Category: Blog

simple. efficient. safe. SMART HOMES.

Posted on November 2, 2018 by - Blog

Who are the Jones’?  And why is keeping up with them so exhausting, yet we feel is SO necessary?  While, it may not always be necessary, it can definitely be exhausting and yet, a good choice if you are following their SMART HOME trends.  For those that are way behind the Jones’, making your home a SMART HOME has the possibility of bringing a sense of zen to your life, the environment and your pocketbook.  Here is just a quick glance at the SMART HOME movement and a couple of sites worth checking out that can take you further on this journey.

what is a SMART HOME?

According to  smarthomeusa.com, “Smart Home is the term commonly used to define a residence that has appliances, lighting, heating, air conditioning, TVs, computers, entertainment audio & video systems, security, and camera systems that are capable of communicating with one another and can be controlled remotely by a time schedule, from any room in the home, as well as remotely from any location in the world by phone or internet.”

why have a SMART HOME?

convenience. safety.

Imagine this….

  • Going out on a Friday night date and forgetting if you left the stove on.  With a SMART HOME feature, you can check from afar and turn the stove off.
  • Coming home late at night by yourself can be a little intimidating.  With certain SMART HOME features, you have the ability to turn the lights on before you arrive.
  • Being on vacation should be worry free unless you have a nagging feeling that you left the doors unlocked.  No worries, lock them from the convenience of your phone.
  • Away for the weekend and getting an alert that someone was trying to break in? Call the authorities, as well as, turn on the lights and the TV as a quick deterent with ease from wherever you may be.

simplicity. efficiency.

  • Save time and money by allowing your SMART HOME technology to do the work for you.  Connect your lights, a/c and furnace to sensors to enter savings mode when you leave a room.
  • Connect your SMART HOME to a voice control device such as Google Voice or Alexa and control all your electronic devices by the sound and command of your voice.

There are many different levels that you can take your SMART HOME, from simple and inexpensive to technical and a big investment.  Any SMART HOME addition is designed to save you time and money, add value to your home and make your life easier. Check out these sites for a more in-depth look at these great life hacks:

Advantages of a SMART HOME

Best SMART HOME Devices

Looking to make improvements to your investment properties?  If you live in the Greater Denver area, contact TJC Real Estate and Management Services,  Central Park (formerly Stapleton)’s largest full-service real estate firm, for a complimentary consultation. We are unique in the industry as we are a one stop shop for real estate investors. TJC can help with the acquisition, property management, and asset management. Our goal is to create a long-term relationship that helps your asset(s) grow, as well as, provides stable, long-term ROI. We are happy to assist you on your journey to become a real estate entrepreneur and hands off landlord!

Schedule an appointment today to discuss your property management questions!

Brought to you by Sondra Lockett-Cameron, Marketing Manager for TJC Real Estate and Management Services.

TJC Real Estate & Management Services• 303.324.6988 •info@tjcrealestate.com

Your Neighborhood Realtors® Since 2005

© 2018

 

Paying the Price of Landlord Mistakes

Posted on October 18, 2018 by - Blog

There are many types of landlords in the renting world:  

  • The Hands Off Landlord
  • The Nosey Landlord
  • The Mr. Fix It Landlord
  • The Let’s Be Friends Landlord
  • The Slum Lord

If you are already a landlord, then you can probably relate to the one or more of the titles (and hopefully not the latter one).  Though all of these different types of landlords may have their own unique way of handling their rental(s), there are some processes and some laws that shouldn’t be ignored.  Not heeding this advice may cost you more than just a headache down the road.

There are many facets to running a tight, profitable, somewhat grief-free rental property.  Here is a list of 5 of those components that will definitely save you time and money:

  1. Know the Landlord-Tenant Law in your state
  2. Research your HOA Bylaws and Policies
  3. Practice Fair Housing to the ‘T”
  4. Inspections, Inspections, Inspections
  5. Find Great Tenants and keep them happy

In this article, we will touch base on each of these items, but stay tuned for a series of blogs in the near future that will dissect each topic and dissolve any trepidation or skepticism that may surface at the mention of these concerns.

