Investment Property Management Belcaro Denver Colorado

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If you are a real estate investor in Belcaro Denver Colorado in search of a professional investment property management company give RentVest a call…

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Many owners know that if you are searching for Property Manager in Colorado Springs, Colorado or Property Management Company San Antonio, TX. RentVest Property Management is who you need to reach out to but did you know that RentVest is also the top choice for property owners seeking a affordable investment property managers in Belcaro Denver Colorado. As part of the MYND group we are more prepared to handle the day to day affairs of the more than 30,000 tenants we serve, while enhancing the return on investment of the more than 3,000 investors in our network!

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Rental property management is the management of investment properties. The property manager or property management company basically acts and makes decisions on the part of an investment house owner to be able to maximize income and also to reduce risk for the property itself. Below, we will be discussing some of the reasons you would like to consider getting a professional investment property management company.

  1. Time: A number of people that invest greatly into investment properties simply lack the time that is needed to consistenly maintain them and to ensure they are functioning. A management company can minimize how much time that is required for managing property investments. Not only will they deal with the daily activities connected with owning the house, but they make decisions on the part of the home owner.
  1. Legal Knowledge: Those that invest in properties that get involved in varying legal programs will have to have specific legal expertise in the difficulties in order to effectively comply. A property management company will almost certainly know the specific guidelines and they can have the legal knowledge necessary to ensure full compliance.
  1. Background Record Checks: It is very important thoroughly inspect potential renters. A rental management company may have the time, skill, and funds needed to properly examine every one of the potential tenants to lessen risk and increase returns from your property.
  1. Location: Plenty of investors will acquire investment properties in numerous locations. As they are unable to bodily be close to their investment constantly, they tend to get out an investment manager in order to see about the different tasks that are required to handle your property as well as its tenants.

A great investment property management company can be a substantial advantage to someone that wants to buy a property. Making an investment in property is not only very time-consuming, but it could be particularly risky should you be not really acquainted with the legalities linked to owning and renting property and if you are not able to spend the required time managing the property and dealing with landlord duties. After just one simple call with us an you will understand why RentVest Property Management is your best bet for everyone in search of a professional investment property management company in Belcaro Denver Colorado! If you would like additional info on the services offered by RentVest Property Management please take a look at our blog. There you will find articles on Property Management Miami Beach and other subjects of interest to property owners in Belcaro Denver Colorado.

Article of Interest to Those looking for Property Manager in Belcaro Denver Colorado

Property Managers and Landlords are Going to Love These New Genius Solutions for Real Estate Management, Maximum Tenant Retention, Screening, and More

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Who’s ready for tenant screening so comprehensive it delivers details that include the tenant applicant’s cleanliness history, trustworthiness, manners, and how promptly they can be relied on to respond to messages. Some real estate management companies, property managers and landlords achieve epic success in the highly-competitive, physically and mentally taxing market niche of residential rental property management. To get to the top, they start at the bottom rung, roll up their sleeves and do the requisite heavy lifting. Eventually, they master the art of landlording and prove their mettle.

Luckily for others in this market, some property managers and landlords out proving their mettle are smart, skilled, innovative problem-solvers. Even luckier, on their way up the residential rental career ladder, they observed, analyzed, and began figuring out solutions to some promising but problematic residential real estate rental market programs and resources that weren’t entirely fixing the problems they were designed to fix.

Individually, their solutions led to some positive developments. But combined, they reveal a 7-step guideline for boosting rental property owners’ income streams that are so profoundly intuitive and logical, I expect property managers and landlords will be scrambling to implement it quickly. Why you ask?

Because it provides step-by-step instructions for utilizing existing tools and resources to effectively—yes, effectively—maximize tenant retention; allow landlords to easily implement smart and simple measures that add a layer of protection to their investment property from damage caused by negligent and destructive tenants; administrative automation information for property managers and landlords; advice for property management professionals on setting and defending professional boundaries with tenants looking for a new BFF, more fascinating details on the aggressive tenant applicant screening process, and more.

Managing rental properties can be highly profitable for high-achieving landlords and managers who attain the ranks of property management’s crème de la crème—best of the best—and enjoy the hard-earned fruits of their labor.

