PMI Mile High at Keller Williams Preferred Realty

At PMI Mile High, there are NO upfront expenses for our homeowners. We will absorb all standard marketing expenses and will never charge a management fee if the property is unoccupied. In addition, we provide fantastic vendors as a maintenance solution which is a huge advantage for not only handling issues promptly but at a very reasonable price. To view our pricing in more detail, please check out our website.

During the initial contact, we want to identify what you are looking to gain from hiring a property manager and answer some of your basic questions. Preferably, we will have the opportunity to view the property and complete a free rent analysis to suggest a monthly rental income amount based on comparable rental properties in the area. We are always happy to provide recommendations of simple improvements that may add value. Once hired, PMI Mile High will begin the transition process to safeguard your property, manage your tenants, and protect your investment, all without you having to lift a finger. You'll be amazed at how much time and money our residential property management services can save you in both the long and short term.

Personally, we have been real estate investors for more than 25 years. As well as a licensed Realtor in the state of Colorado, and Certified member of NARPM as a Residential Property Manager. This led to us finding our passion and partnering with the PMI Franchise, which provides ongoing training with experts in all aspects of property management. We always want to lead the industry with the knowledge, technology and systems which simplifies, what can be a complex process, for all.

We purchased our first investment property when we were very young and have been fortunate enough to continue to acquire them over the years. It was important that we offered professional services in a industry that we are knowledgeable and passionate about. Having a knack for how to maximize an investment in real estate, combined with being mechanically inclined with an eye for detail, we choose to provide property management services in the neighboring areas we are natives of.

We work primarily with Homeowners, Buyers, Sellers, and Tenants of single family homes, town homes and condos in the Northern Denver Metro Area.

Our most fond experiences are when we are able to provide distressed owners with the peace of mind that their home will be well maintained and quickly occupied. It is unfortunate when we have to step into situations where a clients home was not previously prioritized but so rewarding when we are able to provide them with the service they deserve.

1. Look for a manager who answers their phone, or is quick to respond to you. This will show you how important you and your needs are and give you a good idea of how responsive they will be when you truly need them. 2. Hire someone who has as much skin in the game as you do. When an employee, rather than the owner, is your property manager, you may find that they don't have much to lose. Therefore, you and your property are the ones that suffer. 3. A critical component in managing both properties and tenants is getting into those properties on a routine basis. As part of your discussions with prospective managers, you want to get a commitment from them on how often they will conduct formal inspections of your properties. In some cases, managers will be very accommodating. In most, however, they will likely balk at this requirement. 4. During the discussion, if you find that the property manager is constantly cutting you off, or trying to finish your sentences for you, more than likely, you will be in trouble if you hire them. Any time you have an issue or question about your investment you can expect that you will get the same treatment. The best managers are those who know who their clients are and are constantly looking for way to make sure those clients are happy. 5. The number of automated tenant management systems on the market can be overwhelming. The good news is, there are just a handful that really matter. You want to make sure that the property manager you select is using a quality property/tenant management tool. If they don’t use software to improve efficiency or hesitate to share reports with you, your experience may be less then profitable. 6. Most property managers charge between 8% and 10% of the rents for managing your properties. Be sure that you know what that percentage is based on. Some managers will require that you pay them the agreed percentage on the total rents that COULD be collected whether they are collected or not. 7. Be sure that you know how a property manager will address maintenance issues. There are a variety of ways you, as a property owner, will pay for getting maintenance issues resolved. You can expect that the property manage will want to make maintenance decisions (spend your cash-flow) up to a certain dollar value amount before they have to obtain your permission. 8. Regarding that software, make sure that the property manager commits to providing reports to you no later then the 10th day of each month and that your portion of the rents are paid to you at that time as well.

1. What are the various services that you offer to your clients? You want to make sure that you find a property management company that can market, lease, manage, and sell your property. It is also important to make sure that this company can provide top-notch maintenance, conduct inspections, and administer in-depth background checks. 2. How do you determine rent amount? A property manager should be able to complete a comparable market analysis of all the other available listings near your property. They should use properties that just went off the market and properties that are currently on the market to determine the highest possible rent. They should also have the expertise and experience needed to factor in the unique aspects of your rental property, like a pool or a new kitchen. 3. What are the management fees and/or pricing options when the property is being rented? This question will help you understand your average monthly fee, if any. Some companies will offer a flat rate and others will offer a rate based on the rent amount. Others will offer 3 levels of pricing, which includes a lease only plan, standard plan, and a premium plan. Again, you’re best off looking for a percentage of collected rents. This motivates your property manager to fill vacancies because they don’t get paid if you don’t have a tenant. It also motivates them to fight for higher rent amounts because this helps their bottom line too. Flat rate companies will get the same pay no matter what, so why would they be motivated to get you a higher rent? 4. Are there fees when the property has no tenants? This is a very important question to ask for two reasons. One, many companies will offer a “flat rate,” which sounds great until your property is empty…and they still continue to charge you. If a company is taking money with the property empty, how motivated do you think they are to fill the vacancy? 5. What miscellaneous fees could I be charged for the management of my property? Again, some companies will try to get you to sign because they offer a low rate. As the saying goes, if it is too good to be true, it probably is. Once you’ve signed, a company that seemed inexpensive will now charge you lots of extra fees. Remember, a property management company has to make money, so if they aren’t making money from the low monthly fee they will find another way to do it. 6. Do you offer direct deposit for your owners? Unless you’re living in Back to the Future and you’ve traveled to the 1800’s, your property manager should be able to deposit your check in your account. This saves you time and effort, which is the whole reason you hired them. 7. How do you collect rent from tenants? Asking tenants to bring checks to an office is likely to cause a headache for all parties, luckily the times have changed. If your property manager isn’t having your tenants pay online that is a red flag for two reasons. One, it slows down the speed at which you can get paid. Two, it makes it easier for tenants to miss paying the rent. If payment is online, tenants can automate their payment and these two problems are avoided. 8. Do you conduct property inspections and, if you do, what charge is associated with them? Your property is at risk if your property manager doesn’t conduct inspections. This should require a small fee and it will be one of the best investments you can make. It ensures you catch problems before they spiral out of control. 9. What steps do you take to market properties? Your property manager should be advertising properties through a variety of channels. 10. What are your income and screening requirements for applicants? If they don’t set a standard then how can they be sure this tenant will make rent? It should go without saying that a tenant needs to have enough income to pay the rent. 12. What control do I have over the tenant lease agreement? Your property manager should allow some input into the lease agreement if there are one or two issues that are important to you. However, if you are putting in lots of additions, you should have just written it yourself. Make sure your prospective property manager is confident in the leases that they have written for tenants. 12. How often will I get updates on my Property? Just like payment statements, you should be able to get updates as often as you need them. Your properties are your business and to not offer updates as often as you want would be the equivalent of telling your property manager that they can’t check their email for a week. It is a situation that would guarantee failure.