Landlord – Tenant Law

Every state implements different laws regarding the relationship and processes of the Landlord and Tenant.  It is within your role as a landlord to know and execute the laws accordingly. Did you know that if a tenant takes their landlord to court for lack of receiving their security deposit on time that they can sue their landlord for up to 3x the security deposit itself?  Here are a few more examples of Colorado Landlord – Tenant Laws:

  • Security Deposit – In most instances, it is the responsibility of the landlord to return any refundable security deposit back to the tenant within 30 days after they move from the premises.  

★ Tip:  Doing a pre-move out inspection once the tenant gives their notice will allow you to assess possible damages and prepare by scheduling quotes for such repairs prior to move out.  This step will assist you in saving valuable time during that 30 day period as some vendors may not be as speedy as you would like at the time you need them most.

  • Abandoned Property – If a former tenant leaves items behind, it is state law that the landlord give the former tenant a 15 day written notice before selling or disposing of their property.
  • Warrant of Habitability – A tenant has the right to terminate a lease if the home is lacking some rather simple items (and of course the landlord does not oblige) such as:
    • Locks on exterior windows and doors
    • Adequate number of trash receptacles in good condition
    • Extermination of a rodent or vermin infestation

HOA Bylaws and Policies

Oh the HOA….unless you are sitting on the board of an HOA, you probably cringe every time the acronym is mentioned.  Don’t get me wrong, the

HOA’s serve a purpose, but that doesn’t mean that they are all created equal or easy to work with.  Know the laws as a property owner as well as for your tenants.

  • Move In Fees – Many (most) interior multi-family units have some sort of move-in process and fee/deposit required upon move-in and reserving the elevators.  
  • HOA Dues – Though it is tougher for your HOA to foreclose on your property these days due to non-payment, they can definitely restrict your tenants’ privileges such as receiving their annual community pool pass. Don’t be that landlord. Pay your dues.
  • HOA Rules –  You will get at least one warning before a violation fee is issued, but it will save everyone a lot of distress if the rules are known up front.  Typically, if your tenant(s) keep their porches tidy, don’t smoke, pull their weeds, put trash in proper place and doesn’t use the wrong grill on their balcony, then everyone should be good, but rules can change, so stay informed.
    • Tip: Know your rules and pass them along to your tenant prior to move in, better yet, with a copy of their lease.

Fair Housing Laws

Let’s keep it simple.  It is unlawful to advertise for or make the decision to rent a property based on race, color, sex, familial status, handicap, national origin or religion.  For ALL the details, it would be wise to take a class and/or read more HERE.

Inspections

So you found the PERFECT tenant.  They were SO nice. They pay their rent every month, ON TIME.  They never submit maintenance requests, AAHHH! A year later, they give their 30 or 60 day notice just like their lease states.  Everything is rolling along as you dreamed it would until you visit the property for the first time in over 11 months. OUCH! The weeds have overgrown, the fridge has been leaking for, well, a very long time, the hardwood floors are wrecked, and the east side outer window sills are rotting off your home due to last season’s bad hail storm and the lack of paint that was barely attached.  Completely the tenants’ fault? No. 60% your fault and/or doubtlessly avoidable? Yes, probably. The tenants should have maintained the lawn and reported the leak, but if you would have visited the home at least once every 3-6 months, you could have been more prepared and possibly have caught a couple of the problems before they were beyond repair.

  • Tip:  It should state in your lease that the lessor has the right to enter the home at any time during reasonable hours for the means of inspections, improvements or re-renting the property.  We always give our tenants a 24 hour courtesy unless it is an emergency and it is also wise to take in account the tenants’ right to quiet enjoyment (which should also be stated in the lease).

Find a Great Tenant! And keep them happy…

This last component to successfully managing your rental investment with as little grief as possible is to find a great tenant and do your best within reason to keep them happy and at arms’ length.

