Maximizing Your Rental Property Income: 10 Ways Our Expertise Can Help
Nicole Romero • July 20, 2024
Owning a rental property is a fantastic investment, but it comes with its fair share of challenges. That's where we come in! We ensure that you not only maximize your monthly income but also maintain a low vacancy rate. Here’s how we make it happen:
1) Setting the Right Rental Rates
We have an in-depth understanding of the market and use this knowledge to set competitive rental rates. This ensures you're maximizing your income while keeping vacancy rates low.
2) Collecting and Depositing Rent Payments on Time
Our efficient systems guarantee timely rent collection and deposits, which is crucial for maintaining a steady cash flow.
3) Marketing and Showing Your Property
We don't just snap a few photos and post them online. Our marketing strategy is comprehensive. We handle all showings and follow up with prospective tenants, saving you time and effort.
4) Finding the Right Tenants
Tenant screening is one of our strengths. We meticulously handle the entire process to ensure you get reliable tenants.
5) Managing Tenants
Beyond finding good tenants, we manage the tenant-landlord relationship. From routine and emergency maintenance to regular inspections, we've got it all covered.
6) Managing Vendor Relationships
With our extensive network of maintenance workers, tradesmen, and contractors, we ensure you get the best work at the best price, overseeing all maintenance projects.
7) Ensuring Compliance with Regulations
Navigating local, state, and federal regulations can be daunting. We ensure your property complies with all relevant laws, including fair housing regulations, to help you avoid legal issues.
8) Maximizing the Profitability of Your Time
By handling the day-to-day management of your property, we free up your time so you can focus on other important aspects of your life and investments.
9) Maximizing the Profitability of Your Money
Our services may come with a fee, but our expertise and efficient management ultimately save you money and increase your return on investment.
10) Protecting Your Investment
Your rental property is one of your most valuable investments. We go above and beyond to ensure it's well taken care of, preserving its value and profitability.
Let us handle the complexities of property management while you enjoy the benefits of your investment. Contact us today to learn more about how we can help you succeed!
Your contract has been accepted, and the earnest money has been delivered. What’s next? Today, let's discuss the home inspection process. I'll cover it based on the top questions I often get asked. 1. How Do I Find an Inspector? I will provide you with three recommendations of inspectors I know and trust. My favorite inspector is Kat Barbee with Above and Beyond Inspections. Note that there is no required license for home inspectors. When looking for one, try to ensure they are a member of the American Society of Home Inspectors. Avoid simply choosing the cheapest option. 2. What Inspections Should I Get? The home inspector will conduct a general visual home inspection. They will examine major systems, the roof, and the electrical and look for any visible defects without tearing down walls. Remember, inspectors know enough to be dangerous and will often recommend further evaluation by a licensed professional if they see a concern. Additionally, you will want to get a sewer scope if you are purchasing a single-family home or if the HOA does not cover sewer issues. For homes with basements or crawl spaces, a radon test is also recommended. 3. Can I Ask for Everything That Comes Up in the Inspection? No! We are really focusing on health, safety, and major systems. This decision is made case-by-case, depending on the circumstances and what is best for you. I will help explain the pros and cons. No home is perfect, not even a brand new one. Your Home Inspection Report will highlight repairs you may need to address or maintenance items you should be aware of after you purchase the home. Negotiations are part of the deal. If there are items you want to address with the seller as part of the Home Inspection Contingency, understand that it isn’t black and white. Both sides may need to compromise to keep the offer together and move forward. Make sure you attend your home inspection and ask the home inspector any questions you have along the way. This will help prevent overwhelm and help you determine what to focus on and prioritize.
