Tips to Landlords & Tenants: Residential Rentals in the Fall

Fall imageFall is upon us and we frequently get calls this time of year from owners in a panic asking us if they are “too late” to rent their property.

My answer to owners is of course “No!” Rentals happen all year long, but yes you will need to be more flexible and consider dropping your rental rate from the peak season rates. You will also need to consider being more negotiable with terms other than price, such as pets, utilities, occupancy limits, and lease duration.  The summer months are naturally on the top of the bell curve for prices since that is when the maximum activity occurs. Econ 101 kicks in when the demand drops.   Owners need to adjust their prices down to account for the reduced demand. In general, owners can expect about 10% -15% less in the slower months versus the peak months.

On the surface the answer to the owner’s question may seem pretty obvious, but as I dig deeper into the psychology of their question it occurs why they are in a panic. Most owners are caught up in the sales concept, which has big consequences for minor fluctuations in price. Unlike selling your property which is usually a life changing event, and worth some forward planning to maximize the sale price. Rentals have far smaller consequences. Selling a property with a 10% price fluctuation translates into tens if not hundreds of thousands of dollars. Most sellers who wait until the fall really have their work cut out to obtain top dollar. Luckily with rentals the total stakes are far lower, a 10% fluctuation in rent is a much smaller loss. The good news is that the reduced number of residents is also offset by the reduced amount of inventory. This helps level the playing field once again for owners.   Properties in nice condition that outshine their competition are many times able to rent for close to peak rates. The bad news is that if your property needs work and doesn’t show well, you will most likely have to get it fixed up to compete with the limited prospects or reduce your rents far enough to lure someone to your property.

All of this is good news to savvy residents who are lucky enough to have the flexibility to lease during the slower season. Avoiding the peak rental season is a fantastic way to secure great housing at reduced prices. Residents can avoid the frantic rush of having to sign a lease quickly if they like the property, and they are more likely to find a negotiable landlord. Retirees and single professionals fit perfectly into this category. Most retirees and single professionals are not concerned with school districts and have more flexibility with unique living situations. In addition, most retirees are not concerned with proximity to commuting arteries. As a matter of fact they probably want to avoid these areas since they are more expensive and more crowded. Renting is a growing trend among retirees who are seeking to live near friends and family for a portion of the year, to avoiding the headaches of maintenance and yard work, and following the nice weather. If you are going to be renting for a few years and have the flexibility it makes perfect sense to avoid the rush and wait for the slower season to find a gem.

Preparing Our Managed Properties For Tenant Move-Ins

8z Rentals usually leaves a week between tenant move-out dates and new tenant move-in dates for our managed properties. This is done to ensure that our managed properties get the necessary amount of cleaning and maintenance before our new tenants move into them. While some maintenance issues may be unknown to our company prior to tenant move-in dates, we always do our best to clean and fix up our managed properties to the best of our knowledge. We understand that it can be frustrating to move in to a dirty property, or even a property that needs multiple fixes. That’s why we give our best effort to have your property fully prepared before your move-in date.

Looking for Information on Your New Property?

Many of our new tenants have plenty of questions regarding their newly leased rental properties. 8z Rentals would like to remind our tenants that the welcome packets left in their new properties contain an abundance of information about each of their properties. We strongly recommend that all of our tenants read over everything included in their welcome packets to get completely informed. 8z Rentals uses welcome packets to make sure that our tenants have all the necessary information for their personal properties; feel free to give us a call if our packets leave any of your property questions unanswered!

New Tenants: The Maintenance Request Process

Greetings new and returning 8z tenants! As you are getting situated in your new rental property, you may notice areas of your property that need to be fixed or repaired. If you are a new 8z Rentals tenant, you’re probably wondering how to submit a maintenance request to us.

In just a few steps you can easily submit your request to us online through your tenant portal. Simply create or login to your portal account on 8zRentals.com, and you will see a section labeled “maintenance requests”. All you need to do is click on this section and give us a brief description of the issue that you are requesting a repair for. Click submit to officially send us your request. It’s as simple as that!

