Since my home is not selling, I am considering renting it. Is the rental market good right now? Do you know of any good property managment?

Asked by Longmonthomeowner, 80503 Thu Apr 22, 2010

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34
Longmonthome…, Home Seller, 80503
Fri Apr 23, 2010
Thanks for all the information. My house is a 4 bedroom, 3 bath in the Westlake area of Longmont. We had to move out of state for employment and are currently renting in our new location. We can probably afford renting the house assuming the rent would be around $1500, but don't know if that is reasonable. What should I look for in a property management company?
1 vote
Susie, Home Buyer, Longmont, CO
Mon Sep 12, 2016
I'm a renter looking for a place. I assume you rented or sold this already?
0 votes
Ron Rovtar, Agent, Boulder, CO
Wed Jun 12, 2013
Look for someone who is not going to tack on a lot of extra charges.

I would suggest you contact Jennifer Fox through her website:

http://foxmanagementservices.com/

Kind regards,
Ron Rovtar
Prudential Real Estate of the Rockies
303.981.1617
info@rovtar.com
http://www.rovtar.com
0 votes
Ron Thomas, Agent, Fresno, CA
Wed Jun 12, 2013
Com' on, man,
Three years ago nothing was renting like it is now!
0 votes
Dena Schlutz, Agent, Boulder, CO
Wed Jun 12, 2013
A good property manager should check on the property periodically so your investment doesn't get trashed. They should also have a iron clad lease with the tenant and always ask you before renewing a lease with either their company or with the tenant.

Let us know how it turned out for you!

Dena Schlutz
Owner / Broker
Estate Professionals
303-588-7532
0 votes
AveWestGlobal, Other Pro, Littleton, CO
Thu May 30, 2013
You bet - a lot of potential home buyers are choosing to "Test Drive" the neighborhood first so your renter today could also be your buyer of the future.

Here is a link to some property management resources http://www.corporatehousingbyowner.com/resources/property-ma…
0 votes
Suz A, Agent, Longmont, CO
Sun May 19, 2013
||||||||||||||||||||||||||||||| May 2013 UPDATE ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||

Hello Longmont Homeowners!
Here is the news you have been waiting for: The market turned. Sellers are getting their price quickly in today's market. Incredibly, inventory is very thin.

We're PML Property Movers of Longmont! We are residential real estate experts with a specialization in working with investment properties.

If you have been waiting for the market to turn, and you need a market analysis, we can help with that and your questions. Call Suz: 720.810.0683.
0 votes
Suz A, Agent, Longmont, CO
Tue Apr 2, 2013
Seems like this question has been here for an eternity. We have been here a long time, too. If you still haven't sold that home, let's talk.

Suz
720.810.0683
0 votes
Suz A, Agent, Longmont, CO
Tue Mar 26, 2013
PML of Longmont has been serving the residential needs here for more than two decades. Let us know how we can help you.

Best,
Suz
PML of Longmont, CO
720.810.0683
0 votes
Ron Rovtar, Agent, Boulder, CO
Mon Mar 25, 2013
Hi Longmont Owner:

This is an older question so I suspect you made your move long ago. But there are two factors that might be of interest to homeowners wanting to sell their properties today.

1) Homes are now selling briskly in all price ranges, especially if they are in good condition and styled to show and sell.

2) Investors are buying a lot of home and renting them. This means that the investors see a lot of potential return from renting. But it may also mean that the rental market will soon be saturated with properties, perhaps more than can be rented at a good price. Investors do tend to overdo a good thing occasionally.

To learn more about what investors are up to in real estate, check out the link below.

Kind regards,
Ron Rovtar
Front Range Real Estate, Ltd.
Prudential Real Estate of the Rockies
303.981.1617
ron@rovtar.com
http://www.rovtar.com
0 votes
The April Ne…, Agent, Loveland, CO
Sat Mar 23, 2013
AN UPDATE AS OF MARCH 2013!

Rentals are in SHORT SUPPLY!!

The rental rates have gone up by an average of $300 from 2 years ago.

Also - prices in the under 400K range have gone up in Longmont by almost 10% this past year from what I am seeing! The market is VERY HOT right now in both resales and rentals.

We just had multiple offers on 2 listings in Longmont over the past two months and both went under contract for above listing price!
0 votes
The April Ne…, Agent, Loveland, CO
Fri Nov 16, 2012
Hello,

Of course - most realtors will want you to sell with them - and right now the market in Longmont is very hot with reduced inventory. So if your house is not selling, then there has to be a reason why.