f you’ve been keeping an eye on the market, hoping to find a home that better fits your needs, you’re probably also mentally listing the tasks you need to tackle before selling your current home. While you might have some projects to complete, don’t rush into installing new quartz countertops or planning an expensive bathroom remodel just yet. Here’s what to focus on first! 1. Check Your Home's Condition Start by assessing the overall condition of your house. Are there minor touch-ups that need attention? Look for things like torn window screens, a door needing a fresh coat of paint, scuffed floors, dirty windows, and overgrown landscaping. Focus on these basics before diving into bigger projects. These cost-effective tasks can significantly improve your home’s appearance. Sometimes, a few coats of paint can revive your living area. Walk through your home starting at the front door and view it from a buyer’s perspective to spot areas needing improvement. 2. Check Out the Competition Before investing in expensive updates, see what comparable homes in your neighborhood are offering. Are you the only house lagging behind on updates? If so, consider investing in the most cost-effective areas. Avoid over-renovating! While fancy kitchen updates might seem appealing, you don’t want to out-price your own neighborhood. Also, investigate what's happening in your area. Is there a new subdivision development that could affect your home’s value? Are you in a seller’s or buyer’s market? Get the inside scoop before deciding on updates. 3. Know the Top ROI Projects According to the 2019 Remodeling Impact Report, these are the top Return on Investment (ROI) projects: New Roofing: 107% of value recovered New Hardwood Floors: 106% of value recovered Refinished Hardwood Floors: 100% of value recovered If your floors or roof are in rough shape, these projects might be worth the investment. However, always check your competition and consult with me before major renovations. Consider the cost versus the payoff. If you need to get your house on the market quickly, redoing all your flooring might not be worth the time and hassle. In such cases, focus on smaller cosmetic updates to give your space a style boost and attract more buyers.
Have you ever wanted to move from your current home to another one? Whether you're looking to move up to a bigger place to accommodate a growing family, move up from your starter home, downsize, or shorten your commute due to a job change, this transition can seem overwhelming! The first step is to understand five different strategies you can use to make this move happen. Each strategy has pros and cons, and it’s important to review each one to find the best fit for you. Strategy 1: Sell with Contingency and Buy with Coordinated Closings With this option, we will put your home on the market and get a contract with a contingency that allows you time to find your new home. Once you find your replacement property and go under contract, both closings will be coordinated on the same day so you can move directly from the house you are selling into your new home. Strategy 2: Buy with Contingency and Sell with Coordinated Closings Here, we find your new home and get it under contract with a contingency that gives you time to sell your current house. We then put your current house on the market and get a contract. Both closings will be coordinated on the same day so you can move directly from the house you are selling into your new home. Strategy 3: Sell Without Contingency and Buy Without Coordinated Closings In this strategy, you put your current home on the market without any contingency to find a replacement property and get your current place under contract. You look for your replacement home and try to get one under contract that can close concurrently with the closing of your current home. If you can’t find your new home in time, you are prepared to move to temporary housing while you continue to look for the right home. Strategy 4: Buy Without Contingency and Sell Without Coordinated Closings With this option, you find the replacement property and put it under contract without needing to sell your current home to make the purchase happen. This often involves a bridge loan to have the cash for the down payment on your new home or being able to qualify without selling your current home. Strategy 5: Turn Your Current Home into an Investment Property In this scenario, you will keep your current home and turn it into an investment property. You buy your new home and then put a renter into your current home. Feel free to reach out if you need more information or assistance!
One of the most critical aspects of selling your home is pricing it correctly. Grab a notebook and your favorite pen, and let's get started! 1. Location, Location, Location! The adage holds true—location is paramount when pricing your home. If your home is in a popular subdivision within a sought-after school district, its value will be higher compared to a house near a busy road or commercial buildings. The desirability of your location plays a significant role in determining your home's market value. 2. Condition of the Home The state of your home significantly impacts its value. Issues like shabby carpet, wood rot, worn floors, rickety doors, and ripped screens should be addressed before selling. A well-maintained home reassures buyers, making them see it as low maintenance. Most buyers prefer move-in-ready homes unless they’re looking for a fixer-upper, which typically sells at a lower price. 3. Competition in Your Neighborhood The competition in your neighborhood affects your home's value. If a nearby house is listed for $650,000 and has updated kitchens and bathrooms while yours does not, you'll need to price your home accordingly. Consider the condition, square footage, and market time of nearby listings to determine if they're priced appropriately. Buyers will compare your home with others in the area, so be mindful of your competition. 4. Recent Sales History Examine comparable homes in your neighborhood that have sold within the past 3-6 months. These sales provide a realistic idea of what homes are selling for, their time on the market, and how they compare to yours. If there aren't recent comps or your area has low turnover, you'll need to broaden your search parameters. This data is crucial for setting a competitive and attractive price. Pricing your home correctly is vital for a successful sale. By considering these factors, you'll be guided to a price that makes sense. It's also essential to work with a real estate agent who can honestly assess your home's value. I’d love to offer you a free, no-obligation seller consultation to discuss all these factors.
