We received really great feedback from last month's Property Management update so we thought we would continue to do updates once a month at least until the world starts to settle down. This allows our investor clients can get the inside scoop from professional property managers that specialize in the Denver market. As a reminded, or if you didn't catch May's update, we will be focusing on data collected regarding rent collection and trends we are seeing from month to month so landlords can be as educated as possible and know what to expect. We will be focusing on a few key questions to each property manager: How did rent collection end up for May and what are expectations for June?What issues are you seeing with tenants?How has leasing been?Is it still a good time for investors to get involved or be active in this current market?What do landlords and investors need to know about the current market situation? The interviews with each property manager are below. You will see that no matter how many properties these companies manage, and no matter the type of property, these managers are seeing roughly the same results across the board. Executive Summary: All PM's reported 95%+ rent collections in May! They expect a strong June for rent collections too.Some had higher rent collected than in May 2019. They all reported strong leasing activity. A very low rate of tenants working the system with the current eviction moratorium going on. Interview with Annemarie Sunde - Legacy Property Management Legacy Property Management has been in business for about 6 years and focuses on single family homes. They also have a few condos and small multi family units in their portfolio. They have properties as far south as Castle Rock and as far north as Broomfield and Thornton. The majority of their properties are located in Highlands Ranch, Parker, Littleton, and Golden. They offer leasing and full property management services Rent collectionsMay 2020 had 2 tenants who paid rent late, but they did pay eventually which means they have collected 100% of total rentsJune is currently (June 5) in the 90% of rent collection. Rent technically not "late" until the 8th so they expect to be 100% again this month.They do not have any tenants on payment plansThe majority of their portfolio are properties paying average $2,700 in rent each month which Annemarie believes helps a lot because the majority of their tenants are not in the service industry which was the biggest sector that was affected by COVID.Annemarie reiterated that if COVID hadn’t happened, they would not be able to handle the amount of requests they received for new property managementTenant Issues or ConcernsCommunication is key. Asking tenants to be open and communicate if there are issues instead of waiting until rent is late.Conversations about using Stimulus check for intended purpose of rent and groceries, not vacationLeasingOverall been super busy! Usually not busy until March but picked up in February this year and has stayed consistently busy in March, April, May, and June. COVID hasn't affected leasing.Currently have 15 properties up for leaseStill seeing lots of out of town people coming into Denver or moving across the metro areaSingle Family Homes are still leasing the quickest (30-45 days). Condos are hardest to lease (60+ days)They've had to make a few adjustments and lower rents by $100 at times but really more to increase amount of traffic to property.Rental rates are not going up like they did in 2016/2017 but they are not below average How does it look for InvestorsStill thinks it's a good time to buy. She actually purchased a rental since last month.Really dependent on the investor's goals. If your in it for long term game,
No transcript available.
POWERED BY BLUBRRY