  • Take enough time to market your property.  It is in our lease that 60 days notice to vacate is required which allows plenty of time to find a new tenant.
    • Use this time wisely and utilize proper advertising techniques from the get go: good photos, precise description and free online advertising such as Zillow and Craigslist.
    • Don’t take your first applicant if they are not what you are looking for in terms of pets, credit score, rental history, etc.  Just make sure you are complying with Fair Housing laws and staying consistent with all prospective tenants.
    • Make sure you are off to a good start with your new tenant:
      • House is professionally cleaned and the maintenance checklist is up to par.
      • All communications have been clear, prompt and delivered with a kind, professional tone.
    • Keep home in good working order throughout terms of lease.
    • Take any complaints with an open ear.  If your tenant is disgruntled, listen first.  Then try to come to a mutual agreement. It will make everyone’s life easier in the end.

If you live in Greater Denver area, contact TJC Real Estate and Management Services for a complimentary consultation.  We are unique in the industry as we are a one stop shop for real estate investors. TJC can help with the acquisition, property management, and asset management. Our goal is to create a long-term relationship that helps your asset(s) grow, as well as, provides stable, long-term ROI. We are happy to assist you on your journey to become a successful real estate entrepreneur!

Schedule an appointment today to discuss your property management questions!

Brought to you by Sondra Lockett-Cameron, Marketing Manager for TJC Real Estate and Management Services and Distinctive Properties.

TJC Real Estate & Management Services • 303.324.6988 • info@tjcrealestate.com

Your Neighborhood Realtors® Since 2005

© 2018

 

Managing Your Rental Investments

Posted on July 24, 2018 by - Blog

MANAGING YOUR RENTAL INVESTMENTS

Like any investment, keeping your current rental, buying a new rental property or converting your current home into a rental, may seem like a leap of faith, and to some degree it is.  In today’s market, given the low interest rates and record high rental rates, it is the perfect way to diversify your investments, but with rental properties, there are many moving parts that can make or break your investment.

Rental properties are versatile as you may have them for short-term or long-term investments.  No matter the length, there is the deep lying concern that may linger in your subconscious: should you manage the property yourself or hire a reputable property management service to eliminate the guesswork and hassle of being a landlord? Neither decision is an easy one to make and both will have costs involved.  As we have all heard before, “Time is money” and this saying definitely rings true with being a landlord. Now it is up to you to know which route is best for your present and future endeavors of being a landlord.

The Big Picture

Let’s first lay out some scenarios as well as a list of priorities that go hand in hand with owning a rental property.

Scenarios:

  1.   You don’t mind having your family dinner interrupted or be woken up in the middle of the night to handle of maintenance call of no heat or a water leak.
  2.  You have the time and resources to advertise a property, conduct showings, complete the screening process, prepare a lease, execute a move-in inspection, and ready a property for a prospective tenant.
  3.  You are wanting to expand your portfolio of rental properties in the area.
  4.  You have one or more rental properties and live out of the city or state.
  5.  You are working full-time or trying to enjoy the golden years of retirement while doing your best to make the most out of your rental investment.

Priorites:

  •      ***Best return on investment***
  •      Time on market and/or vacancy
  •      Rent pool and advertising reach
  •      Screen prospective tenants
  •      Getting prime rent
  •      Having a professional lease
  •      Legal services and possible evictions
  •      Handling tenant challenges, HOA communication and maintenance requests
  •      Finding trustworthy and quality vendors
  •      On-going property upkeep
  •      Collecting rents and security deposits
  •      Returning security deposits upon assessing possible damages
  •      Accounting/Taxes

Let’s Dig Deeper

Now let’s look at some qualifying questions to make sure that you have the fair ability to get your best return on your investment if you were to manage the property yourself:

  •      Do I have the time to answer and take care of maintenance and tenant challenges?
  •      Am I willing to answer after hour maintenance emergency calls?
  •      Do I have the skills to handle most common maintenance requests?  If not, do I know trustworthy and quality vendors?
  •      Do I have time to advertise the property, organize showings, show the property, and screen tenants effectively in order to acquire qualified tenants, appease current tenants, and keep vacant time to a minimum?
  •      Do I have time to manage on-going property upkeep in order to prolong the quality of the home?
  •      Do I have time to collect rents and manage the security deposits?
  •      Do I have the knowledge of HOA regulations, tenant-landlord laws, and means to keep correct records for taxes/accounting purposes?