Whether you’re an experienced landlord or a novice property manager, below are 7 property management skills you’ll want to master. Who knows, eventually you may be able to distinguish yourself as part of the crème de la crème.

  1. Aggressive tenant screening

High-performing real estate management companies, property managers and landlords do not cut corners when it comes to finding the quality tenants for their rental properties. In addition to requesting applicants to complete a full rental application, these expert landlords and property managers run tenant screening reports that include credit reports, criminal background checks, and eviction history reports. Next, they analyze and scrutinize all of these reports to narrow the contenders down to those whose records demonstrate a great track record for financial solvency, payment responsibility, reliability, and trustworthiness.

But the team doesn’t stop there. These property managers and landlords go beyond the standard tenant screening and background checks by further evaluating rental applicants from a more comprehensive perspective that hones in on the applicant’s financial credibility, standards of cleanliness, and trustworthiness.

Because after all, financial stability alone doesn’t mean that a rental applicant’s fitness for tenancy is a foregone conclusion. To find the ideal tenant, they also evaluate applicants from a big picture perspective, which involves information not typically found on routine tenant applications, like:

  • How long the applicant is likely to stay in the property owner’s rental
  • How well they maintain their current home
  • Whether they’re polite or argumentative during their interview
  • How communicative they are. That is, how promptly they respond to email or voice mail messages

To access these details, the prime equity property managers consult rental references and compare different reports to verify that the applicant is being truthful on their current application. These skilled professionals also consider their gut instinct and don’t abstain from delving further when something seems fishy.

Obviously, aggressive tenant screening is distinctly different from blatant discrimination. Needless to say, the best of the best property managers and landlords do not engage in the latter.

2. Maximum Real Estate Management Automation

If you want to rise to the crème de la crème ranks of landlords and property managers but you’re still managing the administrative end of your business manually, you’ll never even reach mediocre status in this highly competitive, digitally-driven niche. Accepting paper check rent payments sent via snail mail from your tenants each month and fumbling with a print ledger is the least efficient method on the planet. You’re making your work much harder than it has to be. 1984 called, it wants its stuff back.

Welcome to the 21st century, where it’s possible to automate most if not all of your business administrative tasks with an online landlord/rental property management app. Property management software streamlines rent collection, income, and expense tracking, tax reporting, tenant screening, leasing, and more in a fraction of the time it takes you to do it manually. And it achieves all this at a lower cost and with greater accuracy than a manual system since human error and vulnerability to misappropriation of funds factors are taken out of the equation.

Fewer and fewer people bother with paper checks today, not to mention adding machine deposit calculating and disruptive bank runs. It’s all being done digitally now, and tenants—from millennials to baby boomers—expect access to online rent payment services. Especially when it comes to millennial renters, not having an online rent payment option can be a deal breaker if they’re on the fence about renting your apartment.

Online rent collection software is easy to set up in minutes. Rent payments submitted by your tenants are automatically deposited directly into your bank account the moment they’re sent. In addition to transferring rent payments automatically, a good rent collection app also automatically time and date stamps rent payment transfers, accurately records and stores transactions in the general ledger and organizes all financial records. No more tracking them manually. What will you do with all your new free time?

The use of paper checks is declining, and reports indicate that it would be prudent for businesses that haven’t already to adapt more economical e-payments especially now, when payment options offer faster payment initiatives like Federal Reserve Real-Time Payments (RTP) and NACHA same-day AC.

3. Legal Preemption

The top producing landlords and property managers understand that even applicants who pass the tenant screening and background check process with flying colors may end up costing them money. That’s because they know first-hand what costly damage bad tenants can inflict on a rental property. Property management gurus know that rental property owners can never be too prudent when it comes to protecting their investment property from negligent and destructive tenants, and they know every tool and strategy available to safeguard their properties. Landlord-tenant disputes are not uncommon, and the best property managers and landlords know their landlord-tenant laws (and you should too), which means they know that it’s the landlord’s responsibility to preemptively deal with and attempt to resolve common disputes in their lease agreement.

In addition to insurance, high-performing landlords are protecting themselves and their properties intelligently by incorporating specific, clearly defined lease clauses in their rental agreement that leave no room for uncertainty, dispute, or interpretation. For example, landlords and property managers can include lease clauses that place a cap on the number of overnight guests and occupants allowed to reside in a rental unit or specify who is responsible for specific maintenance tasks.