However, if you are wanting to wait until the market picks up more and feel like you would be comfortable if you could get $1500 for rent, then that may be your best bet. For a 4 bedroom in Longmont in that area you absolutely would be able to get $1500 per month rent. There is a shortage of rentals in Longmont and the West side especially does not have a lot available right now. Of course, renting is not for everyone and you would need to be prepared for the additional risk involved going that route.

For those who have that risk tolerance, I have referred several of my clients who have purchased income property to Mike Baucom - mike@structuregroup.org - He specializes in property management in Boulder County and from what I have seen, is very skilled in his approach.

Hope this helps answer your specific questions!

Best,
April Neuhaus
Broker/Owner - Neuhaus Real Estate, Inc.
0 votes
Alyson Canepa, Agent, Longmont, CO
Tue Nov 6, 2012
Longmonthomeowner,
Do you have any feedback from showings as to why your home may not be selling? Is it not being marketed with great photos to entice a buyer to set up a showing...home is overpriced...home is not in showing condition. Most of these issues can be addressed, so don't give up yet.
0 votes
Cory Fitzsim…, Agent, Golden, CO
Fri Nov 2, 2012
Make sure they service your area, ask how many properties they manage and where,references and history, how big is their team (one man team or multiple employees), rates!!! (how much). Those are some general questions for you. Good luck!
0 votes
Suz A, Agent, Longmont, CO
Fri Mar 16, 2012
The good news today is the weather is warming. It is obvious to anyone with a phone in the real estate business that interest is higher.

PML of Longmont has been serving the residential needs here for more than two decades. Let us know how we can help you.

Best,
Suz
PML of Longmont, CO
720.810.0683
0 votes
Suz A, Agent, Longmont, CO
Thu Mar 8, 2012
From the Colorado Division of Housing on Feb. 2, 2012:
According to new metro Denver vacancy and rent data for 2011's fourth quarter, released this week by the Colorado Division of Housing, multifamily rental vacancies fell again while median and average rents increased slightly.

The region-wide vacancy rate in metro Denver has fallen every quarter for the past nine quarters when compared to the same quarter a year prior. As can be seen in the first graph, the year-over-year change in vacancies has not been positive since the third quarter of 2009, when the vacancy rate rose 13.8 percent over the year prior.

When comparing all county areas in the metro Denver area, we find that the Boulder/Broomfield area has consistently reported some of the lowest vacancy rates in recent quarters.

Although the Boulder/Broomfield area tends to have some of the lowest vacancy rates, rent growth in that area has produced frictional vacancy, in which tenants are beginning to move out and look for new apartments in response to a large amount of growth in rents. In other words, once vacancies reach very low levels, property managers will begun to push rents, and as this happens, vacancies move up as a result of increased tenant relocation.
0 votes
Ron Rovtar, Agent, Boulder, CO
Mon Feb 13, 2012
Hi Longmonthomeowner:

You posted this a while back so it may be that you already have solved your problem. However, if you are still struggling with this issue and you have taken your house off the market, you might want to consider listing it again soon. We have a definite lack of inventory throughout Boulder County and you may find it easier to sell this time around. If you have sold or rented, let us know if the advice here was useful.

Kind regards,
Ron Rovtar
Prudential Real Estate of the Rockies
Days: 303.981.1617
Evenings: 303.473.1926
ron@rovtar.com
http://www.rovtar.com
0 votes
Barbara Longo, Agent, Longmont, CO
Sun Feb 12, 2012
Why isn't your home selling? If you can't sell for a price that makes sense for you then rent it. However, I'm not a fan of long distance investment properties. You have to factor in the cost of property management, repairs and maintenance and wear & tear on the house. The best advice I can give is to have a professional come in and stage the property, then give it another few months if you can. Let me know if I can be of help.
0 votes
Suz A, Agent, Longmont, CO
Fri Feb 3, 2012
Hello Longmonthome,
Prices have held really well in Colorado. In some areas, prices have risen from last year.

http://www.bizjournals.com/denver/news/2012/01/31/case-shill…
0 votes
Suz A, Agent, Longmont, CO
Sun Aug 28, 2011
|||||||||| UPDATE ||||||||||

Rental applications are stacking higher at property management companies.

