5 Ways to to maximize your investment property profits

5 ways to maximize your investment property profits

*without a lot of work

Real estate investments are about one thing. Profit. And to get strong returns on that investment, you need strong management. Keeping your properties rented and maintained can be complicated. You also want your property to be priced right, and to have a lease that will protect you. Hiring a good property management company can be the best thing you can do to increase your rental income. Here are 5 ways to maximize your investment property profits.

1. Maximizing the rent

You want to be informed of property values changes so the rent can be adjusted. In Colorado, home values have been rising steadily for years. It’s important to watch the real estate market to be able to adjust the rent accordingly. Want to stay up on the real estate market yourself? Follow us on Facebook, Instagram, Twitter, and LinkedIn.

2. Collecting your rent on time

To make money, you must collect the rent on time too over your own expenses. The more pay options you offer your tenants, the more likely they will pay on time. All County® offers a convenient tenant portal on our website to make paying the rent easy for residents. If a tenant doesn’t know about these options, they can’t use them, so we focus on tenant education. Click here to see one of our tenant educational videos, Paying Your Rent. Then if the tenant doesn’t pay on time, make sure your lease lays down how late payments and collection procedures are handled, so you can recover late rent without a problem. Click here to read our blog about Collecting your rent on time.

3. Keeping your property rented

You won’t make any money if your rental property has no tenants, and it’s just as important to keep quality tenants in your property. A good tenant screening process assures that stable renters are in your properties, so they’re less likely to walk away, cause damage, or not pay their bills. When the tenants decide to leave, you want a smooth transition. Make sure the tenant gives plenty of notice before they vacate, and market the residence while they’re still there. You want to make sure that a new tenant can move in immediately, lowering vacancy time.

4. Maintaining your property’s value

Keeping your investment property in good repair is a no-brainer. To accomplish this, you must focus on preventative maintenance. Make sure there’s an easy way for your residents to let you know about maintenance requests. Make it easy to submit a maintenance request, and your tenants will keep your property in shape. The All County® resident portal allows your tenants to submit maintenance requests from the website. They can do it right from their mobile device! The sooner the issue is known, the sooner it can be fixed, and your tenants stay happy.

You must also make sure seasonal maintenance is done. All County® sends out approved vendors we’re sure of, and then the tenants are surveyed to find out how they rate the work. This helps us know how the vendors are doing, and if your property is being kept up to your standards.

5. Keeping everything legal

An good lease is essential to successful property management.  It protects you from unwanted lawsuits, maintenance expenses you’re not responsible for, and broken leases. When all else fails, you want access to legal experts to keep you out of the courtroom. All County® has relationships with attorneys and experts we trust.

Summary

You want your Colorado investment properties to be profitable. It’s a job that takes time and expertise. If you on landlord responsibilities yourself, you won’t have the time you need to develop new properties. By hiring a property management company like All County®, you will maximize your profit and be able to use your time to increase your portfolio. Call us today for a free estimate, and to learn more about 5 ways to maximize your investment property profits! We’re waiting for your call. (719) 445-7172.

How to Have Good Tenant Communication

How to Have Good Tenant Communication

How to Have Good Tenant Communication: To be successful as a landlord, you need good communication with your tenants. Even if you take the time to select responsible tenants, constant communication is important. They will have maintenance issues, and possibly even maintenance emergencies. They will have life changes that also require lease changes, like marriage or getting a pet. If your tenant is redeployed or dies, you’ll need to replace your tenants sooner than you expected.

A good property management company will have programs in place to make all changes to your property easy. This is how to have good tenants communication! Some of the programs and systems All County® has in place are listed here. If you have any questions about how All County® can make your tenants communication easy, call us anytime at: (719) 445-7172.

All County Systems to Aid in Tenant Communication and Record Keeping

  • Rent Manager Accounting Information System: (Live Interactive Owner, Tenant & Vendor Portal)
  • LCS Net Dial Tone VOIP Telephone System: State-of-the-art phone system tied directly into our Property Management software. 
  • Property Meld: Vendors, internal maintenance, resident and owner direct communication and maintenance enhancement tool.  
  • Pet Screening: Assist/manage tenant pets and assistance animals, adds a layer of third-party liability protection, validates service animal statuses, creates comprehensive Pet Profiles.  
  • AvidXchange: Accounts payable and payment automation 
  • Listen360: Continuous surveying of tenants to ensure quality service 
  • Hostway: Managed, dedicated and secure hosting services 
  • ShowMojo: Marketing automation, online prospect nurturing. Showing scheduling and market syndication to over 50 online listing sites.
  • QwikRents: SEO optimization and marketing syndication 
  • MAPP Communications: 24/7 emergency lines and notification 
  • Zoiper: All employees have app on phone to provide continuous contact with residents (tenants) 
  • IT: Secure and reliable services 
  • Zinspector: Video/picture software (move-in, move-out, recurring inspections) for Security Deposit Disposition 
  • Multiple Listing Service (MLS): Pikes Peak Association of Realtors (PPAR)
  • AmRent: Resident screening services
  • Social Networks: Tenants and owners are encouraged to follow us on our social networks, so they can be informed of daily news and announcements. We have accounts on Facebook, Instagram, Google Business, Twitter, and LinkedIn. We also advertise available properties on Facebook and Instagram.
One Week for a Property Manager

