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2017 February Sales Activity

by The Colorado Springs Group™

February Sales Activity 2017

Broken down by area to give a better prospective on the results for February. Single Family & Patio Homes

Black Forest: 8 Sales for a total dollar volume of $3,974,400

Briargate: 53 Sales for a total dollar volume of $20,346,255

Central: 55 Sales for a total dollar volume of $12,341,300

East: 51 Sales for a total dollar volume of $12,635,250

Fountain Valley: 132 Sales for a total dollar volume of $30,990,267

Falcon - Peyton: 62 Sales for a total dollar volume of $19,445,388

Marksheffel: 13 Sales for a total dollar volume of $3,763,628

Northeast: 60 Sales for a total dollar volume of $18,187,639

Northwest: 16 Sales for a total dollar volume of $6,567,400

Northgate: 25 Sales for a total dollar volume of $11,928,659

Old Colorado City: 16 Sales for a total dollar volume of $4,569,962

Powers: 75 Sales for a total dollar volume of $19,977,460

Southeast: 54 Sales for a total dollar volume of $9,923,450

Southwest: 39 Sales for a total dollar volume of $15,221,734

Tri-Lakes: 32 Sales for a total dollar volume of $16,171,498

West: 11 Sales for a total dollar volume of $3,806,500

"Based on information from the Pikes Peak REALTOR Services Corp. ("RSC"), for the period 2/1/2017 through 2/28/2017.  RSC does not guarantee or is in any way responsible for its accuracy.  Data maintained by RSC may not reflect all real estate activity in the market."

Property Management Company Employees

by The Colorado Springs Group™

Our company employees have known each other for years. We're a tightly knit group of people, as close as family.

The subject of employees is sadly easily manipulated, and here's why. Many property management companies do both management and sales. While there's nothing wrong with that, it can be hard to find out who does what. If you hear someone who is licensed say they cannot help you buy or sell a home, it's hard to believe.

Are the employees full time, or are they part time? What do they actually do, and how often do they do it? If you have a "tenant concierge" that works 5 hours a week, that really doesn't fit what the title suggests. It just sounds nice to have a person with that title, and it's a great selling point to get an owner to sign on.

Family members are often counted as employees. Once again, nothing wrong with that. However, it's problematic if they're just being used to inflate numbers to make a company seem larger. It's just a selling point to get owners to sign on.

Ask if you can meet the employees. Interaction with employees will tell you things you won't be able to learn any other way. Invaluable insight into who you are really hiring.

Tenants Who PCS

by The Colorado Springs Group™

When someone in the military has to PCS (Permanent Change of Station), the law protects them. In our area, there is a lot of military. This situation happens often, and it needs to be understood.

We should all be thankful to the military. Too often we see situations where owners want to avoid renting to military for the fear of a PCS. It's part of owning a rental property in this area. Renting to someone in the military should be embraced rather than feared.

Screening Management Companies

by The Colorado Springs Group™

A property manager discusses what actually constitutes an employee for a property management company. It's easy to make a company seem much bigger than it actually is. If you have a landscaper, a plumber, an electrician, and a handyman doing work for you, are they all employees? They can be, but more than likely they work for another company. Some property management companies will count these people as employees to make the company see much larger and more established than it actually is.

The best thing to do when interviewing a property manager is to ask if you can contact current tenants and owners. Find out how they are running their company. Are the owners happy? Are the tenants happy? Ask to see a list of properties manage. Drive by some of the homes to see how they look. Doing any of these things will give you insight into how well the company is being run, rather than how many employees it has.

Keep in mind, if a company is both managing and selling homes, not all employees are going to be on the property management side. It's common for employees to handle tasks in both sales and management.

The Electronic Leash

by The Colorado Springs Group™

Sometimes working in real estate requires an extensive amount of being connected to electronics. By disconnecting for short amounts of time it allows us to enjoy the little things in life just a little bit more. Technology is great, but so is fresh air and unwinding once in awhile.

In House Maintenance

by The Colorado Springs Group™

Maintenance staff sounds like a good thing.  Having a jack of all trades can create trouble if they are not licensed and/or properly insured when making repairs. Check with your property manager to see what their policies are. Licensed professionals can be expensive, but so are lawsuits that arise from not using them.

Security Deposits and Carpet Cleaning

by The Colorado Springs Group™

When it comes to carpet cleaning, our leases make part of the security deposit non refundable. That portion goes towards carpet cleaning that we handle. We have professionals that we have used several times, and they use truck mounted systems.

Part of the reason for this is that a tenant can have the best intentions of doing the job right. Intentions make no difference on how the cleaner rented from King Soopers or Walmart is going to perform. Most of the equipment made available for rentals does nothing more than soak the dirty carpet.

When it comes to damage vs. wear and tear on a carpet, it can be a complicated area. Even though the word "tear" is used, it does not mean carpet being torn is normal. In a courtroom, there is going to be a lot of explaining by the person who is withholding a security deposit. Things don't always go the way you would think, even if you've got a great lease and know the laws. Application of the law is something all of us can learn from.

E&O Insurance Amounts

by The Colorado Springs Group™

The managing broker for The Colorado Springs group discusses insurance amounts. Not every company has the same coverage. Agents within the same company may not have the same coverage. When asking to review the policy a licensee has, ask to see the company policy as well. When you're hiring a property manager with insurance coverage, you need to make sure the coverage includes performing property management services. It's also important to make sure that the company knows that the individual you are hiring as a property manager, is in fact doing property management. Many companies are unaware of agents in their office practicing property management. Find out; reduce your risk.

Credit Checks on Tenants

by The Colorado Springs Group™

Kevin talks about performing credit checks on potential tenants. We check on loans, debt to income ratios, collections, judgments, etc. We also check criminal and eviction history.

Not all property managers pull credit. Some will have a tenant pull up generic credit scores online, and then hand it over to the property manager. Some managers don't do any type of credit check, even though they collect an application fee.

There are many simple things you can do outside of a basic credit score when screening tenants. Contact banks if a tenant allows you to, see if they're using grace periods. Ask if they ever use "skip payment" options. Those could be red flags that won't show up on a credit report.

Displaying blog entries 1-9 of 9

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The Colorado Springs Group™
6665 Wild Indigo Drive
Colorado Springs CO 80923
(719) 799-3686

Kevin & Jessica
The Colorado Springs Group
6665 Wild Indigo Drive
Colorado Springs, CO 80923
(719) 799-3686