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Should I Rent or Sell My House in Lakewood, CO?

Susan Melton - Tuesday, February 23, 2021

Should I Rent or Sell My House in Lakewood, CO - Article Banner

The real estate sales and rental markets in Lakewood and surrounding Colorado communities are strong, and if you’re a homeowner wondering whether you should sell a property you’re leaving or rent it out, we can understand the dilemma. On the one hand, it might be nice to cash out of your investment and move on with some money in the bank. On the other hand, you might find higher earnings in the long term if you hold onto your asset for a few more years. 

Whether it’s more advantageous to sell your property or rent it out depends on your investment goals, your current financial situation, and your level of interest in renting out a property to tenants. You’ll need to walk through the numbers and decide what it would mean if you sold your home right now or held onto it for a few years and rented it out. 

Let’s take a look at some of the most important factors to consider. 

Will You Ever Need this Property Again?

If you’re moving out of the area, consider whether you plan to return. If you’re relocating for work or school or because your remote work situation is looking more permanent, you’ll have to consider if you’re leaving forever or just for a few years. 

The Lakewood real estate market will likely continue to grow and buying something new in a few years might be more expensive than it is now. So, holding onto a piece of real estate may be in your best interest. 

However, if you’re planning to leave the area and you have no interest in keeping the house for yourself or a family member in the future, selling it might be a good way to tie up all loose ends in the local region.

How Does the Market Look?

When you’re deciding whether to sell or rent, you’ll have to consider both the sales market and the rental market. If you can sell your home for the price you want, it’s worth considering. However, if the sales market is slow and rents are on the rise, it might be a better idea to hold onto the property and rent it to tenants until the sales market recovers. 

Reasons to Sell: Cash and Convenience

Most owners are eager to sell their home, especially in a strong sales market. Selling a home provides a profitable short-term bump in your financial security, especially if you have a lot of equity in the home and you can get the right price. If you’re looking to liquidate an asset so you can access cash for other things, selling is a good idea. Don’t wait for the market to turn down. Maybe you want to invest elsewhere or you need to send a child to college or you’re buying another home and you need a down payment. Whatever your financial reasons for wanting to access money – this is a good way to do it.

Selling your property also allows you to walk away from the investment free and clear. If you’re leaving the Lakewood area and you know you’ll never be back and you don’t want any ties to the region, it’s better to sell the home now. 

Reasons to Rent: Long Term Returns

rental homeSavvy property owners who are interested in long-term investment income know that it’s better to hold the property. The longer you own this asset, the more it will be worth to you. While you’re renting it out, your tenants are contributing to your mortgage and covering all the expenses associated with owning a home. They’re paying the utilities and they’re keeping an eye on things and helping you maintain it. 

When you rent the property out, you can also access several tax benefits that aren’t available to you when you sell. There’s no need to worry about how you’ll find tenants, maintain the home, and stay up to date with all the laws and requirements associated with renting out a property. Professional Lakewood property management companies are available to help you. Experienced investors know that property managers are not only good at caring for your property; they can also help you earn more and spend less on your investment. 

If you are trying to decide whether it’s better to rent or sell your home, we can help by looking at your unique circumstances and discussing your specific goals. Contact us at Assured Management, Lakewood property management experts serving residential landlords in West Denver and the surrounding areas, including Littleton, Golden, Wheat Ridge, Arvada, and more.

How Much Do Lakewood Property Managers Charge? Tips for Landlords

Susan Melton - Friday, January 29, 2021

How Much Do Lakewood Property Managers Charge? Tips for Landlords - Article Banner

The perceived costs of property management often cause owners to manage their own rental properties. Unless you have a lot of time, resources, and expertise to dedicate to your rental properties, this is usually a mistake. There’s a huge opportunity cost to not using a property manager. Professionals can save you money on maintenance and reduce your vacancy loss. You will have better tenants in your property, reducing the risk of late and missing payments. Renting out a Lakewood property has become more complex than ever before. Today, we’re talking about what you can expect a local property management company to charge for their services. The value you receive from a good property manager will far exceed the leasing and management fees you pay.