And the good news for property investors is that vacancies have fallen.

Boulder, Denver metro rental vacancies at 10-year-low
http://www.dailycamera.com/boulder-county-news/ci_18548698

Single-family rental vacancies at all-time low of 1.4 percent
http://www.divisionofhousing.com/2011/05/single-family-renta…

More first-time property investors in the market
http://www.marketwatch.com/story/more-first-time-property-in…

Best regards,
SuZ
PML
of Longmont, CO
720 810 0683
0 votes
Ron Rovtar, Agent, Boulder, CO
Thu Aug 18, 2011
Definitely a lack of rentals in Boulder County. I would be interested in learning about any rentals coming on the market. I have talked to several clients lately who want to rent here.

Kind regards,
Ron Rovtar
Prudential Real Estate of the Rockies
Days: 303.981.1617
Evenings: 303.473.1926
ron@rovtar.com
http://www.rovtar.com
0 votes
Suz A, Agent, Longmont, CO
Thu Aug 11, 2011
|||||||||||||| UPDATE |||||||||||||

Vacancies are at a 10-year low in Boulder County and will likely go lower. There is definitely a squeeze happening.

A recent article in a local newspaper:
http://www.dailycamera.com/boulder-county-news/ci_18548698

SuZ
PML of Longmont, CO
720 810 0683
Bouldersuz@gmail.com
Web Reference:  http://www.suzrealestate.com
0 votes
Edite Lawren…, Agent, Longmont, CO
Tue Jun 22, 2010
Sorry to hear about your home not selling. You should ask yourself several questions before deciding to convert your home into a rental property. First, are you ready to become a rental property owner? 2. What are the overall market trends, will your home value appreciate in the near future or will you lose more equity by keeping a depreciating asset? And 3. Why your home didn’t sell and have you really looked into all your options regards getting it done? (especially if it was your first choice to begin with!) You really do have several choices here before giving up and allowing the current real estate market to gamble with your financial future.
0 votes
Suz A, Agent, Longmont, CO
Wed Jun 16, 2010
Longmont homeseller, give us a call at PML. PML specializes in property management and has been doing this for many years here in Longmont.

I offer listing service and I promote heavily in social networking as well as through services like Trulia (though Trulia has a very good service that sets it apart from the rest).

SuZ
720 810 0683
0 votes
Ron Rovtar, Agent, Boulder, CO
Fri Apr 23, 2010
Hi Longmonthomeowner:

There are a lot of reluctant landlords out there right now. They rented because they had difficulties selling their homes. This can be a very good way to handle a difficult market in hopes of getting the right price for you home later. However, assuming the market will improve over the next couple of years, there still are two issues you should be aware of:

The first is fairly obvious. Renters generally do not take care of your home the way you would. Even the best renters tend to be a little harder on the home than owners. This can mean some additional expense getting the home back in shape when you decide to put it back on the market.

The second issue has to do with taxes. If you will sell the property at a profit, you should talk to an accountant or tax expert about the possibility of losing your capital gains tax deduction. To take the full deduction, you must have lived in the home for two of the last five years. In other words, if you rent it for three years, you will be in the sixth year as soon as the renters clear out, which means your two years of occupancy will already be running out. Again: talk to a professional to understand some of the nuances of this tax provision.

Best,
Ron Rovtar
Prudential Real Estate of the Rockies
Boulder,CO
303.473.1926
Web Reference:  http://www.rovtar.com
0 votes
AveWestGlobal, Other Pro, Littleton, CO
Fri Apr 23, 2010
Yes homes are renting very well right now especially if you are willing to take a lease for less than 12 months - I have recently spoken to numerous home owners who sold their homes and then didn't have a new home and needed to rent for 6 - 12 months while they built or looked for their next home. I also see a trend with families relocating to the area that can't sell their old home so need to rent when they arrive here.
0 votes
Dp2, , Virginia
Fri Apr 23, 2010
I know some other investors who might be interested in buying your property. Please feel free to contact me.
0 votes
Jeff, , Longmont, CO
Fri Apr 23, 2010
Hi. I'm Jeff an independent financial planner and investment advisor who has lived in Longmont for 44 years. I keep abreast of the local real estate market and can confirm that rents have strengthened some recently. I'd be glad to share my outlook for rents which is based on my economic analysis as well as local conditions (no charge for this of course). It's a bit more commentary than can fit in a post such as this. You can reach me at 303-776-6737 if you like.

