Tag Archives: Rent Your Property

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

 

 

Property Management Housing Helpers Boulder Colorado

5 Ways Property Management Gets You More Bang for Your Buck

The decision to hire a property management company is not one that many home owners take lightly. After all, putting someone else in the middle means that you get a smaller slice of the pie.

Or does it it?

Let’s look at some ways in which using a property management company actually helps get as much money into your pocket as possible – which, let’s face it, is exactly where it belongs.

Time is Money – Especially Your Time

When you sit down to think about what managing a property entails, lay out a salary for yourself. Think about what you’ll be doing, and what your renters will be expecting of you. If you were ever a renter, try and go back to that time – what did you expect of your landlords? Match those expectations to yourself, and try to put a dollar number to it. Do you have the hours every month, or week, to match that salary? Do you have the ability to afford paying yourself that, while still breaking even on this?

With a property management company working for you, there’s no math to figure in trying to decide if your time is going to be made worth while… because you’ve already made the decision that your time is more valuable than anything else.

DIY Can be Costlier Than You Think

Even assuming that you’re a tried-and-true handyman who owns all your own tools and knows their way around a circular saw, doing your own repairs gets expensive… fast. Even something as simple as a leaky faucet can potentially lead to any number of great home renovation problems. Not to mention to the repairs that are fairly cut and dry – there’s still all the components of evaluating the problem, driving to the hardware store, purchasing the parts, returning to the property (all within a time frame that works for both you and your tenant), hopefully fixing the problem on the first go, and leaving all without having any second problems arise, or hearing, “Well while you’re hear…” from your renter.

A Property Manager Won’t Get Sick of the Business

People become landlords for a variety of reasons. They buy a second home, but have trouble selling the first and so it becomes a rental. Or perhaps they get curious about what a second income might look like, so they buy another home and rent it out. How long do you think it will be before you’re throwing your hands up and screaming, running stark mad into the woods? Managing properties is not for everyone – but you can be guaranteed that a Property Management company is vested in having this be something they will work hard at every day.

While you may wake up one morning and not want to deal with your tenants, that will never happen with a Property Manager. You may start eyeballing your renter’s agreements, scheming ways that you could evict them early because you want out – again, not something a property management company would ever do. The honeymoon may eventually end for you – but for a property manager, this relationship is about the long haul.

The Math (Likely) Doesn’t Add Up

Let’s look at some easy numbers. Consider the idea that by managing your own property, you save an estimated $200 a month. Let’s further assume that you spend around 10 hours every month (or two per week) handling those properties – everything from running around town to check on houses, calling up handymen (or doing it yourself), stops by the bank or notary. Every bit of the business. What you’ve found yourself with is a job that pays you $20 an hour.

Instead, you could pass on that “saved” $200 a month, and focus instead on the part of property management that actually makes money – acquiring more properties, planning renovations to boost the rent, devising income plans. In the long run, letting a Property Manager do the “busy work” for you means that you get to do all the fun stuff yourself.

One Legal Bout Can Ruin All Your Fun

It’s easy to have an, “Oh, but it’ll probably never happen to me,” opinion about having to drag a tenant to court. You can just cross your fingers and hope that you only ever have great renters, or that even if you do have a few “difficult” ones, they’re never bad enough to need the court involved. The truth is, even within the world of small claims court, fees rack up to staggering heights. The most well-researched landlord is likely not as knowledgeable about tenant rights and property law as someone who works in the field, meaning you can trust yourself to be in the hands of someone who is working to keep you – and your renters – out of court.

If you own rental property in Colorado and would like to discuss options for property management and tenant placement services please give Housing Helpers a call at 303.545.6000.

Boulder Property Management

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

Apartment Finders

What to look for in a rental property listing company

Most rental property owners have a lot tied up in their properties financially, and as a result they have a lot of responsibilities making sure that it is taken care of properly.  One major concern is finding the right renters for that property who will be good tenants.  The world is full of so many different types of people that it can become quite a chore to sift through all of the applicants. Thankfully there is help to handle the daunting task of finding new tenants with the skilled expertise of people who specialize in this job.  