What’s Next?

We receive notification of your maintenance request as soon as it is submitted to us online. Following this notification, we set up one of our trusted vendors to contact you or your roommates regarding scheduling the repair. After directly scheduling with you or your roommates, our vendor will come by to repair your property.

How Long Does the Process Take?

You can usually expect the whole maintenance process to take 1-4 days to be completed. This is mostly dependent on how busy our vendors are at the time of your request. For instance, during tenant move-in and move-out weeks, our vendors tend to be very busy, which means it will take a little longer for them to get to every maintenance request. In contrast, during less busy seasons such as the fall, our vendors tend to be able to answer maintenance requests much more rapidly. All in all, our vendors and our own business give our full effort to make sure your repairs get taken care of as soon as they possibly can be.

Quality Customer Service with 8z Rentals

Does it ever feel like your property management company is blowing off your calls? Here at 8z Rentals we understand the importance of our tenants and owners, so we always do our best to answer our clients’ calls and emails. Even if we miss a call during the day, we strive to get back to our tenants and owners by the end of the same business day. We are here to keep our tenants and owners satisfied, and we know that you want to stay in touch with us. Give us a call today to let us serve you in rental property management.

8z Rentals

(303) 563-4104

8z customer service

8z Rentals Has The Best Maintenance Around

8z Rentals does rental maintenance right. While other property management companies attempt to make profits by marking up maintenance costs, we stay 100% transparent with maintenance costs and do not mark up, so there is no profit motive for us to schedule unnecessary maintenance. In addition to our transparency in maintenance costs, we strive to find insured, high quality maintenance companies with reasonable pricing for all of our rental properties in Colorado. With 8z Rentals, you don’t have to worry about dealing with low quality maintenance workers or paying too much for an easy fix.  As a business, we have done our research, received bids and references, and partnered with some of the most trustworthy maintenance companies in all of Colorado. If you are an owner or tenant and feel that you have been ripped off by your property management’s maintenance endeavors, try 8z Rentals next time for a more quality and trustworthy rental maintenance approach.

8z Rentals:

(303) 563-4104

8zrentals.com

Colorado lake

August Leasing and Turnovers Around The Corner

Happy July—the summer is flying by over here at 8z Rentals! Quite a few leases are either beginning or ending in August, which is now only a month away. It’s a busy time for anyone who lives in or owns a Rental Property; residents are getting set for their move-in and move-out dates, and owners all over Boulder are busy trying to finalize leases with new tenants and secure vendors to handle their turnover tasks. If you are an owner who has not yet leased your property, or a prospective tenant still looking for a place, give 8z a call and see how can help make your upcoming transitions much easier!

Owners: Let 8z Rentals Help Manage Your Property

If you are a Colorado property ownerand have not yet leased your property for the upcoming year, it could be time to get some extra help from 8z Rentals in order to ensure that your property does not sit vacant. 8z offers the optionof ongoing management for your property so that you don’t have to worry about dealing with scheduling repairs, collecting rent, late-night emergency phonecalls, or coordinating and documenting move-ins and move-outs.Give us a call today for more information and our staff can fill you in on the details of managing your property through 8z! Main Office: (303) 563-4104.

Prospective Tenants: Leasing Through 8z Rentals

            Prospective tenants, if you are still looking for a rental property in Colorado, check out 8zRentals.com for all of our rental availabilities or give us a call at the number above. 8z Rentals has quality properties still available for 2014, and you could be leasing one of them soon!

One Rental Source To Rule Them All

Many rental companies in Colorado tend to only offer properties in specific areas of the state rather than offering rental properties across the whole state of Colorado. If a prospective rental customer is not sure where they want to live in Colorado, it can be difficult to find a single property management company that offers different rental properties in different locations of the state. Luckily, 8z Rentals is here to help. 8z Rentals offers rental properties in various areas of Colorado. Some of our prime rental locations in Colorado include Fort Collins, Denver, and Boulder. If you are not sure where you want to live in Colorado, 8z Rentals makes it easy to explore all of your different options at once.

