Tag Archives: property management
Despite low vacancy rates below 1.7 percent, rents for metro Denver houses and condominiums only inched up during the fourth quarter, according to a report Wednesday from the Colorado Division of Housing.
The vacancy rent for rental homes and condos dropped to 1.7 percent in the last quarter of 2012 from the 2.1 percent vacancy rate in the same quarter of 2011.
Average metro-wide rents, meanwhile, rose just 1.9 percent year-over-year to $1,084, which was actually lower than Q3’s average rent of $1,090, according to the Metro Denver Area Residential Rent And Vacancy Survey.
The survey included 2,074 housing units from the six-county metro Denver area. It did not include apartments.
“The low growth rate in the average rent is deceptive, and is kept down by the fact that many owners are still afraid to push rents to the point that the renter leaves,” Lyle Haas of Colorado Realty and Property Management, said in a release.
“Many owners could push rents more than they are, and I’m surprised at how high our renewal rate is right now, even when we’re asking for some big rent increases,” Haas said.
The numbers still show a tight rental market for homes and condos.
“The market is as tight as I can remember, and I’ve been doing this for 30 years,” Robert Alldredge, owner of Jericho Properties Realty in Lakewood, said in a release.
While the average number of days vacant units remained on the market rose slightly quarter-over-quarter to 34.3 days in the final period of 2012, from 30.2 days in Q3 2012, that average stood between 40 and 60 days from 2006 to 2008, according to the report.
Here’s a county-by-county breakdown of the vacancy rate and average rent:
• Adams: 2.7 percent; $1,062.
• Arapahoe: 1.7 percent; $1,035.
• Boulder/Broomfield: 5.9 percent; $1,990.
• Denver: 1.9 percent; $1,026
• Douglas: 1.2 percent; $1,450
• Jefferson: 1.3 percent; $1,059
The report did not include information on apartments, which were released in a separate report Jan. 31 that said the vacancy rate dropped to 4.9 percent in the fourth quarter from the 5.4 percent in Q3.
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With the U.S. economy still an uncertainty,most people are shying away from buying
and moving toward leasing homes.The U.S. has national real estate firms such as RE/MAX, Century 21, Coldwell Banker and Keller Williams. But if you ask someone about property management, they wouldn’t know a nationwide brand, let alone be able to recommend a large property management firm.
The property management industry has traditionally been dominated by mom and
pop sized businesses simply due to the fact that the industry needed to have a physical
presence in local area markets to attend to showings and maintenance requests. Most
of these mom and pop property managers aren’t accountants, so the accounting aspect for most small property management companies has been in shambles.
With the advent of modern software-as-aservice in accounting and the ease of communication globally, there is an opportunity for a brand to emerge as the go-to property management firm. But there still lies the issue of a local presence that plagues any company when they want to expand expediently. This is where the opportunity really lies for real estate firms like the ones previously mentioned. They have a local presence already established, as well as the manpower to handle the work. In reality, any real estate office is now able to become a property management firm and offer the services that they are already asked to provide, instead of referring their clients to someone else and possibly losing touch. They can do this by plugging in a new operating system called RORS (Real Estate Operating Rental System) to their current sales system. RORS handles the accounting back office and all maintenance coordination while the agents do what they do best—market homes, show homes and then RENT homes within their real estate sales office.
Residential real estate offices have discovered that every renter is a potential buyer and every homeowner of rental property is a potential seller. With that in mind, real estate offices are adding property management divisions.With the launching of this one-of-a kind real estate operating rental system (RORS), every real estate office can now offer property management services without having to manage all of the difficult parts of property management. Just a few of the more difficult duties that are integrated into the RORS system are accounting, rent collections and disbursements, invoicing to all homeowners monthly, and most importantly, ALL of the maintenance headaches and follow up with owners and tenants. With this system, the only tasks the real estate brokers and agents have to do are the real estate functions they are currently doing; listing and showing homes. RORS keeps the brokers’ and agents’ current clients under the same roof until they are ready to buy or sell their homes, generating monthly income for real estate brokers and their agents within the office. This in-house RORS system allows the residential real estate industry to provide a monthly salary or incentive/benefit program (for lack of a better term) to their current agents without costing the brokers’ offices a dime.
This is a win-win opportunity for the real estate industry and it is catching on like wildfire.
RORS is based in Golden, Colorado. RORS is currently available to Colorado Realtors. RORS will be launching their plug–in application nationwide to all real estate offices by the end of 2012. To learn more about RORS, call 303.988.5366 or emailinfo@homesirent.com.
With the U.S. economy still an uncertainty, most people are shying away from buying and moving toward leasing homes.
The U.S. has national real estate firms such as RE/MAX, Century 21, Coldwell Banker and Keller Williams. But if you ask someone about property management, they wouldn’t know a nationwide brand, let alone be able to recommend a large property management firm.
The property management industry has traditionally been dominated by mom and pop sized businesses simply due to the fact that the industry needed to have a physical presence in local area markets to attend to showings and maintenance requests. Most of these mom and pop property managers aren’t accountants, so the accounting aspect for most small property management companies has been in shambles.
With the advent of modern software-as-a-service in accounting and the ease of communication globally, there is an opportunity for a brand to emerge as the go-to property management firm.
But there still lies the issue of a local presence that plagues any company when they want to expand expediently. This is where the opportunity really lies for real estate firms like the ones previously mentioned. They have a local presence already established, as well as the manpower to handle the work.
In reality, any real estate office is now able to become a property management firm and offer the services that they are already asked to provide, instead of referring their clients to someone else and possibly losing touch. They can do this by plugging in a new operating system called RORS (Real Estate Operating Rental System) to their current sales system. RORS handles the accounting back office and all maintenance coordination while the agents do what they do best—market homes, show homes and then RENT homes within their real estate sales office.
Residential real estate offices have discovered that every renter is a potential buyer and every homeowner of rental property is a potential seller. With that in mind, real estate offices are adding property management divisions. With the launching of this one-of-a-kind real estate operating rental system (RORS), every real estate office can now offer property management services without having to manage all of the difficult parts of property management. Just a few of the more difficult duties that are integrated into the RORS system are accounting, rent collections and disbursements, invoicing to all homeowners monthly, and most importantly, ALL of the maintenance headaches and follow up with owners and tenants. With this system, the only tasks the real estate brokers and agents have to do are the real estate functions they are currently doing; listing and showing homes.
RORS keeps the brokers’ and agents’ current clients under the same roof until they are ready to buy or sell their homes, generating monthly income for real estate brokers and their agents within the office. This in-house RORS system allows the residential real estate industry to provide a monthly salary or incentive/benefit program (for lack of a better term) to their current agents without costing the brokers’ offices a dime. This is a win-win opportunity for the real estate industry and it is catching on like wildfire.
by Taylor Hou
RORS is based in Golden, Colorado. RORS is currently available to Colorado Realtors. RORS will be launching their plug–in application nationwide to all real estate offices by the end of 2012. To learn more about RORS, call 303.988.5366 or email info@homesirent.com.
Posted: Michael: CLVR VP of Marketing
Categories: Blog, Franchising, Home Rental Market, Managing Rentals