5 Easy Steps to Get “Financially Ready” to Buy Your Dream Home 1. Check Your Credit & Organize Your Financial Documents Knowing where you stand with your credit is essential. Your credit score can significantly impact your ability to get approved for a mortgage. It’s important to be aware of any potential errors on your credit report and take the necessary steps to fix them to avoid any negative effects on your mortgage qualification. 2. Pay Down and Avoid New Debt Focus on paying down as much of your existing debt as possible and avoid taking on any additional debt that isn’t absolutely necessary. It’s best to hold off on major purchases and instead concentrate on saving for a down payment on your new home. 3. Stay at Your Job Job stability is key when it comes to qualifying for a mortgage. If your job history has been unstable or you switch careers shortly before getting pre-approved, it could hurt your chances. Try to stay at your current job to maintain a steady income. 4. Find a Reputable Lender and Get Preapproved Talking to a reputable lender will give you a clear picture of what you can afford, your closing costs, interest rates, and how much you’ll need for a down payment. Getting preapproved is an essential step in the home-buying process. 5. Know What You Can Actually Afford The amount you are approved for is often more than what buyers feel comfortable spending. Consider your other financial priorities to ensure you don’t max out your budget on your house.
As a new landlord, preparing your property for new tenants involves several critical steps. Here's a comprehensive guide to help you ensure everything is in order and your property is well-maintained. Utilities and Services: Gas & Electricity: Contact your utility providers to set up a Landlord Agreement and request a final meter reading for a day or two after the new tenant's move-in date. This ensures continuity of service and prevents issues like frozen pipes. Provide your new mailing address to receive bills during vacancies. Water: Request a final meter reading and ensure service stays on during any vacancy. If the water company doesn’t pro-rate the bill, pay it and provide a copy to us for reimbursement from the tenant. Phone/Cable: Schedule the disconnection of your service, allowing new tenants to set up their services. Cancel other subscriptions like trash, newspaper, and satellite as needed. Homeowner’s Associations: Notify your HOA of your new mailing address for dues payments and provide us with their contact details. This allows us to manage any violation notices efficiently. Property Preparation: Remotes and Keys: Leave garage door remotes, house keys, mailbox keys, and any other essential items in a kitchen drawer. Notify us of the mailbox location and number to avoid unnecessary charges for new keys. Door Locks: We recommend changing door locks after each tenant moves out for added security. If you prefer not to change the locks, inform us as soon as possible. Ensure the garage door keypad code is updated and provided to the new tenant. Carbon Monoxide Detectors: Colorado law requires working CO detectors in rental properties. We can install these if they are not already in place, with costs deducted from your reserve account or rent proceeds. Maintenance and Cleaning: Nail Holes/Touch-Up Paint: Fill in nail holes if you have matching paint. Leave extra paint cans in a safe place for future touch-ups, as matching colors can be challenging. Furnace Filters: Provide new furnace filters to encourage tenants to replace them regularly, maintaining HVAC efficiency. Yard Maintenance: Ensure the yard is clean and tidy, with grass mowed and weeds controlled, especially during summer. Leave House Empty: Remove all personal belongings except for essential items like paint cans. This prevents damage or loss and sets a standard for the tenants. Seasonal Preparations: Winter: Turn off the main water line and set the thermostat to 60 degrees to prevent frozen pipes. Open under-sink cabinet doors in susceptible areas. Summer: Leave water and sprinkler systems on to maintain the lawn and garden. Additional Steps: Insurance: Update your insurance policy to reflect the rental status of your property. Consult with your agent about liability coverage and a vacancy rider if necessary. Forwarding Address: Provide us with your new address and contact information. Place a forwarding order with the Post Office to ensure important mail reaches you. Professional Cleaning: A thorough cleaning is crucial. Hire professional cleaners for a move-out cleaning, ensuring every part of the house is spotless. Carpet Cleaning: Professional carpet cleaning removes allergens and odors. Ensure any necessary repairs, like stretching carpets or fixing tears, are done before the new tenant moves in. Repairs: Address any needed repairs before you leave or inform us so we can handle them. Home Warranty: Consider purchasing a Home Warranty policy to cover major repairs. We can recommend reliable companies if needed. Mail for New Tenant: Leave any mail for the new tenant in a kitchen drawer along with appliance manuals. Rent Collection & Disbursement: Understand our processes for rent collection, late fees, and disbursement. Rent is due on the first of the month and late after five days. We will deduct our management fee and any repair costs before depositing your proceeds by the 15th of each month. We appreciate the opportunity to work with you in managing your property. If you have any questions or need assistance, please let us know. We're here to help ensure a smooth transition and proper maintenance of your home.
As a professional landlord and property manager, I'm committed to bringing you the best rental experience possible