One Week for a Property Manager

Every week, the folks at All County® work hard for our owners and residents. Emergency phone calls come in at all hours. We receive requests for maintenance, schedule the jobs, and check up on the repairs. We rent new properties and advertise the properties we have. Here are some of the things that happen in one week for a property manager.

Communication

  • Answered incoming phone calls
  • Handled emergency phone calls 24/7
  • Answered incoming text inquiries
  • Responded to incoming email inquiries
  • Captured inquiries from the web
  • Notified prospects about new listings on the market
  • Notified prospects about rent reductions

At Our Properties

  • Drove by properties to check condition
  • Photographed available properties
  • Posted late notices
  • Showed properties

Online

  • Collected new leads
  • Scheduled and confirmed new showings
  • Collected and evaluated feedback
  • Canceled showings at off-market listings and directed those prospect to your other on-the-market properties

Advertising

  • Advertised properties on Google, Facebook, Instagram, and Twitter, as well as print
  • Posted daily on social networks
  • Placed available properties on all major property websites

Education

  • Studied to keep NARPM® designations current
  • Attended local meeting for networking and education
  • Taught tenants about leases, move-in and move-out, adding and removing roommates and pets

Transactions

  • Signed new leases
  • Evaluated new tenants for rental opportunities
  • Collected rent from tenants
  • Prepared financial reports for owners

Now that you’ve seen what one week for a property manager is like, you know that we work hard for every client. If you would like to know more about what a property managers can do for you, contact All County® today at: (719) 445-7172.  You can read more about our services at: Property Management Services.

If you’re interested in what a property manager’s day is like, here is an fun article to read: A Day in the Life of a Property Manager

How to collect your rent on time

How to Collect Your Rent on Time

If you have investment properties and have rented them out, you know the problems that come from not being able to collect rent on time. You not only have to cover the mortgage payment yourself, you have to spend time to go about collecting the rent. This can be costly and irritating. Here’s how to collect your rent on time.

Make recurring auto-pay the default

When a new tenant signs your lease, make recurring auto-pay the default. If they want to pay a different way, they’ll have to opt-out. They’re more likely to have their account debited each month automatically if it is the default way to pay.

Make use of notifications

Notification of trivial things can get on your nerves, but they can be put to good use for the important things. Set up automatic monthly notifications through text or email. Include a link to click on the reminder to make a payment online.

Create incentives

Credit reporting. Free stuff. Incentives go a long way to encourage tenants to pay on time, even if the incentives are small.

It costs a lot of money to send someone to a property to post a late notice. Offering a lottery to all tenants who pay on time is cheaper. For instance, offer a drawing every month of a Walmart gift certificate for tenants who pay on time.

If rental payments made through your payment portal are reported to credit agencies, your residents can build a positive credit history. This is a good offer, and the tenants will see you as being on their side.

Offer multiple payment options

People are all different, and so are the way they like to pay their rent. The more ways available to your tenants pay, the more likely they’ll pay their rent on time on time.

Offer them the option to pay online. Then, they can pay when they remember, even from their phone at the doctor’s office. Or let them set up recurring payments, so they don’t have to remember every month. The more options, the more payments will come in on time, and the less complaints you’ll get.

Hire All County® property management

Did you know that property management companies like All County® offer options to tenants to make paying their rent easy? That way, you don’t have to know how to collect your rent on time, All County® will do it for you.

We accept cash, checks, and money orders. Tenants can also pay rent through the Resident Portal directly from our website that allows them to pay with a credit card, debit card, or e-check.

With all these options, residents are way more likely to get their payments in on time. There’s no cost to the tenant for using the e-check, so that’s what most tenants choose to do.

If you have an investment property and you hire All County® to manage it, we’ll collect the rent monthly, and transfer the payment to you. Then you can check your account through our website’s Owner Portal to see the payment been deposited to your account. You don’t have to do anything.

If collecting monthly rent isn’t on your bucket list, hiring us is a good step. Call All County® today to get a free assessment of your investment property, and leave the money collection to us! (719) 445-7172

What if they still don’t pay?

If your tenants still don’t pay their rent on time, you’ll have to deal with it. If you don’t have a property management company to help you, here is a Colorado government source to check out:

Colorado Landlord and Tenant Rights

If you’re looking for a rental property, see our list of available home for rent in Colorado at:

Our available rentals