5 Great Tips for Managing Denver Apartment Buildings

5 Great Tips for Managing Denver Apartment Buildings

1) Clarify Management Agreement Terms (either professional manager or resident manager)

– Leasing Fees – typically 50% of the 1st month’s rent

– Overall Management Fee – ranges between 6%-12% for apartments, but typically around 10%

2) Advertising

– Everyone knows to use Craig’s List, but you can set yourself apart by creating a rental brochure on V-Flyer (http://www.vflyer.com/) or a Postlets (http://www.postlets.com/) to insert into Craig’s List

3) Rental Application Process

– Charge for accepting a rental application! Suggested minimum charge of $30 per adult applicant

– Make sure all areas are completed (include: emergency contact, cars, pets, etc.)

4) Lease (several options for written form/agreement)

– Become a member of Apartment Association of Metro Denver (http://www.aamdhq.org/)
– Have an attorney draft your lease.  My clients use Foster Graham Milstein & Calisher, LLP (http://www.fostergraham.com/) and Tschetter · Hamrick · Sulzer (http://thslawfirm.com/) to name a few

– Include all addendums, lead based paint, etc.

– Specify which utilities tenant pays, who is responsible for lawn care, how pets are handled.

– Make sure all adult occupants sign the lease (it sounds fairly obvious, but it doesn’t always happen)

5) Apartment Tenant Move In/Move Out

– Move-in: checklist is very important

– Move-out: Security Deposit disposition – what does your lease specify – 30 or 60 days?  Maximum timeframe for release of funds is 60 days

 

For more helpful information about how Denver’s apartment market and what the boutique apartment owner wants to know, please continue to visit: http://www.denverapartmentbuildingsforsale.com/

 

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Kyle Malnati – Ronald McDonald House Donation for Billy Malnati 2.24.2012 – Denver Apartment Buildings For Sale website

Kyle Malnati - Ronald McDonald House Donation for Billy Malnati 2.24.2012 - Denver Apartment Buildings For Sale website

2/24/2012 2:30 PM – Here’s a picture that was taken during my visit to the Ronald McDonald House today near Children’s Hospital at Fitzsimons – 932 Potomac Circle, Aurora, CO 80010 – I donated a check which was a portion of a commission I earned from a Denver Apartment Building Sale at 1225 Colorado Boulevard, Denver, CO 80206 last month (January 2012)

~ Kyle Malnati (Madison Commercial Properties – Madison & Co. Properties)

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Denver Apartment Building Sold – Kyle Malnati (Madison Commercial Properties) – Madison & Co. Properties, Denver, CO

http://www.youtube.com/watch?v=RjOU7VLgzfc

Denver Apartment Buildings For Sale: Kyle Malnati is the owner of Madison Commerical Properties in Denver and a partner of Madison & Co. Properties. Kyle Malnati highlights the sale of a Denver, Colorado apartment building. The Sudbury Apartments are located at 1225 Colorado Boulevard, Denver, CO 80206 in Denver’s Congress Park neighborhood. The Congress Park neighborhood is one of the most desirable apartment/rental markets in Denver.

Kyle Malnati, is a commercial real estate broker specializing in multifamily and investment sales. I am a Principal and co-Owner of Madison & Company Properties which is a respected and established boutique firm located in Denver. I have been fortunate to experience many successes in my brokerage career which includes the following awards: Company Top Producer in 2009, Multifamily “Heavy Hitter” in 2008, 2009, and 2010, Young Broker “Heavy Hitter” in 2008, and Company Rookie of the Year in 2007. I originally got my start in commercial real estate on the “ground floor” as a Transaction Manager for an established brokerage team in Denver, and I personally oversaw the successful closing of more than $69,000,000 in investment real estate in two years. I attribute my career accomplishments to keeping focused on my clients’ goals, having wonderful mentors, working hard, and becoming an industry specialist. I graduated from the University of Wyoming in 2004 with a B.S. in Finance and a Minor in Banking and Financial Services while serving as a Student Body Senator and as President of my fraternity.

http://www.DenverApartmentBuildingsForSale.com
http://www.MadisonProps.com
http://www.madisonprops.com/madisoncommercial.html

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