A & G property management is very very good. Their prices are reasonable and the owner has outstanding business ethics and is experienced. His name is Gary Hardin and I have known him for 20 years. I don't accept any referral fees so I don't stand to benefit except perhaps by earning a bit of goodwill/credibility from you.

You can learn a bit about my company Leaving It Better, LLC by checking its website at http://www.leavingitbetter.com

Sincerely,
Jeff
0 votes
Kimberly Ryan, Agent, Highlands Ranch, CO
Thu Apr 22, 2010
May I recommend our Keller Williams Property magmt?
Asset Property managers
303-985-1901

Good Luck!
Kimberly Ryan
Keller Williams Realty Success
http://www.SwanRealtorGroup.com
303-523-8333
0 votes
Suz A, Agent, Longmont, CO
Thu Apr 22, 2010
Hello seller!
Yes. I know an excellent property management company. Ours.

The rental market is like the real estate resale market - it depends what your home is priced at, where it is located, etc.

PML has been serving Longmont as a property manager for more than 20 years. I would be happy to answer your questions.

You can reach me (Susan Alvarez) at 720 810-0683.
0 votes
Julie Reddin…, , Highlands Ranch, CO
Thu Apr 22, 2010
Blue Olive Property Management

http://www.managemyproperty.com/companies/blue-olive-propert…

Located in Colorado.

Good luck
0 votes
Nicole St. A…, Agent, Pensacola, FL
Thu Apr 22, 2010
I am such an advocate of renting your home instead of selling in today's market!

We manage over 500 properties in Florida, and have many property owners who decided to rent rather than lose out on possible equity in the future. If your rent can cover your mortgage or come near it and you have a savings account in case natural disaster or vacancy, or a tenant trashes the place (which happens sometimes) then I would suggest renting your property out!

In our local area- we are doing great with renting properties! A lot of people can't purchase right now, so the pool of renters is getting larger (although some will be less qualified, victims of foreclosure, etc. ) Definitely get a property manager to assist you with this. I'm sure someone local would, for no charge, meet you at the property and tell you what the prospective rental rate could be for your home.

I definitely agree that some borrowers will not be approved for another mortgage, so definitely check with a mortgage professional about your ability to purchase another house if you have your home rented. A lot of times, they can do this but of course depends on debt to income ratio, credit, money down, etc. I would do this before talking with a property manager.

A lot of real estate companies are now starting to manage properties, but aren't necessarily up to date on all rental laws. We are a member of the National Association of Property Managers and they constantly update us with law changes and other resources that keep us up to date on all items regarding rentals and property management. You can do a search on their website for a property manager nearby you here: http://www.narpm.org/search/search-managers.html

Good luck!
0 votes
Neil Fjelles…, Other Pro, San Diego, CA
Thu Apr 22, 2010
Though the answer to your questions require a current market analysis of the specifics that surround your property generally the rental market has not taken the same beating as the sales market. There will be more renters coming into the market over the next several years with less to choose from due to the slowdown in building. The Apartment Association of Metro Denver could probably provide a lead on a PM company that services Longmont. Neil Fjellestad
Web Reference:  http://www.FBS-PM.com
0 votes
Lindsay, Home Buyer, Texas
Thu Apr 22, 2010
It depends on the situation, when you bought your home and how much your mortgage is. Right now is the time to buy a home because home prices are so low. On the other hand, it is harder to get a mortgage then it used to be and a lot of people are renting because they can't buy or they don't want to be stuck with a mortgage.
If your mortgage is high and the rent will not cover the full amount of the mortgage, then you will be losing money, but if your mortgage isn't too high, and your rental income will cover the mortgage then you will be fine renting it out.
The best piece of advice I can give you: DO NOT BUY ANOTHER HOME UNTIL THIS ONE SELLS. the only exception to this is if your mortgage is so low that you will MAKE money off the rental income. My brother owns two homes right now because he bought another home thinking the first home would sell right away, the market turned and now he has owned both homes and had two mortgages for the past two years. He has rented out the home they don't live in, but the rent does not cover the whole mortgage, they are losing money every month. It has put a tremendous amount of strain on his marriage, and just a major headache that could have easily been avoided had they not bought another home before the other home sold. Hope this helps.

As far as good property management? Not sure where you are located. I live in WA
0 votes
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