So to keep it simple, if you fall into scenario 1 or 2, understand the pertinent priorities to owning a successful rental property and said yes to at least half of the qualifying questions, then it probably wouldn’t make sense to hire a property manager.  But just in case you are curious why hiring a property manager can in fact save you money, then please, keep reading.

It’s Real

First you will see the typical costs of allowing a reputable property management company to manage your investment.  Second you will find a condensed list of what to expect when owning a rental property. All in all, the burden of the costs can be greatly counteracted by allowing a professional to handle the burden of the expectations (along with the other great ROI benefits linked in the next paragraph).

The Cost

You will usually pay:

  •      about 10% of the monthly rent as a management fee
  •      50% of a leasing fee every time the company finds new tenants
  •      possibly $100-$300 misc fees per year
  •      Average of 1-3 days vacant time.
  •      Hands off experience, except for brief communication regarding maintenance items, lease renewals, and new leases.
  •      Remember that you will also pay for all maintenance costs, but do not hire a company that upcharges on these costs.

The Expectations

Here are a few examples of what you should expect when owning managing your rental investment:

  •      A new tenant or renewal every 1-2 years.
  •      Fresh paint every 2-3 years.
  •      New carpet every 5-7 years.
  •      New water heater every 10 years.
  •      The possibility of dealing with flood, hail, fire or tenant damage.
  •      The possibility of some tenants having different expectations of quality compared to yourself or previous tenants.
  •      In current market, rent increase every year.

Let the ROI Begin

Now how would a property management company actually become an investment and increase your ROI instead of being a liability and expense? Read about the top 10 ways hiring a reputable property management company can save you (time and) money.

All in all, hiring a property management company may not be the best move for every landlord, but if it does make sense for you, they will be able to assist you with the balance of being rent ready without eating too much into the bottom line.

If you live in Greater Denver area, contact TJC Real Estate and Management Services for a complimentary consultation.  We are unique in the industry as we are a one stop shop for real estate investors. TJC can help with the acquisition, property management, and asset management. Our goal is to create a long-term relationship that helps your asset(s) grow, as well as, provides stable, long-term ROI. We are happy to assist you on your journey to become a real estate entrepreneur and hands off landlord!

Schedule an appointment today to discuss your property management questions!

Brought to you by Sondra Lockett-Cameron, Marketing Manager for TJC Real Estate and Management Services.

TJC Real Estate & Management Services • 303.324.6988 • info@tjcrealestate.com

Your Neighborhood Realtors® Since 2005

© 2018

Top 10 Reasons to Invest in a Property Management Company

Posted on July 24, 2018 by - Blog

Top 10 Reasons to Invest in a Property Management Company.

Now how does a property management company actually become an investment that will increase your ROI instead of being a liability and expense?  Here are the top ten reasons to hire a reputable property management company to take care of your rental investment.