Leasing Fees for Lakewood Landlords

The first fee that most owners encounter with a property management company is the leasing fee. This is a one-time fee which is either a flat fee or a percentage of the first month’s rent. It covers everything that’s involved in getting your property rented to a great tenant. The specific leasing services will depend on your management company, but should include some or all of the following: 

  • Pricing your property according to a comparative market analysis of Lakewood rents 
  • Preparing your property for the rental market 
  • Taking professional marketing photographs 
  • Listing your home online across several rental websites 
  • Responding to tenant inquiries 
  • Scheduling showings 
  • Managing the application process 
  • Screening potential tenants 
  • Collecting security deposits and move-in funds 
  • Signing and executing the lease agreement 

Not all leasing fees will cover every single one of those items. You might be charged an additional advertising fee, and your tenants will likely be responsible for paying an application fee.

Monthly Lakewood property Management Fees

The monthly management fee is also going to be either a flat fee or a percentage of the rent your property manager collects. In the Lakewood area, most property managers charge between 8 percent and 12 percent of the monthly rent. It’s usually deducted from the rental payment before it’s forwarded to you. 

The services generally involved in your management fee will include: 

  • Rent collection and follow-up on late rent 
  • Lease enforcement 
  • Accounting and bookkeeping 
  • Routine inspections 
  • Emergency and routine repairs and maintenance 
  • Managing legal regulations and compliance issues 
  • Evaluating the market for trends and changes 
  • Tenant relationships and dispute management
  • Vendor relationships and price negotiations 
  • Professional development and technology improvements to help better manage your property 

Some management fees will include negotiating a lease renewal, but some property managers will charge a separate renewal fee. Remember, your property manager should be working hard to keep a good tenant in place.

Additional Lakewood Property Management Fees

rental house keys If you come across a management company with a very low fee, you should be suspicious. Check the fine print and find out if there are hidden fees. It’s likely you’ll be nickel and dimed throughout the relationship. Everything that a low-cost property manager does for you will come with an extra fee. The cheapest management fee is rarely going to lead you to the best property management. 

Leasing and management fees are pretty standard. You might also encounter advertising fees, photography fees, technology fees, administrative fees, account set-up fees, paperwork fees, and any other assortment of costs. Some management companies charge a mark-up on the maintenance work they schedule. None of these fees are necessarily bad or wrong, but you have to know about them ahead of time. Make sure you understand what you’re paying for, and always ask to see a sample management contract when you’re interviewing potential management companies. 

We’d be happy to tell you more about how to measure costs against value when you’re seeking Lakewood property management. Contact us at Assured Management, Lakewood property management experts serving residential landlords in West Denver and the surrounding areas, including Littleton, Golden, Wheat Ridge, Arvada, and more.

Different Ways to Buy Investment Property | Lakewood Property Management

Susan Melton - Friday, December 25, 2020

Different Ways to Buy Investment Property - Article Banner

There’s no one way to do things.

That reminder extends to investing in real estate. Some investors get started in real estate accidentally. They inherit a home or they move out of the place they’re living in and instead of selling it, they wisely decide to rent it out.

Other investors are more strategic. They have a plan in place for acquiring properties, and they stick to the plan acquisition by acquisition.

There are a variety of ways to buy investment property. Unless they’re paying in cash, most buyers will get a loan from a bank or other financial institution. Others will use the leverage in their growing portfolios to increase what they can borrow and buy.

There are also 1031 exchanges which can help you buy real estate and defer taxes.

We’re exploring how to buy and why you should buy more than once in today’s blog.

Borrowing to Buy: How to Finance an Investment Property

Two important things you need to know if you’re going to buy property through lenders: First, you have to find investor-friendly lending institutions. Second, there’s a limit to how many loans you can take, and that limit right now is 10. The number is set by Fannie Mae.

Most banks will only approve up to four loans per borrower, and those are going to be your larger financial institutions. If you really want to buy 10 investment properties with 10 different loans, you’ll have to do some serious research.

To qualify for a loan, you’ll need cash for a down payment and an acceptable credit history. If you have a mortgage on the home you’re currently living in for example, lenders will want to know you can cover that plus the mortgage on your rental property.

How to Perform a 1031 Exchange

With a 1031 exchange, investors can sell one income-producing property and use the proceeds from that sale to buy another property or a series of properties that are similar. So, you can sell your $400,000 rental home and instead of paying capital gains taxes on the profits you’ve earned, you can invest those profits into another property or two properties. This is a great way to build your portfolio, add to your inventory, and save on taxes.

Specific steps need to be taken when you want to buy property with a 1031 exchange. First, you’ll want to make sure you qualify. The 1031 exchange is for investment properties. You cannot sell the home you’ve been renting out for a decade and then reinvest the money on a property you plan to occupy.

