5 Great Tips for Managing Denver Apartment Buildings

5 Great Tips for Managing Denver Apartment Buildings

1) Clarify Management Agreement Terms (either professional manager or resident manager)

– Leasing Fees – typically 50% of the 1st month’s rent

– Overall Management Fee – ranges between 6%-12% for apartments, but typically around 10%

2) Advertising

– Everyone knows to use Craig’s List, but you can set yourself apart by creating a rental brochure on V-Flyer (http://www.vflyer.com/) or a Postlets (http://www.postlets.com/) to insert into Craig’s List

3) Rental Application Process

– Charge for accepting a rental application! Suggested minimum charge of $30 per adult applicant

– Make sure all areas are completed (include: emergency contact, cars, pets, etc.)

4) Lease (several options for written form/agreement)

– Become a member of Apartment Association of Metro Denver (http://www.aamdhq.org/)
– Have an attorney draft your lease.  My clients use Foster Graham Milstein & Calisher, LLP (http://www.fostergraham.com/) and Tschetter · Hamrick · Sulzer (http://thslawfirm.com/) to name a few

– Include all addendums, lead based paint, etc.

– Specify which utilities tenant pays, who is responsible for lawn care, how pets are handled.

– Make sure all adult occupants sign the lease (it sounds fairly obvious, but it doesn’t always happen)

5) Apartment Tenant Move In/Move Out

– Move-in: checklist is very important

– Move-out: Security Deposit disposition – what does your lease specify – 30 or 60 days?  Maximum timeframe for release of funds is 60 days

 

For more helpful information about how Denver’s apartment market and what the boutique apartment owner wants to know, please continue to visit: http://www.denverapartmentbuildingsforsale.com/

 

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Denver Real Estate Investment Seminar – TODAY (2/8/2012 at 6:30 PM), by Kyle Malnati: Madison Commercial Properties

Denver Real Estate Investment Seminar – TODAY (2/8/2012 at 6:30 PM), by Kyle Malnati: Madison Commercial Properties

Hi Everyone ~ This is the blog article that you need to “comment” on to be in the running for one of the door prizes.
 
Tonight (February 8th, 2012 at 6:30 PM) is the big event!  I will be hosting an apartment/commercial real estate investment seminar at the Embassy Suites in the DTC. We will have delicious appetizers, and great speakers for everyone to enjoy. This should be a fun, informative, and relaxing event. I really appreciate everyone who has responded with excitement and anticipation for my seminar; I’ve gotten a lot of great feedback. 
I can’t wait to see you all there!  Also, I knew that I should share this article with everyone, because it speaks to how well Denver’s apartment market has performed recently.  Apartment vacancy rates just hit the lowest year-end rate in 12 years!  Its a great time to be an apartment investor, and I forsee that this will be the case for the next couple of years.
 
Best Regards,
Kyle Malnati
~ Madison Commercial Properties
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