Real estate investing in a market like Golden, Colorado is a lucrative business, and whether you own one rental property or an entire portfolio, you can make some consistent and recurring short-term rental income and enjoy long term returns on your investment (ROI).
Success also requires a lot of effort and dedication. Smart investors know the importance of developing strong relationships with key players in the industry. They also understand that it’s impossible to do everything yourself when you’re trying to buy property, renovate property, rent out property, and then sell it again later.
It’s too much for one person.
If you’re a real estate agent, you know what you’re exceptionally good at; the buying and the selling. You can negotiate deals and identify opportunities and close deals like no one else.
Property managers have their own set of special skills, too. We understand the local rental market. We know what makes a good rental property and who makes an ideal tenant. We have relationships with vendors that allow us to maintain properties and protect the condition and value of those investments. We also understand rental laws and help owners and investors avoid liability.
Building relationships with real estate agents is one of the things we do best. We recognize that we’re all in the same general industry, but that by combining our skills, resources, and knowledge, we can be a lot more successful – and, we can help our clients be a lot more successful. We also pay referrals to licensed real estate agents, call us to find out more!
We’re talking about why it’s crucial for real estate agents and property managers in Golden to work together, and what we can achieve when that happens.
Property Managers Can Consult with an Agent’s Investor Clients
Real estate agents work with all kinds of buyers and sellers. If you have an investor client who is looking for a property that they’ll rent out, you can partner with a management company like ours in order to provide in-depth data and information that you might not access elsewhere.
It’s a collaborative effort that provides your investor client with the best possible information to make a good decision.
Here’s how that works:
- Property managers can help with your location advice
When you bring in a Golden, CO property management company during the process of looking for an ideal investment property, you can access unique information about specific neighborhoods that might be especially good for rentals. Real estate agents can consult with us and discuss the data that can be helpful in determining what each neighborhood can deliver in terms of long term tenants, rising rental values, tenant retention, and ROI. Your clients can benefit from this insight.
- Property managers can estimate rental values
Don’t trust what you find on the internet in terms of rental values. Property managers have constant insights and analytics that can be used to help a real estate agent’s investor clients determine how much they’ll earn on a rental property in the short and long term. This is a huge part of a buyer’s investment plan and decision-making process when it comes to choosing a rental home to buy. A property manager can work with a real estate agent and their client to establish;
- How much rent could be earned in the current market, and how much it can be expected to rise or fall in the near future.
- How long a typical vacancy period might last before a tenant is found, screened, and placed in the home.
- Whether tenant retention is likely to be an issue based on market dynamics and demographics.
- What types of things might attract a tenant to a particular property and which things might dissuade them from renting.
We collect precise data, real time numbers, and all the facts and analysis that investors need to understand exactly what they’re likely to earn on the property that’s being considered. If you’re a real estate agent with an investor client, you need this information.
- Preparing a property for the Golden rental market
A property management partner can also help real estate agents and their clients identify the things that will be needed to make an investment property ready for the rental market.
It’s easy to buy a property and not think about what’s required to make it safe, habitable, and attractive to tenants. Our experience allows us to tell you what you’ll have to spend and why.
We can talk about systems and functions and we can also talk about cosmetics. We will discuss tenants and their demands in the current market. What are they looking for in terms of flooring, appliances, and amenities? We can tell you whether the investment property you’re considering will be attractive to the residents you’re hoping to attract.
Collaborating with Property Managers When Your Clients Rent Out a Home
A partnership with a property manager is a great idea for a real estate agent who is working with an investor client to identify and purchase a new income-producing property.
If you’re an agent with a client who cannot seem to sell in the current market, you might want to talk to them about renting that home out. This is a great time to be in the rental market; there’s high demand and low inventory, which means your clients can earn a lot of rent every month while they wait for the market to return to a place that they’re comfortable selling.
You’ll want to collaborate with a Golden property manager when it’s time to turn your client’s home into a rental. Here’s why.
We understand property management and the local requirements for renting out a home. When you allow professional property managers to do what we do best, you can focus on what you do best – which is buying and selling homes. It’s a hot market. You don’t want to face the cost of lost opportunities because you’re busy trying to rent out a home for a client.
Partner with Laurel Property services, Inc. you can trust us to return your clients when they’re ready to sell their home again. At Laurel Property Management Services, we always respect your relationship and focus completely on our scope of work and expertise. When the clients you refer to us are ready to do something else with their property, we let you know.
As the property managers responsible for renting out your client’s home, you both can expect:
- A profitable and competitive rental value, based on our data.
- A fast leasing period with strategic marketing, which limits vacancy.
- Rigorous tenant screening in compliance with all fair housing laws
- Move-in inspections, lease signing, and the collection of the security deposit
- Immediate response to all routine and emergency maintenance
- Ongoing communication
- Detailed, accurate, and transparent accounting
Referrals between real estate agents and property managers require trust and accountability. You’re trusting us with your client and their property. We will meet and exceed all your expectations with transparency, communication, and a spirit of collaboration.
There are many advantages to a rental plan for your clients, and they include:
- Tax benefits
- Growth in equity and appreciation
- Tenants are helping to pay down the mortgage on their asset
When you hand over the management responsibilities to professionals, you’re showing your clients that you have their best interests in mind.
Property Managers Help Investors Maximize their ROI
You want to look good to your clients, and we can help. When they increase what they earn on their rental property, you’ll look like a genius for referring them to your property management partner. This collaboration makes more money for everyone.
Property managers can help your clients earn more money by ensuring that their properties are rented out at the right price and by taking care of maintenance issues in a timely manner. We can also negotiate with vendors and contractors to ensure they get the best deals possible on repairs and upgrades. The volume of work we provide to these professional assures of us their best prices and deepest discounts.
Property Managers and Real Estate Agents Create Valuable Partnerships
Ultimately, the relationship between a real estate agent and a property manager is a partnership. By working together, we can achieve more for mutual or separate clients than we ever could on our own. Property managers bring a valuable set of skills and experience to the table, and successful real estate agents know how to leverage this to their advantage and to the advantage of their clients.
Collaborative relationships with property managers and real estate agents is good for business and good for the industry. Each professional has the skills and experience to help buy, sell, and manage properties effectively, leading to more ROI, more time, and more opportunities.
We’d love to invest in a partnership with you if you’re real estate agent looking to work together. Let’s talk. Please don’t hesitate to contact us at Laurel Property Services, Inc. In addition to providing property management in Golden, we also serve Wheatridge, Morrison, Lakewood, Arvada, and Genesee, CO.