There’s a requirement that you exchange with a like property or properties. This doesn’t mean you have to sell one condo unit and buy another condo unit. The new property you choose simply has to be an income-producing investment just like the one you’re selling. The new property must also have a value that is the same or higher than the original property. If you walk away from the exchange with any profit, you’ll be liable for the tax.

1031 Exchange Timelines and Intermediaries

Take note of the timelinePay strict attention to the timelines or you’ll throw yourself out of compliance. You’ll need to identify a replacement property within 45 days of selling your original property. Then, you have 180 days to close on the new sale. The entire exchange must take place within the 180 days (meaning you don’t have 45 days plus 180 days – the clock does not reset).

Talk to your property managers about a referral to an intermediary because it’s also important that you use a professional arbitrator for this transaction. You cannot take any of the cash from the sale of your property. The intermediary will hold your funds until they can be reinvested in your new purchase.

If you want to buy rental properties buy you’re still not sure how to make it work, we can help. Contact us at Assured Management, Lakewood property management experts serving residential landlords in West Denver and the surrounding areas, including Littleton, Golden, Wheat Ridge, Arvada, and more.

How to Handle Security Deposits

Susan Melton - Friday, November 27, 2020

In Colorado, there’s no limit on the amount of a security deposit landlords can collect. However, there are some strict regulations on how it’s returned and in what timeframe. This is an easy place to make a mistake, and those mistakes are often expensive. Tenant disputes over security deposit returns are frequent, and you have to make sure everything is documented and in order if you want to avoid any conflicts or claims with your tenants after they move out.

Conduct a Move-Out Inspection

Your move-out inspection actually begins before your tenant moves into the property. You’re comparing the condition of your property now to the condition of the property before a tenant took possession. That means you need a well-documented inspection report with photographs. Take that inspection report from the move-in period and use it to walk through the property once the tenant has vacated. This will give you an opportunity to see where things are different. If it’s not as clean as it was when you handed over the keys, you can deduct cleaning fees from the deposit. If the walls are a different color, you can charge the security deposit for the cost of repainting.

The move-out inspection requires a lot of detail and hundreds of pictures. If the tenant tries to dispute a deduction you make from the security deposit, you’ll want some supporting documentation to prove your claim.

Returning a Colorado Security Deposit: Wear and Tear vs. Damage

When it’s time to return the security deposit, you’ll need to decide whether the tenant is getting the full amount back or whether you’re making deductions from it.

Landlords and Lakewood property managers can withhold money from the security deposit for the following reasons:

  • To cover any unpaid rent.
  • To clean the home and return it to the condition it was in when the tenant took possession.
  • To pay for any damages that were caused by the tenant’s abuse, misuse, or neglect of the property.
  • To cover the costs incurred by a tenant’s early termination of the lease agreement.

Those tiny nail holes in a wall are considered general wear and tear, and can’t be deducted from a deposit. However, stains on the carpet from juice or a child’s art project should be considered damage.

Returning the Deposit: Timelines

Under Colorado law, a landlord must return the tenant's security deposit within one month of the tenant vacating the property, unless the lease agreement specifies a longer period of time. If you do write a longer period of time into your lease agreement, note that it cannot be more than 60 days.

If you miss the deadline, you can be held accountable for refunding the tenant three times the entire deposit amount, regardless of what you might have deducted from it.

When you return the full deposit, do it without delay. If you’re going to keep some of the money to pay for things like cleaning and damage, make sure you provide a complete itemization of each charge so the tenants know why. Include copies of invoices for the work. This careful attention to detail will help you avoid disputes and tenant court claims.

Every now and then, there’s a worst-case scenario, where the amount of the security deposit doesn’t cover the full amount of the damages that the tenant left behind. In this case, you’ll need to try and collect the remaining balance from your tenants. We’re going to address that in another blog soon, so be sure to look for it.

For additional help with security deposits, contact us at Assured Management, Lakewood property management experts serving residential landlords in West Denver and the surrounding areas, including Littleton, Golden, Wheat Ridge, Arvada, and more.