  1. A professional lease that has been tried thousands of times (sometimes in court), will contain the necessary items and verbiage to protect the landlord and hold the tenant accountable on matters that have been found invaluable to a landlord to include: pets, smoking/damage, notice to vacate, showing process, etc.
  2.  Showing coordinators and agents assure that every call and inquiry is answered in a timely manner which will increase your prospective tenant pool which allows for higher possibility of qualified tenant which usually equals less damage and lost rent.
  3.  Showing a property while still occupied allows for possibility of less vacant time, but does require managing your schedule, tenants’ schedule and prospective tenants’ schedule which can take up a lot of time if you are handling this on your own.  Time is money!
  4.  Property Management companies typically have more resources and a larger following as well as market experience.  Combine all this will usually equal a higher asking rent.
  5.  Industry experience and/or legal team on retainer will save you money on legal advice.
  6.  Have you ever handled an eviction?  Let the professionals take care of it.  It is time consuming and can get messy very quick.
  7.  Property Managers have their favorite maintenance vendors on speed dial.  Due to the high volume of use, service call and product discounts are common which should be handed down to the homeowner.
  8.  The above will not just pertain to current maintenance needs, but also ongoing upkeep to maintain your investment for longevity and prime market rent.
  9.  Have you ever worked with an HOA?  Enough said.
  10.  Knowing and understanding the tenant-landlord laws can keep you from going to court or help you win in court over tenant disputes or security deposit damage disputes.

All in all, hiring a property management company may not be the best move for every landlord, but if it does make sense for you, they will be able to assist you with the balance of being rent ready without eating too much into the bottom line.

If you live in Greater Denver area, contact TJC Real Estate and Management Services for a complimentary consultation.  We are unique in the industry as we are a one stop shop for real estate investors. TJC can help with the acquisition, property management, and asset management. Our goal is to create a long-term relationship that helps your asset(s) grow, as well as, provides stable, long-term ROI. We are happy to assist you on your journey to become a real estate entrepreneur and hands off landlord!

Schedule your complimentary appointment with us today!

Brought to you by Sondra Lockett-Cameron, Marketing Manager for TJC Real Estate and Management Services.

TJC Real Estate & Management Services• 303.324.6988 • info@tjcrealestate.com

Your Neighborhood Realtors® Since 2005

© 2018

 

100 Top Contractors! and more

Posted on June 19, 2018 by - Blog

You’ve decided to do some renovations on your home to better suit your needs, as well as add some extra value to possibly your largest investment.  Congratulations! It can feel like moving mountains to just commit to such a task, but now where do you start? Who do you call? Let me help you.

Do you live in Central Park (formerly Stapleton) or the Greater Denver Area?  If so, you’re in luck! As property management/real estate experts, running into maintenance challenges is part of our daily routine.  With that being said, we need reliable vendors that we can trust to get the job(s) done. We have compiled a list of our favorite vendors and combined it with vendors that many of our neighbors have recommended, because face it, it pays to have a limited variety in case you need a back-up or a second opinion.  Now, I mention limited, because when you Google for a recommendation, you will have a list that may stretch beyond your bandwidth and having just a few highly recommended choices will make getting started with your project much easier.

Our list doesn’t just end at plumbers and contractors!  We have expanded our list to almost anything you may need to hire for when it comes to your home.  Not finding a certain category? Sorry, we probably haven’t found the right recommendation yet, but don’t fret.  The current recommendations are below, but the download you will find HERE will be updated as we find new awesome people to send your way.

Happy homes make happy hearts!

100 Top Contractors!

HVAC (Heating, Ventilation, Air Conditioning)

  •  Unique Heating and Cooling: 720-338-0902
  •  SS3 Mechanical LLC: 720-979-4268

Plumbing

  •  Squeaks: 303-280-5765
  • JD’s Plumbing and Heating: 720-491-3644
  • Mr. Plumber: 303-523-6652
  • Plumbing Services: 303-436-2525

Sewer

  • Colorado Sewer: 303-699-1400
  • DL Services: 720-998-1166
  • WIN Home Inspection: 720-470-8948

Appliance Repair

  • Complete Appliance: 720-549-9574
  • Herrera’s Appliance Sales and Service: 303-989-3047
  • Jensen Appliance: 303-988-9159

Basement Finishing

  • Weikel Building Co: 720-771-4690
  • Urban Renovators: ricardocordova.h@gmail.com
  • ElkStone  Basement Finish: 303-656-9006
  • Diane Gordon Design LLC: 303-594-2854

Professional Engineers

  • DL Engineering: 720-440-9450
  • McGourty Engineering: 303-691-2069

Interior Remodeling

  • Eppie  House Remodeling: 303-990-6509
  • Diane Gordon Design LLC: 303-594-2854
  • Morris Flooring: 303-225-7169
  •  3 Week Kitchens: 303-393-1053