Visit 8zrentals.com today to browse all of our currently available properties, or give us a call at (303) 563-4104 to get set up with one of our professional leasing agents. Don’t waste your time contacting different property management companies for different property locations in Colorado. Contact 8z Rentals to get all of your options at once.  Let 8z Rentals serve you today!

 

8z Rentals

4041 Hanover Avenue #101

Boulder, CO 80305

Rising Rents – What’s a Renter To Do?

Image Courtesy of winnond / freedigitalphotos.net

Image Courtesy of winnond / freedigitalphotos.net

Forrest Noble, President of 8z Rentals said “rent costs are definitely on the rise for the consumer in Colorado’s well populated front range region.  Not only have vacancy rates remained low since 2006, many tenants who would be qualified home-buyers remain in the rental market.”  Noble explains that many home buyers are choosing not to purchase, due to conditions like tough loan qualifications, high interest rates, and job mobility.

Located in the front range communities of Colorado, the property managers at 8z Rentals, have seen rental costs on the rise throughout the six counties that they serve.  These counties vary from primarily suburban like Jefferson, Arapahoe and Broomfield counties, to the more urban Denver county, to the historically high rent Boulder county.  And stats from Colorado’s Division of Housing back up Noble’s team’s observations.  On February 10th 2014, Ryan McMaken, from the Colorado Division of Housing, reported that, “during the fourth quarter of 2013, the average rent in metro Denver rose to $1,041, increasing 6.4%, or $63, from 2012’s fourth-quarter average rent of $978” (Source).

If rising rent costs are affecting a tenant’s budget, Noble and his team recommend tenants adjust their search parameters.

-Explore other areas. While rent prices are on the rise across the board, some neighborhoods or cities typically have lower rent.  Compromising for a longer commute may also allow you to get more square footage, or a newer property at the same or lower price.  Moving further may mean a longer commute, but it if you’re okay with that, it could also save you money.

-Re-evaluate your housing needs.  If your rent has gone up on the two bedroom condo, or the single-family home you’re leasing, you may want to re-evaluate the amount of space you need.  If you don’t utilize all the space in the property you’re renting, downsizing could save you money on your rent.

-Ask if a longer term lease is available.  If you’re pretty certain you’re going to be sticking around an area for the foreseeable future, ask the property manager or landlord if a longer term lease might be available for a lower rate.  As leasing expenses or periods of vacancy affect a landlord’s bottom line, it may be advantageous to them, and you.

-Try negotiating some of the utilities into the lease, such as water or trash, or even gas and electric.  Try offering to do the yard work or snow removal in turn for your landlord to pay a utility bill.  Be flexible and see what the landlord may be willing to compromise with you on.

Looking for a place to rent?  We have rental listings throughout the Denver metro area, from Highlands Ranch through Longmont.

Don’t Get Locked Out of Your Space Again! Good Ideas for Where to Hide Your Keys

keys image

Have you ever been locked out of your house? Forgot the key? Need to let a friend in when you are not home? The key under a rock is not really the safest method! If you hide a key for this purpose consider these options to keep yourself safe.

  • Exchange Keys: Swap keys with your neighbor. Hopefully they will be home when you are not or need an extra key.
  • Hide-a-Key on Your Car: Get a hide-a-key box usually used for a spare car key and put a house one in there.
  • Hide-a-Key Under Your Neighbor’s Plant: This is an age old trick, but usually used for your own home. This switch-a-roo will let you hike a key that works for your house and not worry about being too obvious.
  • Use Your Wind Chimes: Brightnest suggests putting a spare key in your wind chimes. Burglars don’t like drawing attention to themselves so avoid noise. You place a set of mainly incorrect keys in with your house key in one of the wind chimes in such an ingenious way. Read more on how to do it here.
  • Purchase a Lockbox: Think of how Realtors do it. They put keys in lockboxes to keep the properties they are listing safe. You too can purchase a lockbox and simply put it on your door, fence or other secure location.

It’s so tempting to just throw those keys under the mat or a rock, but keep yourself and your home safe with these tricks.