Work with Both a Realtor and a Lakewood Property Manager When Purchasing Investment Property

Susan Melton - Friday, October 30, 2020

Work with Both a Realtor and a Lakewood Property Manager When Purchasing Investment Property - Article Banner

Experienced investors understand the value in working with both a Realtor and a Lakewood property manager when looking for new investment opportunities. For starters, two heads are always better than one – why not surround yourself with as many experts as possible? Realtors are excellent at what they do; they can help you find a good property and negotiate the terms of the sale. Property managers come with a different skill set. We understand the rental market and can help you understand what you’ll earn and spend on a prospective investment property.

Working with both a real estate agent and a property manager will help you enter the deal with as much information as possible, and it will also allow for a seamless transition from acquisition to leasing and management.

Investing in Lakewood Rental Properties: How Real Estate Agents Can Help

A good Lakewood real estate agent will be able to provide insight into the local sales market. You can talk about the type of property you’re seeking, and your agent will identify opportunities and take care of the details involved in seeing the property, studying the neighborhood, and negotiating the purchase price.

You can rely on your real estate agent during the purchasing process to help you with closing the deal. You’ll rely on their local experience in the market and their expertise in working through a real estate sales contract. You’ll also get a wide selection of potential properties to buy. Real estate agents know where the hottest new properties can be found, and they might have resources that can bring buyers to homes that aren’t even listed yet.

Investing in Rental Properties: Lakewood Property Management Help

While a real estate agent can help you see properties and negotiate the contract and purchase details, a Lakewood property manager is really essential in getting the best deal and recognizing the right investments.

Not only does a Lakewood property manager understand the local rental market, you can also count on that management expertise to estimate how much rent you can expect to earn, how long it will take you to rent the home out, and what type of tenants will be interested in your property. Your property manager can also tell you whether any work will need to be done before the property is ready for the rental market.

This information is invaluable to investors before they buy. While a real estate agent can help you determine whether an asking price is fair during a sale, that agent won’t know much about what the average rental rates are in a specific market. Each professional has a set of tools and resources that are specific to their own area.

Work with both a real estate agent and a property managerWe recommend that you work with both a real estate agent and a property manager when you’re looking to buy an investment property in Lakewood. Some companies will have sales agents and property managers on staff, and that makes it easy for them to work together and provide you with the best service.

If you’re considering a new rental property purchase, contact us at Assured Management, Lakewood property management experts serving residential landlords in West Denver and the surrounding areas, including Littleton, Golden, Wheat Ridge, Arvada, and more.

A Competitive Guide for Purchasing the Best Investment Property in Littleton, Colorado

System - Friday, July 31, 2020

A Competitive Guide for Purchasing the Best Investment Property in Littleton, Colorado - Article Banner

The Littleton, Colorado real estate market offers investors a lot of opportunities. Whether you’re looking for a single-family home in an HOA neighborhood or a collection of units in a multi-family building, the market is diverse and growing. We enjoy working with first-time investors as well as experienced real estate professionals who are growing their portfolio of rental homes.

While there are lots of benefits and advantages to real estate investing, there are some risks involved too. It can sometimes seem difficult to identify the right investment property and make the right moves when you’re negotiating and closing the deal. Mistakes are easy to make, and sometimes they’re expensive.

Smart investors know that expert opinions and professional help can be invaluable during the process of buying investment property.

There are a few important things to consider before you buy.

Selecting the Right Rental Property in the Right Location

You don’t have to be an expert in real estate to understand the importance of location.

Location is an important part of your investment success. Homes in desirable neighborhoods and near good schools, commuter routes, parks, and recreation are going to rent for more than homes in remote or busy areas. The location of a rental property also has an impact on how quickly you’ll be able to rent out your property and the types of tenants you’ll attract.

Most buyers work with a real estate agent, which is a great idea when you’re evaluating the inventory and negotiating price. Don’t forget to include a Littleton property management company when you’re trying to decide where to invest. You want to consider vacancy rates and retention rates. Focus on areas with higher rents.

Remember that you’re buying an investment property, not a home you’re going to immediately occupy. Think like a tenant. High-end appliances and garden tubs are gorgeous, but are they necessary? Focus on move-in ready properties instead of fixer-uppers. Homes needing work can be attractive because they cost less, but the amount of time it takes to renovate and prepare them for the market will only delay your ability to collect rent.

Understand the Math on Your Littleton Investment Property

A lot of investors get excited about a property and they sign on the dotted line before they really run the numbers. Do your math. Several financials are far more important than the property’s purchase price. For example, you’ll have to know how you’re paying for the investment. What kind of leverage are you going to have and how much cash are you able to put down?

