When cold weather arrives, few things ruin a chilly snowy night more than a call from a tenant informing you that a pipe burst. Thankfully, the majority of winter damage to rental properties can be prevented with these simple winter maintenance tips you can share with your tenants. A quick, friendly reminder can save you plenty of stress and money!
It may not be good for his business, but Joshua Hunt, the co-founder and CEO of the local real estate brokerage Trelora, says that for a significant number of people in Denver, including many of those who’ve just moved to the Mile High City, renting makes more sense than buying.
“If you think there’s a chance you’re moving inside of two to five years, you need to be very cautious when buying a home in order to recover the costs of getting in and getting out of it,” says Hunt, a longtime veteran of metro-area real estate whose brokerage charges a flat fee of $2,500 for each purchase or sale, as opposed to a commission based on percentages.
These days, the cost of housing in general remains sky-high in Denver; we’ve documented the current scenario in recent posts looking at the city’s ten most-expensive neighborhoods for rent and exploring how the red-hot housing market has spawned “coming soon” signs. But as we’ve also reported, 13,000 new apartment units are expected to come online in Denver by the end of 2017, and Hunt thinks this increase in inventory will have a positive effect on rent affordability.
How does this help us in business? There are several ways. First, we need to honor our customers by giving the products and experiences that they find valuable. Too often, we as business owners tend to try and give our customers what we think is valuable and do not work hard enough to see things through our customer’s eyes. Secondly, we can do the same for our employees. These are the people that help make us successful every day. It is important that we find out what drives them and help craft this, into their work for us. Not only will that help them be more satisfied, in their work, but will also make them more productive. Lastly, we need to honor the communities of stakeholders in which we do business. If we are making a huge profit without considering its impact on our neighbors, our vendors and society, there could be major pitfalls that await us. Alternatively, if we are an asset to those groups, they will work very diligently to help us be successful over the long run.
Honoring the people in our lives is not an easy task. It takes constant humility and effort to understand and respect others, to lift them up. However, in doing so, we find that we are improving our own lives as well. Giving honor to others has a special effect. That by showing the greatest honor to others, we end up showing great honor to ourselves.
So you’ve probably already calculated what you thought your home could currently rent for if you are anything like me. Denver is one of the top five cities in the US to own a rental and to be a property owner! People are moving here in droves and while the market may have some softening lately, overall it is still extremely strong and stable. Having a rental is a great way to build your financial empire.
While you may be thinking of renting your home, be aware that renters will not take care of your home as well as you would. They may still be responsible renters, they just may not always keep your high needs garden in tip-top shape or make upgrades to your property without hesitation as you would.
Obtaining a rental lease usually requires at least fair credit.
For those unable to purchase a home because of a lack of funds or poor credit, renting is the obvious alternative to home ownership. However, landlords often perform a credit check prior to renting their homes. Generally, when looking for a rental, a credit score in the low 600s is a minimum requirement.