A professional rental property listing company provides a service that is appreciated by both parties involved. Prospective renters receive knowledgeable assistance to help them find just the right place, and the property owners benefit from the talented professionals who can handle the chore of filling vacancies for them. That means that you no longer need to worry about making time available to show the property or waste time waiting for no-shows. The experts are skilled at screening renters to make certain that your potentially new renters are qualified.  You won’t have to be concerned with placing expensive advertisements because these professionals have access to a huge network of exclusive rental websites, referral networks, print and social media that can save you a lot of time and expense.

The right property leasing and marketing professionals are very highly trained to be successful at finding great tenants for your properties, which helps you get the most value for your investment. And, of course you have the final say in approving the qualified renters that are matched with your property, giving you peace of mind.   Look for a professional rental property listing company with a dedicated property listing expert to handle your rental so you have someone who’s sole focus is your rental property – as opposed to selling real estate or providing other unrelated services.    They not only advertise your property, but also can take photos and video, place a professional sign on your property, field all telephone inquiries and pre-screen potential renters.

So not only do you save the time and expense of advertising to search for new tenants, but you also save yourself the trouble and inconvenience of conducting showings or property tours and running background checks as part of the tenant screening.  It is pretty obvious that this is a very smart choice for landlords in need of good tenants.  Find out more information about Housing Helpers rental property listing service and how “we connect people with places” by calling our office at 303.545.6000 or click on Rent My Property

Apartment Finders Housing Helpers Boulder Colorado

Boulder Rental Property Owner checklist : House, Inspection, License?

If you have recently taken advantage of the lower interest rates and increased property value in the current housing market and purchased a home, then keep reading. If you are now planning to stick a “FOR RENT” sign in the fertile rental land of Boulder, then the information presented in this post is all the more indispensable for you.

You must be a clever chap or lady to foresee the high-renter concentration in the Boulder area, especially in the hotspot areas surrounding CU. What many new owners in this position do not know, however, is the importance of the license.

And no, we don’t mean the driver’s license.

In the City of Boulder, property owners are required to hold a “Housing Rental License” in order to have the legal permission to rent out a property. This “Housing Rental License,” or “Housing Inspection License” as it is known by some, is required by the city’s Property Maintenance Code in order to uphold the safety and health standards for Boulder’s rental properties. This license must be current at the time of renting the property; otherwise you are subject to the same legal actions as those who attempt to rent an unlicensed property. Some exceptions to the rental license requirement can occur; a thorough explanation of these can be found on the City of Boulder website

In addition, an owner that lives in Boulder County is not required to have a property agent. It is only outside of the county that a property agent must serve as property’s contact person.

The Rental Licensing office is located in the Planning and Development Services Center in Boulder and has sporadic hours, so be sure to double check on their FAQ page before heading over.

The license fee is a flat $70 regardless of the number of units within the rental property. The license requires that a Baseline Inspection is completed in order to ensure the property is safe for tenants. This inspection, done by private inspection companies, covers four major areas: general life safety, plumbing and fixtures, mechanical and electrical, and finally, fire safety. If items need to be repaired, a re-inspection will be necessary before you can pass the Baseline Inspection. Upon its successful completion, the owner is presented with the signed inspection compliance verification form, which is an integral component of the rental license application.

Generally, this license must be renewed every four years with a renewal application, renewal inspection compliance verification form, a legal residency affidavit, and fee. However, if a new owner takes over the property at any point, the old license is considered null and void and a new inspection and license must be obtained.

While learning about this topic may not be on the top of everyone New Year’s resolution list, it certainly is an important one. If you are an owner of a property in Boulder and want to rent it out, then consider this post and this Rental License handbook as a letter with your name of it.

After you’re licensed, be sure to give us a call here at Housing Helpers so we can find the right tenants to appreciate your wonderful rental property! And remember, unless one of our rental specialists connects you with your future tenant, our listing service comes at no cost to you. We are confident we can find tenants who will adore your new property as much as you do.

Housing Helpers is Colorado’s most popular rental listing service. We provide Colorado Rental Property Leasing Services in Colorado for rental property owners, property managers, and property management companies in Boulder, Denver, throughout Colorado and Nevada.   Each City and town in Boulder County and throughout Colorado has different rules and regulations for rental property.  If you are considering renting your home or condo in Colorado start here to explore the rental property leasing services and property management services in your area.

 

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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