Lawn & Sprinkler Maintenance

  • Showcase: 303-289-6821
  • Clean Cut: 303-321-1479
  • Schaefer Lawn Sprinklers: 303-935-6056
  • AJ LaRue Landscape: 619-997-6120

Arborists

  •  J & J Tree Care: 303-753-0029
  • Ross Tree Company: 303-871-9121

Landscape Design and Build

Stucco

  • V.A.M.P Mike Sweating:303-325-5212

Fireplace Repair and Chimney Sweeps

  • Chimney Sweep of America: 303-973-7376

Windows

Window Glass Repair

  • Jet Glass:720-440-9928

Window Screen Repair

  • True Value Hardware:303-393-0073
  • Lifetime Windows and Siding:303-523-7871

Shutters and Shades

Interior Design

Mold/Asbestos Abatement

  • Paul Davis Restoration: 303-322-3328

Flood Response

  • Paul Davis Restoration:303-322-3328

Window Cleaners

  • Lighthouse Window Cleaning: 303-377-2207

Painters

  • Marcelo Generi: 303-807-0164
  • Bill Carson: 303-587-7538
  • The Color Lab (murals): 720-289-5225

Fences

  • Affordable Fence Co: 720-309-2459
  • Denver Fence Guys: 720-203-0550

Gutters

  •  Rocky Mountain Window and Gutter Cleaning: 720-612-0966
  • AAA Seamless Gutters: 303-286-0222

Solar Power

  • Namaste: 303-447-0300
  • CAM Solar Colorado: 720-729-8777
  • Solar City: 855-860-7652

Garage Door Repair/Replacement

  • Ankmar: 303-542-6199
  • OneClearChoiceGarageDoors: 303-565-6409
  • AfterHoursGarageDoors: 720-755-9518
  • Efficiency Garage Doors: 303-759-3437
  • Accent Garage Doors: 303-653-1841

Pest Control

  • BeeLine: 720-863-6676
  • Edge Pest Control: 303-935-3343
  • Armor: 720-263-4444
  • EcoShield: 970-445-1150
  • Bee Smart Pest Control: 720-937-0527

Roofers

Radon Mitigation

  • MicroClean Air Solutions: 303-906-8915
  • S.W.A.T Environmental: 1-800-No-Radon

House Cleaners

  • Central Park (formerly Stapleton) Home Services: 303-320-1297
  •  Rosie Rooters Cleaning: 720-281-3675
  • Scout Cleaning: 303-292-0115

Carpet Cleaning

  • Central Park (formerly Stapleton) Carpet Cleaning: 720-822-9311
  • SteamKing: 303-875-3972
  • Bear Steam Cleaning: 303-431-2704

Carpet Replacement

Dryer Vent and Duct Cleaning

  • Delintz Air Duct-Dryer Vent Cleaning: 303-655-0600
  • Monster Vac: 303-277-0140

Handymen

  • House Doctors Handyman: 303-321-2535
  • Daniel Hillman: 303-863-2124
  • KLO Handyman: 720-507-1492
  • That Central Park (formerly Stapleton) Handyman: 970-846-7041

Security Systems

Home Organizers

Personal Shoppers

  • Stylish Sparrow: 303-907-1101
  • Michelle Bishop Styling: 303-868-9590
  • June Ruby: 303-880-2965

Closets

  •  Closet Factory: 720-233-1479
  •  Closets by Design: 303-902-0185

Travel Agents

Furniture/Party Rentals

  •   Wright Group Event Services: 303-399-9949
  •   Butler Rents: 303-388-5971

Photographers

Brought to you by Sondra Lockett-Cameron, Marketing Coordinator for TJC Real Estate and Management Services.  

TJC Real Estate & Management Services• 303.324.6988 • info@tjcrealestate.com

Your Neighborhood Realtors® Since 2005

© 2018

Your Neighborhood Realtor…Never BUILD a HOME without One!