Make sure you can meet any lending requirements, and have a plan in place for how you’ll finance your real estate purchase.

Measure your expected rental income against your anticipated expenses. You’ll need to factor in the mortgage payment, insurance, and taxes. But, you’ll also want to budget for maintenance and vacancy. Don’t forget to include your property management fees and other professional services.

Property Management in Littleton, Colorado

House keysNo one is an expert in everything. As an investor, you need to rely on a team of professionals who can help you maximize your investment’s potential. Real estate agents, mortgage professionals, housing inspectors, and insurance agents are critical. You’ll need an attorney and an accountant and a Littleton property management company.

We’d love to help you identify the right rental property. Contact our talented team at Assured Management.

The Ultimate Budgeting Guide for Lakewood Rental Property | Anticipate Every Dollar ($)

System - Friday, July 17, 2020

The Ultimate Budgeting Guide for Lakewood Rental Property | Anticipate Every Dollar ($) - Article banner

Investing in a Lakewood rental property comes with a lot of financial benefits. You can expect consistent rental income, and your home’s value will appreciate over time. There are tax breaks to enjoy as well. However, you’ll also face some expenses, and it’s important to budget for every dollar before you buy a rental property.

Budget for Investment Acquisition Costs

You’ll have to decide how you’re paying for your investment property. Unless you’re paying cash, there will likely be a mortgage, which means you’ll need to budget for one-time line items like closing costs, broker fees, and expenses such as inspection and appraisal fees. Don’t forget the ongoing costs like mortgage interest, property taxes, homeowners insurance, and any other recurring expenses like association fees.

Expect Leasing and Marketing Costs

Once you’ve closed on the deal, you’ll have to spend some additional money before you can start collecting rental income. Begin by making the property rent-ready. Depending on its age and condition, you may have to do some repairs or updates before you list it for rent. You don’t want to buy a property that requires a complete renovation; this will only delay your cash flow, and you’ll face additional price tags for labor and materials. A few upgrades, cosmetic fixes, and a complete cleaning will probably be necessary before you can start inviting tenants to see it.

There’s also the cost of marketing and advertising your home. Most advertising is done online, and some of the sites you’ll want to use will have a fee. You may want to hire a professional photographer to take great marketing photos, or you’ll need to pay a leasing fee to a Lakewood property management company so you can be sure the home is rented quickly, for the most money, and to the best tenant.

Prepare for Rental Property Maintenance Costs

There are going to be routine and emergency maintenance issues at your investment property. Some of them will be minor; a $50 garbage disposal fix, and some of them will be major; a $5,000 roof replacement. Whether it’s for lawn maintenance, HVAC maintenance, or just preventative pest control, you’ll have to set aside a maintenance reserve to ensure you can cover the expenses that pop up.

Maintaining your home is important to preserving its condition. Deferred and unreported maintenance issues will only get more expensive.

Lakewood Property Management Fees

surround yourself with expertsSmart investors understand the importance of surrounding themselves with experts. You probably didn’t broker your own mortgage and you likely didn’t perform your own appraisal. You need help from professional insurance agents, lawyers, mortgage professionals, and property managers. All of these services are extremely valuable and they will ultimately help you earn more and spend less on your investment. However, they cost money, so be prepared for the fees. Lawyers do not work for free. Lakewood property managers charge a monthly fee. Make sure you factor these things in when you’re budgeting for your rental property.

When you need some support creating a budget and understanding the costs associated with your investment property, please contact us at Assured Management. We can provide you with professional Lakewood property management as well as tools and resources that lead you to a better and more profitable investment experience.

2020 Lakewood Rental Market Update: Is Now the Time to Buy Rental Property?

System - Friday, July 3, 2020

2020 Lakewood Rental Market Update: Is Now the Time to Buy Rental Property? - Article Banner

The rental market in Lakewood, Colorado and throughout the Denver metropolitan area continues to attract tenants who are looking for well-maintained homes in desirable locations. While the recent pandemic has caused some economic shifts all over the globe, we’re not seeing too much of a disruption in terms of how our market is performing. Lakewood remains a great place to invest, whether you’re hoping to buy your first property or you want to continue growing your real estate portfolio.

Now that we’re halfway through 2020, we want to let you know how things look for the rest of the year, and whether it’s a good time to buy a rental property.

