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When you're looking for a property manager, it's not always easy to know what to look for. There are 5 key things to consider when choosing someone to manage your investment property. Read this to learn what these are and how to pick the best property manager to save you time, money, and stress while managing your properties!

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What's the scoop? Beginning in 2024, all single and multi-family properties within the city and county of Denver will be requiring a license to manage them, even if they are self-managed. This goes for anything that is not considered single family housing. Unfortunately, there will changes in the single family realm as well...Beginning on January 1, 2024, a license will be required for any person to offer, provide, or operate a residential rental property consisting of a single unit. This includes single-family homes, single units within a rowhouse, and single units in an apartment building or condominium. Primary residences offered as short-term rentals (less than thirty days) may be exempted from the City’s separate residential licensing requirement. All residential property managers must obtain a license from the city You're probably wondering, what exactly is a property manager? A property manager is someone who manages real estate for a fee. Some common tasks performed by property managers include: collecting rent payments from tenants communicating with tenants on repairs and lease violations handling disputes between tenants and landlords dealing with maintenance issues and repairs The new law requires all residential property managers/ home owners to obtain a license from the city. The license will last for 4 years. The new laws will take effect on January 1 2023 (multi-family) followed by January 1 2024 (for Residential) . If you are currently a property manager or a home owner managing your property, be ready for these changes. The cost of a property manager’s license will be based on the number of units managed The cost of a property manager’s license will be based on the number of units managed. For example, if you manage one unit in Denver, you must pay $50 per year; if you manage two unit to ten units, you must pay $100 per year; and so on. The fee is paid by either the property owner or property manager. This may have an impact on rental values in the area This law could have a significant impact on rental values in the area, as well as home ownership. When individuals are required to obtain a license for property management, there is an increased cost that must be passed on to the tenant. As one of the most popular parts of Denver, this change could mean that you'll see increases in your monthly rent or home sale price in order to offset the licensing fees and other expenses associated with complying with this new regulation. Denver laws requiring inspections Now that we have covered rentals and inspections, let’s go over how this new law will affect the rental market. Inspections have a cost associated with them; most inspections are $300-500. This is going to bring a larger burden to the Owners of these rentals, which in turn may cause rentals to go up in price more than we have seen in the last year. What is an inspection? An inspection is a full run down of the whole home/ condo, requiring access by a licensed inspector. How often are inspections required? Every four years Inspections may be required more frequently depending on the type of building, use or occupancy and/or the presence of any identified deficiencies. What is the purpose of inspections? Inspections are good for everyone but costly, inspections cover the owner from liability if the tenant destroys something in the property and tries to put it on the owners. They also protect the tenant from bad living situations. This could be good for consumers This is a good thing for consumers as it imposes some standards on what you can expect from someone who's licensed.. It will help them protect themselves from bad property managers and make sure they are getting the best service possible. The regulations will also give landlords a better sense of security when it comes to their investments. If they know that the property manager they choose has been through the rigorous changes in past years, they can be more confident in the decision. We hope that you enjoyed reading about the new law in Colorado. As always, we’ll keep you up to date with any updates on this legislation and other legal developments that affect your business.

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Four things homeowners/landlords look for in tenants

What Does This Mean for Homeowners and Renters?

1. The Market is a GREAT Opportunity for Investors! The Denver market is and has been prepared for you to buy a new investment property. The mortgage rates are super low right now, making it easier than ever to buy a property, hire us to manage it, and obtain that landlord status! 2. Millennials Just Aren’t Buying! Recent studies have showing that millennials have no plans to buy a home in the near future, or even at all. Most Millennial and Generation Z’ers are living paycheck to paycheck, paying rent, and are not planning to buy a home in general. It’s difficult for them and seems to them that renting is much easier and less time consuming than buying a house would be. Why not give them an easier place to live, and make a profit? 3. Hiring the Right Property Manager Makes It Effortless for a second source of income! Here at Masters’ Property Management, we take care of everything, from finding tenants, to maintenance, to moving out and getting it ready for the next tenants. With us here taking care of everything, you are paid rent through us and don’t have to do any of the stressful work that comes with being a landlord. It’s the perfect plan! With how the market is, now is the time to buy your investment properties! We are able to help you find the right ones, manage them, and lease them, so give us a call and we’ll start the process today! No more waiting for the right time, it’s now!

If you’ve been a renter for more than a couple years, you’re probably aware that most landlord and property management companies require you to carry renter’s insurance. You’ve probably asked yourself, why does it matter to my landlord? In most cases your landlord is only requiring you to carry one type of insurance and that’s personal liability insurance. Personal liability insurance is built into almost every renters insurance policy. Therefore, it’s easier for a landlord to simply ask that you get a renter’s insurance policy. Mandating that you carry personal liability coverage is a way for the landlord to protect themselves financially from certain losses. You, the tenant, should be the named insured on a renter’s insurance policy. It’s not uncommon that your landlord or property manager asks to be named as an additional insured or an additional interest. Let’s say your dog bites and injures a neighbor. The neighbor might file suit against you, for being the dog’s caretaker. They may also sue the homeowner and property management company for allowing you to keep a ‘dangerous’ dog. If the landlord and property management company are both additional insureds on the policy, it provides them with coverage as well. Renters insurance is a great value and provides additional coverages to you, then just liability. The typical renter’s policy includes three major coverages. The first one being liability, the other two are personal property and loss of use. Personal Property is the coverage that most people think of, when they think of renter’s insurance. This is coverage for your stuff. Personal property covers your clothing, furniture, tvs, home décor and just about everything else in your home, with some exceptions. Most policies have a minimum requirement for personal property of around $5,000, however, the average person owns over $20,000 in personal property. If there was a fire in your home, how financially devastated would you be? Would you be able to repurchase all your things? Renter’s insurance provides coverage for your things in the event of a loss such as theft, vandalism, fire, wind, and other losses. Loss of Use is the third coverage that makes up a typical renter’s policy. Loss of use pays for your additional living expenses in the event of a covered claim. Imagine waking up to a burning building! If you have a renter’s policy with loss of use, you could check into a hotel and have somewhere to live until you find replacement housing and it will likely be paid for (up to your policy limits). Renter’s insurance provides several great coverages and is one of the least expensive insurance policies you’ll ever purchase. In fact, oftentimes, the cost of renter’s insurance is less than the discount you receive on your auto insurance, when you bundle with the same company. This means renters insurance may cost you nothing additional a month than what you currently pay for car insurance! The team at Premier Mountain Insurance are happy to help you with your renter’s insurance, as well as auto insurance and life insurance. Call or text today! 303-452-6662 . You can also purchase coverage directly from this link! Coverage is dependent on policy language and claim scenario. Talk to your agent or claims adjuster for specific information regarding your claim.