Prime equity managers and landlords know that landlord-tenant laws vary from state to state, each having its own rules and regulations. That means inclusion of a clause that’s deemed mandatory in all lease agreements in one state could be prohibited from inclusion in other states. Make sure to get to know your state’s landlord-tenant laws before you begin incorporating clauses in your lease agreement. Besides utilizing lease clauses, property managers also protect themselves by keeping records of the rental property’s condition before and after tenants move in.

Property damage at any level of severity can mean expensive repairs and lead to costly legal wrangling. To help avoid litigation, be detailed and thorough when documenting your property’s condition. Conduct both a move-in and move-out walk-through with your tenants and record your observations on a move-in/move-out condition statement in the presence of the tenants.

Take plenty of photos to catalog evidence in images, which can be important if there’s a need later to resolve any he-said-she-said conflicts with tenants who deny responsibility for damage discovered upon moving out. Your property management app has a feature for uploading and storing photos for each rental unit as well as signed lease agreement.

4. Setting and Defending Boundaries

You may have rented a unit to a tenant after discovering you grew up in the same town or shared similar interests, and he or she seemed pretty cool. Regardless of the neat coincidence or shared interests revealed in casual chit-chat, avoid the temptation to befriend your tenant. The landlord-tenant dynamic is, first and foremost, a professional association and you must remember to keep it that way. After all, this is business and your tenant is your customer.

By letting your guard down to establish a friendship with your tenant, you blur professional boundaries. Once this happens, your friend—a tenant—may feel comfortable asking if she can have extra time to pay her rent or violate another of her lease terms without penalty.

Of course, you are under no obligation to approve her request, but there’s the chance it may create an awkward tension that can cause problems for you during the remainder of her tenancy. Another possibility, should your tenant decide to renew their lease, you may feel coerced to waive the scheduled rent increase. In that case, it’s important not to acquiesce, or your professional authority will be diminished.

Real estate management experts always set and adhere to clear boundaries with their tenants. In fact, they are so convinced that their position regarding landlord-tenant personal relationships can be problematic, they decline requests from existing friends to rent apartments to them.

As a property manager, the demeanor and disposition you present in the presence of tenants are crucial to earning and maintaining their respect. It also provides a protective boundary that can help you avoid situations in which a tenant feels comfortable asking for a favor that violates the terms of their rental agreement. Keep a professional berth between yourself and your tenants and you’re off the hook.

Tenants will take advantage of a property manager or landlord if they sense a soft spot, and they may interpret friendliness with renters in the community as a sign of susceptibility. Maintaining a strictly professional demeanor while averting tenants’ efforts to establish friendships creates the perception of that protective barrier, or a boundary if you will, around you that inhibits tenants from sensing you’re someone they can ask for help violating one or more terms of their lease agreement.

Maintain a respectful and positive rapport with your tenants, but avoid relationships of a personal nature. You can relieve yourself of any pressure you might feel to be nice for the sake of preserving a friendship.

5. Be Proactive About Filing Evictions

Encouraging proactivity shouldn’t imply that proactive landlords and property managers lack feelings or sympathy. Nothing could be further from the truth. Rental complexes, like all businesses, are just that—a business. They must generate income to keep the complex running. Additionally, proactive landlords and project managers have jobs to do, and part of their job is to take immediate action when grounds for eviction emerge.

What constitutes grounds for eviction?

  • Defaulting on rent payments
  • Causing significant property damage
  • Unapproved subletting
  • Engaging in illegal activities on the property
  • Any other lease violation

Consequently, tenants who breach their rental contract in any way present a greater risk to the property owner’s investment, especially if they cause damage to the property. Although rules governing eviction vary from state to state, the eviction process  itself is long, tedious, and costly. Landlords don’t enjoy evicting tenants—in fact, it’s contrary to their whole purpose for investing in rental properties to begin with.

But when tenants violate the terms of their lease agreement, landlords and property managers have no choice but to evict them from the property. Starting eviction proceedings sets expectations for the tenant being expelled from the premises, while still providing adequate time to resolve the violation that instigated the eviction, such as defaulting on rent payments.

