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!
As winter approaches, it's time to get prepared for the season. There are three things that are on the top of the to do list, arguably the most important things you need to do is winterize your sprinkler system. If not done properly you will find yourself with a maintenance emergency and an expensive repair bill when freezing temperatures come to Colorado. Another thing to consider is keeping branches away from your home and car during Spring where we receive moisture heavy seasonal snow that can damage anything or cause injury as they fall off. And lastly, if you like your healthy lawn, its aeration/fertilization time. Get your sprinklers blown out for the season Winter is the time to get your sprinklers blown out. The winterizing process helps ensure that your irrigation equipment will last longer and will not burst during the coldest months of the year. If water freezes in an un-winterized system, it expands and bursts water lines, sprinkler heads, backflow preventers and the plumbing inside your home causing significant, traumatic and costly damage. To winterize your sprinkler system: Turn off the water lines Blow out all hoses so they are not full of water Close the solenoids or turn off your system. Turn off outside faucets (check for leaks). Make sure your sprinkler system has been unplugged or disengaged. Remove tree branches that might break off with heavy snow or ice If you have trees on your property, especially large ones that may need to be removed in the future, it is important to do the following: Remove dead or diseased branches. These branches can fall and cause damage if they are near power lines or on top of your car. Remove branches that are too close to the house. This helps protect against wind coming from different directions and knocking down some of these trees onto your home. If there is a large tree that has grown too tall and its branches are overhanging your driveway, this could also cause problems with vehicles driving underneath it or kids playing around it during winter months when snow falls heavily overnight causing heavy snowfalls while temperatures drop quickly during nights when people go outside before sunrise during those cold mornings before going off to work or school! Get your lawn aerated Your lawn has had a long year of getting watered, being pressurized and packed down by lawn mowing, now its time to the alleviate the pressure. Aerating is a great thing for the lawn. It pokes holes throughout the lawn allowing for water, air and nutrients to get in deep to the roots. The holes are 2 or 3 inches into the ground, not too deep for your sprinkler lines to get punctured, but deep enough to help with new roots. After aerating you will want to put down a winter fertilizer, the fertilizer will get deep into the soil allowing for the nutrients to be delivered right to the source. Making sure you have a good fertilizer is also important. There are several good brands out there that you can find at the local home hardware store. If you need help managing your investment property, please let us know through our contact form or by calling 303-930-5125.
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.