Investing in the Lakewood Rental Market

Denver’s population has exploded in the last 10 years, and many of the neighborhoods and communities in Lakewood have benefited from this population growth. With housing prices in Denver a bit out of reach for some buyers and renters, Lakewood is an excellent alternative, offering people more affordable homes and a high quality of life.

Local buyers and out-of-state investors who want to buy a rental home are in a good position. There is no shortage of highly qualified tenants in Lakewood and with all the opportunities for recreation, employment, and education – people are happy to relocate here and stay for the long term. Investors will always find a strong pool of potential residents for their properties.

Another good reason to invest now is that interest rates are lower than they have ever been, and they’re likely to remain affordable. Rents have not decreased, even with the pandemic, and owners can expect to earn consistent income whether they buy a single-family Lakewood home or a multi-family building or unit.

Demographics Support Lakewood Rental Investments

Lakewood’s real estate market is not exempt from the shifting demographics in renters. Most Millennials prefer to rent because they like the flexibility and the freedom that comes with avoiding homeownership, even as they move forward with their careers and begin raising families. There’s also an influx of active adults who are thinking about retirement. They prefer the low-maintenance lifestyle that comes with rental homes, and Lakewood is an ideal place for retirees seeking great homes.

Supply and Demand in the Lakewood Real Estate Market

real estateLakewood has been a competitive market for many years, and while the inventory of existing homes has been lower, new construction has helped provide fresh opportunities for investors. Over the last few years, buyers have had the opportunity to purchase units and homes that recently arrived on the market. In 2019, the National Association of Home Builders reported that Colorado led the U.S. in new home sales. We expect this trend to continue throughout the rest of this year.

Home values are also rising. Prices are stable, but not prohibitive in Lakewood, giving investors at every level the chance to purchase something that fits their investment profile. The chaos of the economic climate that was caused by the pandemic may continue to send us some surprises throughout the summer, but by the end of the year the real estate market should be as strong as it has been these last 10 years. The rental market will continue to perform well, bringing in consistent rental income and the potential for long term returns.

It’s an excellent time to buy a Lakewood rental property, and we’d be happy to help. If you have any questions about rental values, market trends, or Lakewood property management, please don’t hesitate to contact us at Assured Management.

5 Easy Upgrades & Renovations Proven to Boost the Value of Your Lakewood Rental Property

Susan Melton - Friday, June 19, 2020

5 Easy Upgrades & Renovations Proven to Boost the Value of Your Lakewood Rental Property - Article Banner

When you’re leasing a Lakewood rental property, you want to attract the best tenants possible, and you want your investment home to earn as much rent as it can. Offering a modern, attractive, and well-maintained property is one way to achieve those goals.

This doesn’t mean you have to add an extra bedroom and completely remodel the kitchen. Instead, you should focus on specific and cost-effective upgrades that will get the attention of high quality residents and ensure your rental value is at the top of the current market range.

There’s a lot you can do, and today we’re focusing on five specific renovations and upgrades you can make to boost the value of your Lakewood rental home.

Focus on Walls with Fresh Paint

A bright and fresh coat of paint is rarely expensive, and an easy way to make your rental property look brand new. Many landlords get a bit lazy when it comes to their paint; they touch up the faded parts or fill in the holes between tenants. Paint entire walls. Even better – paint the entire house. It will make a difference in how the home shows.

Everyone loves a little color, but you are trying to appeal to a wide range of potential tenants, so keep the walls a neutral color. Consider shades like eggshell and off-white. Consider making the trim and baseboards a different color to add interest and texture.

Focus on Floors and Consider Hard Surfaces

For many decades, carpet has been the standard in Lakewood rental homes. If you want carpet, that’s fine, but make sure it’s clean and free of stains and tears. Instead of steam cleaning the carpet every time you turn a unit over, put in new carpet.

If you’re looking for more rent, consider installing upgraded flooring. Some types of vinyl look great and don’t cost a lot. Faux hardwoods are also popular. These are cleaner and easier for tenants to maintain. You’ll also have a longer lifespan, which means you won’t be cleaning and replacing carpet every year.

Landscaping and Curb Appeal for Lakewood Rental Homes

Provide a welcoming and inviting atmosphere at your rental property, whether it’s a single-family home or a unit in a multi-family building. When tenants see a pretty exterior, they can really get excited about living there. This type of curb appeal can also translate to higher rents.