  1. Tenant Pruning

According to the National Center for Housing Management, the average tenant turnover rate nationwide is 54 percent. That translates to 1 in 2 tenants vacating rental properties every year. For property managers and landlords, this means you will need to:

  • Begin searching for and screening new tenant applicants, and advertising the unit
  • Prepare the unit for a new tenant, which means, at minimum, cleaning, and repairs
  • Lose at least one month’s income since there is no a tenant in the unit

Tenant turnovers are extremely costly to landlords. The quality of the tenants you approve to rent apartments shall determine both the landlord’s returns and the work required of the property manager. With that in mind, high-achieving landlords and property managers are prioritizing their efforts to retain good tenants and conversely, issuing non-renew notices to bad tenants whose units are then available for new, quality tenants. The best property managers and landlords place a very high value on bringing in quality tenants, selected through its aggressive tenant screening process, to minimize turnover, maximize quality tenant retention, and enjoy reliable monthly income streams.

To keep tenants happy, the best property managers should:

  • Treat tenants cordially and respectfully
  • Abide by fair housing rules and offer reasonable rental prices
  • Respond promptly to maintenance needs
  • Explore lease renewal incentives, such as gift cards or reduced rent hikes

As for the bad tenants, they receive non-renewal of their lease agreement notices when the term end is approaching. Proactive tenant pruning—that is, working to retain solid tenants and send non-renewal notices to bad ones—this protects the property owner’s investment over the long term and ensures that only responsible tenants who consistently pay their rent on time, don’t cause trouble, and don’t abuse the terms of their lease agreement live on the premises.

7. Responsive and Recorded Communication

Top performing project managers and landlords communicate promptly and transparently with their tenants. Just as the landlord who developed these 7 skill guidelines included a message response time query in the tenant screening process, he is hypervigilant about promptly responding to tenant messages as well.

The standard among the best property managers is to address tenants’ issues and concerns immediately—even if they’re non-urgent. Whether the roof is leaking, a drain is clogged or the HVAC system is being temperamental, they know that landlords who respond promptly demonstrate consideration to tenants’ needs—another slam-dunk for tenant retention.

In addition to cornering the market on responsiveness, this landlord, like all the best landlords and project managers, is also attentive to tenants’ minor concerns and complaints; he listens closely to each of them, and this level of respect and concern is not lost on his appreciative tenants. His communication proclivity helps further mitigate potential misunderstandings that sometimes stem from property nuisances that are out of the landlord and property management’s control, such as a sudden power failure.

Takeaway

Have you detected similarities in these expert property management skills and strategies? If you noticed that they all work together to achieve the goal of maximizing good tenant retention, you’re on track.

Good tenant retention is at the core of the industry-leader’s smart and practical approach to solving the rental property owner’s most pressing issues: by leveraging the tools and data available to conduct aggressive, comprehensive tenant screening that all but guarantees finding high-quality tenants, maintaining low vacancies, ensuring a steady and dependable income stream, and reducing expenses through the implementation of automation, he’s developed a recipe for success that all landlords and property managers can easily replicate and implement themselves.

It all adds up to the development of a synergistic model of interdependent preventative actions that combine to achieve a crazy-effective tonic that heals what ails rental property investors—particularly the high vacancy conundrum and tenant screening deficiencies.

Together, the landlord and property manager mastered the art of landlording by learning to think several steps ahead and by focusing on critical programs and tools with some previously unattended weaknesses that needed to be fortified.

Their persistence and willingness to keep pushing the limits to find even more resources for tenant applicant screening developed into a holistic approach to achieve a “big picture” profile of potential renters. This kind of smart, innovative, and analytic problem solving brings landlord responsibilities and real estate management to a new level.

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Investment Property Management Belcaro Denver Colorado

Investment Property Management Company in Belcaro Denver Colorado If you are a real estate investor in Belcaro Denver Colorado in search of fixed rate rental property manager give RentVestPM.Con a call! Don’t matter if you are looking for Property Managers in Marietta, GA or Property Management Company near Littleton, Colorado many real estate professionals will concur that you consider RentVest. With more than thirty thousand tenants and over than 3,000 real estate [...]

2019-09-10T18:17:04+00:00