Friday, January 16, 2015

Allowing Pets in Your Investment Property

The decision as to whether or not to allow pets in your rental property is not an easy decision to make.  Pets can cause injuries, be destructive and cause thousands of dollars’ worth of property damage.  You may have heard horror stories about irresponsible pet owners not safely confining their animals, not picking up feces, ruined carpets and more.
However, if you don’t allow pets, you will lose a certain group of potential tenants before they even look at your rental home.  Those folks that love their pets almost as much as they love their children won’t rent your property, in most cases, if they can’t bring their pets.  Some may just say they don’t have any pets and move them in anyway.  Some desperate tenant pet owners may fall victim to internet scams by purchasing on line service animal kits. Unauthorized pets can be a more costly problem for the property owner at move out when damage has occurred and there is no pet addendum or additional deposit to help cover the costs.

According to the American Humane Association rental properties that allow pets are the norm rather than the exception in most parts of the country. They say 98 percent of the apartment communities in the Denver metro area accept cats, 93 percent accept small dogs and 66 percent accept large dogs.  An article on said four of the top 10 cities for pet lovers are right here in Colorado.

It has been our experience that rental properties that allow pets rent more quickly and at a higher price per month than no pet properties.   Our policy of requiring a black light test (urine glows in black light) both before and after a pet moves into a rental home has improved our ability to collect carpet damage payments from tenants.

If you allow pets in your rental home potential tenants or current tenants wishing to add a pet will be notified that dangerous breeds, visiting pets and animals younger than 1 year are not allowed and that a current photo of the pet as well as up to date veterinary records are required.  A legally binding Pet Addendum must be signed and payment of a minimum of $200 additional security deposit must be received.

Assured Management will only advertise the type of approved pet and will always strictly adhere to the property owner’s wishes as to whether or not pets are allowed in the rental home.  

Monday, November 24, 2014

Should you Hire a Professional Property Manager?

Should you Hire a Professional Property Manager?
It is a great time to be a rental property owner! Vacancies are low, monthly rental rates are increasing and the number of days an available rental property is on the market is decreasing. Even with historically low interest rates it remains difficult for some to obtain approval for a mortgage.  Add to that the low inventory of affordable homes for sale and the high number of re-locators to the Denver Metro area and renting becomes a very attractive option for a lot of folks.

One mistake, made by some rental properties owners, is underestimating the amount of work managing a rental property involves.  Rental property ownership is a business, not a hobby.  It requires a thorough knowledge of continually changing landlord/tenant laws and requirements as well as the ability to track and follow up on a sometimes overwhelming amount of detail.

Investment property owners understand the benefits of a well maintained rental property, higher rents, shorter vacancy time, more qualified tenants and fewer turnovers.  Self-management of your rental property means the tenant calls you whenever they have a problem and may mean you are paying for repairs that a professional property manager would charge back to the tenant.  It is sad that most owners get so tired of all the maintenance calls that they just stop responding.  When qualified tenants moving into one of our managed rentals are asked, they tell us the number one reason for their move is lack of basic maintenance of their previous rental home. Residents of professional managed rentals appreciate the prompt response to maintenance requests and as a result are willing to pay a higher monthly rent.

Owners of self-managed rental properties can hesitate to raise the rent as they fear tenant move out.  Taxes, insurance and repair costs increase and so should the rent.  A professional property manager works with the rental market every day and has the experience to negotiate the highest rent.  Tenants in well maintained properties are usually more willing to pay a higher monthly rent then pay the very high cost of moving. 
Some may think it’s wise to have a relative or friend manage your investment property, keep in mind the state of Colorado requires that persons performing property management for a fee be licensed real estate brokers.  It can be dangerous to meet people at a vacant property, would you or your relative know what to do to be safe? 

Services a qualified, professional property manager will perform:
  • Advertising, signage, showings, application processing, prospective tenant screening
  • Rent collection, lease compliance,  lease renewal, eviction
  • Move in/out condition reports, security deposit accounting
  • Maintenance, lawn care, yard watering system winterization and start up
  • Maintenance of heating and cooling systems, emergencies, 24 hour on call for maintenance emergencies
  • Easy to understand income/expense reporting
  • Accurate detailed monthly accounting statements, year-end tax package ready for you in December
An easy to use form is available on our website to help you shop for and compare professional property management services. 
Management Team, over 70 combined years of property management experience!
Assured Management, Inc. 303-985-4670

Successfully in business since 1987

Friday, November 7, 2014

Planning for Rental Property Maintenance

Rental property maintenance, three little words that have been known to strike fear into the heart of residential investment property owners.   Investment property owners understand the benefits of a well maintained rental property, higher rents, shorter vacancy time, more qualified tenants and fewer turnovers. 

Assured Management also understands the value of a well maintained rental property.  Part of the service we provide to owners of the properties we manage is to only use vendors who carry proper liability insurance and are willing to sign Assured Management’s Vendor Agreement.  By signing our Vendor Agreement they agree to abide by all Federal, State and local laws, maintain applicable insurance and licensing as well as treat the tenant and your investment property with respect. 

It is a good idea to save for planned and unexpected maintenance expenses, but the problem is in knowing how much to save.  Assured Management can give you an idea of the cost of planned improvements.