Mow the lawn and trim the trees and weed the flower beds. Inside, make sure everything is bright and inviting. There shouldn’t be any holes in the walls or scrapes on the floors. Tubs and toilets should be caulked and shining, and pay attention to small details like polished faucets and sparkling sinks.

Window Treatments Can Be Better

Those cheap plastic blinds are ugly, and they are easily bent, torn, and destroyed. Consider replacing them if they’re currently on your windows. Current and future tenants will prefer horizontal wood blinds or linen shades that are easy to pull up and down. Check your windows out while you’re changing out the blinds; you want to make sure the screens are free of holes. Good windows will insulate the property and protect it from drafts and insects.

Upgrade Your Lighting Inside and Out

lightLighting is a big part of an attractive rental property. Start with the exterior lighting, and make sure there’s enough of it. Your residents want to feel safe at night, and you’ll want to be sure exterior doors, walkways, and parking areas are well-let and easy to see from the street or inside the property.

Inside the home, make sure the lighting is bright and modern, especially in the kitchen and the bathrooms. Ceiling fans are popular, especially in bedrooms and living rooms. Take a good look at your lighting and make upgrades wherever you can. It doesn’t have to be expensive, and it will make your home look good.

These are just five simple and affordable upgrades you can make to improve your property. If you have any questions about this or Lakewood property management in general, please don’t hesitate to contact us at Assured Management. We are Lakewood property management experts serving residential landlords in West Denver and the surrounding areas, including Littleton, Golden, Wheat Ridge, Arvada, and more.

Lakewood Rental Property Maintenance: How to Routinely Handle as a Colorado Landlord

Susan Melton - Friday, June 5, 2020

Lakewood Rental Property Maintenance: How to Routinely Handle as a Colorado Landlord - Article Banner

Rental property maintenance requires responsiveness and a reliable list of licensed and insured vendors and contractors who can do good work for affordable prices. You’ll need to respond to routine repair requests as well as unexpected emergencies.

Most landlords expect that they’ll need to spend time and money protecting the condition of their investment and responding to the requests of their tenants. Today, we want to tell you how you can make the process more efficient.

Put an Emergency Maintenance Plan in Place

When there’s an emergency at your Lakewood rental property, you need to know right away.

Your tenants need to have your emergency contact number or the contact information for the Lakewood property management company that’s caring for your home. If there’s a flood in the home or a tree falls down through a window, immediate action is needed, and your tenants need to know how to get in touch with you.

Put an emergency plan in writing and share it with your residents before they move in. Make sure you help them understand the definition of an emergency. You don’t want to be called in the middle of the night when the garbage disposal clogs, but you do want a late night phone call if the heat goes out in the middle of winter.

Document all Routine Repair Requests

While emergencies certainly require a phone call and a sense of urgency, routine maintenance requests are better made in writing. You’ll still want to respond quickly, but for a routine request that doesn’t jeopardize your residents or your property, it’s better to have a documented paper trail of the request that was made and the work that was done. When you have something in writing, you can track the entire process and make notes about costs, timeframes, and follow up.

Ask your tenants to request non-emergency repairs through text message or email. If you’re working with a property management company, they should have an online platform where tenants can make maintenance requests electronically and even upload pictures of the problem.

Choosing Vendors for Your Lakewood Rental Property

You don’t want to find yourself looking for a plumber on Christmas Eve because there’s a leak that’s threatening your rental property. Establish some relationships with good vendors before you need their help. It’s important that you work with licensed and insured professionals. It might cost a bit more to get licensed work done at your property, but you’ll be saving yourself from a lot of risk and liability. If you hire someone you don’t know based on an ad you saw online, and that worker falls off a ladder while painting your house, you could be responsible for his medical bills and additional damages if he’s not insured. Don’t risk it. Work with professionals only.

Professional Property ManagerHaving a professional Lakewood property management company handle the routine and emergency maintenance at your rental property can usually save you money and provide some extra peace of mind. We have great relationships with maintenance professionals, we take a preventative approach to maintenance, and we always work hard to respond to tenants when they need us. To learn more, contact our team at Assured Management.

Assured Management, Lakewood property management experts serving residential landlords in West Denver and the surrounding areas, including Littleton, Golden, Wheat Ridge, Arvada, and more.

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1244 S. Wadsworth Blvd.
Lakewood, CO 80232

Phone: (303) 985-4670
Fax: (303) 763-8982

Office hours:
Monday-Friday 9 am to noon and 1 pm to 4 pm.

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