Denver Property Management Blog

Is it Time to Increase Rent on Your Denver Investment Property?

Is it Time to Increase Rent on Your Denver Investment Property? If you have had trouble raising the rent on tenants in the past or aren’t sure what fair market rent is in Denver, it’s smart to consult with a professional property manager. According to a recent report by RISMedia, Denver, Colorado made the list for one of the best U.S. markets for investment properties. Whether you just bought a residential rental property in Denver or are an experienced investor, now’s a great time to own property in Denver. The report showed that from 2014 to 2015 the fair market rents on 3-bedroom homes, condos or townhouses went up 10 percent in hot markets in Texas, North Carolina and Colorado. But Denver, Colorado, saw an increase of 20 percent in fair market rent. Giving tenants what they want One of the keys to being successful in Denver is updating your rental property so it appeals to homeownership-shy millennials or retiring baby boomers. The Denver market is already one of the best markets in the area, but it’s up to you to invest in your rental property if you want to boost potential rental returns. Today’s renters want upgraded kitchens, flooring and outdoor living areas. Enjoying the increasing demand Real estate experts report rent in Denver continues to skyrocket. With so many new apartments, some believed the supply would push down the market rent. Instead, an article by the Denver Post reports rent gains in metro Denver are rising at the fastest pace in the country, going up triple the U.S. average. One way to compete with apartment communities is... read more

Start a New Financial Legacy in 2015 with the Help of Property Management in Denver

Many people spend the new year making resolutions to hopefully bring about change in their lives. Getting in shape, losing weight, and saving money are some of the top promises people make to themselves. Losing weight and getting in shape usually fizzle out by February, and saving money proves difficult for many people because it’s hard to save what you don’t have. So many people in the United States live paycheck to paycheck, never having any left over to put into that mutual fund. The solution is to generate more income, which you can do with the help of experts in property management in Denver and Aurora. Legacy Properties knows first-hand what a quality investment can do for your financial state. Their business started with one wise real estate investment made by their grandfather, a person willing to step out of his comfort zone and take a small risk while keeping his regular career. When that investment proved successful, more and more were made and their financial future was secure. Two more generations saw the worth in investing in residential real estate, and now they are helping others also achieve financial success by renting houses and condos in the Denver area. If you want to take that leap, but aren’t sure where to start, that’s where Legacy Properties comes in. They can help you find a property that is a good value in a desirable neighborhood. As experts in the market, they will know how much to charge for rent, and can even take care of all the typical landlord tasks such as finding tenants, collecting rent, dealing with maintenance needs,... read more

Real Estate Investing: What Are Renters Looking For in Denver?

Investing in real estate in the Denver, Colorado area, is similar to other parts of the country in some aspects. All renters want easy access to their jobs, public transportation and recreation. If you are new to real estate investing, it pays to rely on the expertise of a Denver area residential property manager to market your property and enforce the lease. You can tip the scales in your favor by investing in properties with features that are in higher demand. Because landlords and property managers typically do not let renters make major renovations or changes to a rental property, renters are more concerned about the features, upgrades and flooring in a home they rent. Unlike homebuyers who can change anything they want, renters know they are going to have to live with design aspects of a rental home. To make your rental home more appealing, focus on the things that matter most: location, square footage and, finally, the design choices. Popular locations for Denver rentals Denver-area renters want to enjoy recreation, parks and the mountains. If you are looking for real estate investments, consider buying in Castle Rock, CO. Investing in a condo or home in Aurora, CO, is another hot rental market area because it’s close to the new light rail line. Size of homes most in demand Renters want as much space as possible for their money. If you can find an investment property with a finished basement, it gives renters more livable space. Three bedrooms and two bathrooms are popular with renters, although you can demand more money for a four-bedroom home. Renters also like homes... read more

Why Tenant Screening is One of the Most Important Steps in Real Estate Investing

For someone new to real estate investing, the process of finding a renter seems fairly straight-forward. Advertise the property, find someone who is interested, take their money, and hand them the keys. Many landlords operate in this fashion, but have constant problems with tenants. Proper screening techniques are essential to a successful investment property venture. When a property owner fails to properly screen tenants, he sets himself up for a lot of surprises, and not the kind that are fun. A landlord who doesn’t investigate may find out too late that his renters have bad credit, a job that doesn’t pay enough to cover the rent, or a history of being irresponsible. Unfortunately this type of oversight can result in late rents, mistreatment of property, general disrespect, and possibly having to go through the eviction process. A tenant screening process can make the difference between smooth sailing and a nightmare in a rental property. It is important to find out a prospective renter’s employment status and get references from previous landlords. Criminal and credit checks will also provide a lot of helpful information regarding the character and responsibility of the renter. Going through all these steps is a little overwhelming, but a property management company can make the process simple and quick. In the Denver area, Legacy Properties-PM has years of experience in finding quality renters, and we use all the information we acquire to assign each applicant a score. This is essential in finding a tenant who will be responsible, pay the rent on time, and take care of the property. When you have a vacancy in your... read more

Should You Keep Your Denver Home as an Investment Property or Sell?

With the value of homes rising in neighborhoods such as Centennial, Aurora, Parker, Littleton, Highlands Ranch, Cherry Creek and Lakewood, you may wonder whether you should sell your investment property. While the values of homes are rising, so too, is the market rent rising. Many Denver homeowners became reluctant landlords during the housing decline because they wanted to move but didn’t want to do a short sale or go into foreclosure. According to an article by Wall Street Cheat Sheet, the national negative home equity statistics show fewer and fewer people owe more money on their mortgages than the homes are worth. Even if you have positive equity in your home, you should keep your rental property in order to boost your net worth and have passive income. In the Denver area, vacancy rates are particularly low as young people flock to the city for jobs and recreational opportunities. Renting your Colorado home as an alternative way to save for retirement In addition to providing you with extra income now, owning a rental property can boost your income stream in retirement. Instead of selling your rental home, a better option is to look into buying a second or third rental property in Denver. Although you may feel intimidated by the prospect, you don’t need to serve as the landlord. Hiring a professional property management company will give you the peace of mind you need to move forward as a more ambitious investor. Refinancing your Denver home mortgage If you want to increase your monthly “profit,” or income stream, consider refinancing the mortgage you have on your Denver rental property. Interest... read more