. This form of window insulation is installed from the inside with a double-stick tape. From there, use a hair dryer to affix the sheeting to the window. It may not be the prettiest addition to your home, but it will assuredly increase the heat efficiency by trapping the warm air inside.

If you can’t stand the look of it, another idea is to install curtains. An appealing drape will also provide a buffer between you and the winter outside.

A few last tricks of the trade to keep your rental property warm and cozy this winter is to consider your furniture placement. Take a stroll around your living space and ensure that no heat sources are blocked by furniture, which can prevent effective airflow. Aside from the fresh perspective that newly positioned chair can give, who knew that it could also keep you warmer.

Lastly, turn on the ceiling fan! By reversing the fans, you will actually push the warmer air downwards to a level where you can enjoy it.

Ultimately, the aim of the SNOW list is to keep you as warm as possible by being as heat efficient as possible. If you’re still in the market for a rental property or hoping to rent out your space this winter, consider using Housing Helpers to make this possible! Happy winterizing!   Housing Helpers can Rent Your Property quickly and provide a great way for you to manage your properties easily.   If you are considering long term rental property management or property management companies, check out Housing Helpers first as we are Colorado’s most popular rental locating service and we can recommend the right property management services for you!

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