All Forum Posts by: Marc Cunningham

This is the reoccurring question in the property management community; 'how do I find new owner-clients'.

It starts with you having a solid web-site. You can do paid google adwords as well, but I think there are better ways. Contact me offline and I will be happy to share who we use for our marketing.

Also check out NARPM.

@Tyler Work @James Carlson The below is from Marcia Waters, Division Director of the Colorado Real Estate Commission:

 "One does not need a broker's license to do short term occupancy agreements (short term rentals). I would reference CP-19. While the distinction has long been drawn at the 30 day mark, it is probably best to look how the short term agreement is being used. If it is similar to a hotel reservation where the party only has a license to use it, it would be considered a short term occupancy agreement. If the terms are more reflective of a lease transaction, it would require a broker's license to manage those"

Treat your property as if you were a professional property manager and it is a business (because it is!). 

I am sure your property taxes, insurance, HOA, etc, have increased over the past 10 years. You need to be passing these increased expenses on to your tenant. We try and train our tenants to expect some type of rent increase ever year (even if it is $10).

I would contact your resident personally, thank them for their long term and tell them how much you appreciate them; while informing them that because your expenses have gone up dramatically in the past several years, you do need to increase their rental rate; but you will still keep them under the market rate.

They should understand.

Melissa,

Greeley, CO is a fabulous investment area! I own several rental in Loveland and manage others in Greeley. Contact me offline and I am happy to share what I know about Greeley - but you should be able to find some excellent deals there!

@James Carlson - that is very interesting that you can do short term rentals in Colorado without a license. I just e-mailed a contact I have with the real estate commission to see if they enforce this or not.

@Bill S. is correct above. In Colorado you MUST have a real estate license to practice property management. The Colorado real estate commission is very active in looking for those individuals and companies practicing property management without a license.

You can absolutely find the time to manage your owner rental properties. Just ensure that you have the temperament to manage it like a business (because it is!), and make sure you have knowledge of both federal, state, and local laws as they relate to property management, fair housing, and applicant screening. HUD is very active in "shopping" real estate managers (especially those who self-manage), looking for potential discrimination issues.

Thank you @Chris Lopez.

Yes, feel free to IM me or reach out through my web-site in my signigure below. I promise to return the call :)

Hi Ericka!

Congratulations on your investment!

Thornton does not have a lot of short term rental demand, but long term rental demand is awesome!

IM me or call me from my company web-site below and I am happy to offer you some thoughts.

(I own several investment properties in Thornton and also run a local Property Management company, so know the area well!)

I run a successful property management firm (my dad started in 1978) in Denver. Now I speak to Realtor groups nationally on property management topics like how to grow your business and actually make some money (yes - you can!) in the property management business. We have free educational information, online courses, system manual offerings, and even one-on-one coaching.

We don't know it all, but we have learned a lot in 40 years and are happy to share!

www.PropertyManagementSystem.org

Marc Cunningham

Grace Property Management