Posted on February 21, 2018 by - Blog

Deciding to build a new home is very exciting, yet can be a very overwhelming experience at best–add being blindfolded on the side of a cliff and this is some people’s experience of buying a new build without a Realtor.

“If the sales person at the builder’s office is so helpful, then why do I need a Realtor?” This is a very common question, with a multitude of answers:

1. The salesperson at the model home is there to represent the builder by legal obligation, not the buyer. He/she is not a licensed Realtor and are there to sell homes while protecting the interest of the builder.

2. Using a licensed Realtor should be at NO cost to you. Complimentary representation, what could be better?!

3. A licensed Realtor is your advocate. Let him/her be the tough guy when something is not right on a walk-thru. Most Realtors are very well-versed on new builds and know what to look for at every stage of the process. They should attend the inspections with you and follow up with the builder until the home is yours.

4. Regardless of whether you use a Realtor, you will still be charged the commission that the builder would pay the Realtor. Most buyers do not realize that this commission is already built into the price of the home. This is non-negotiable with the seller and the money will just be pocketed if you choose not to be represented.

5. A Realtor will know the ins and outs of upgrades and will be able to assist you to make the best choices for your investment. Many upgrades are exceedingly less expensive to wait and do yourself once the home is completed. Other upgrades will bring no further equity to the home at the time of resale. This added benefit of consultation can save you a considerable amount of money and headache in the long run!

All in all, you will create a win-win situation for yourself by choosing to be REPRESENTED by a Realtor.

Brought to you by Sondra Lockett-Cameron, Marketing Coordinator for TJC Real Estate and Management Services and the Distinctive Team.

_______________________________________________________________________________________

TJC Real Estate & Management Services • 303.324.6988 • info@tjcrealestate.com

Your Neighborhood Realtors® Since 2005

© 2018

Market Trends: Millennials and Real Estate

Posted on July 19, 2017 by - Blog

Millennials and the housing market.  Besides inflation and the woes of the condo industry, it seems that millennials have taken over the headlines in real estate news. The big question is WHY do we care about millennials and how they affect real estate?  According to Inc.com, millennials currently make up 66% of the first-time home buyers and 34% of overall home buyers.  These numbers are significant! It would behoove sellers and professionals in the real estate industry to understand and cater to the trends of the millennials as to not miss out on this vast amount of buying potential.  As the most informed home buyers (since they use the internet more efficiently than any other generation), we have a lot to learn about their home buying demands as well as their regrets.  Here are some tidbits that could impact how one would market to the millennial home buyer.

Expectations of the Average Millennial Home Buyer

  • Professional online photos. According to Inc.com, 76% of millennial buyers will drive by a property after seeing photos online and over 60% will do a walk-thru after seeing professional online photos.
  • Turn-key property. Most millennials are not looking to spend time and/or money into a fixer-upper.  It is best, when able, to complete necessary upgrades (kitchen and bathrooms) and repairs prior to listing a home on the market. 46% of millennials state that they want a luxury kitchen and 75% expect to have new appliances according to Inc.com.
  • Convenient commutes. 65% of millennials state that a close commute to work is the most important factor when buying a home.
  • Energy Efficiency, Home Office, and New Technology. These items can also be factors when choosing between possible properties.

Trends of the Average Millennial Home Buyer

  • Their first home is just a stepping stone. Only 11% of millennials feel that their first home is their permanent home. They tend to keep their first home for only 6 years compared to 10 years which is the overall buyer average.
  • Suburbia living is IN. Nearly 50% of millennials live outside of the urban neighborhoods.
  • More Denver millennials own a home compared to other cities. 2% in Denver vs. 32.1% in other cities.
  • Purchasing homes below market average. “The average home a millennial is purchasing in Denver cost $291, 299, below the overall market average of $362, 542…”

Regrets of the Average Millennial Home Buyer

  • Buying when the market was affordable.  4 in 10 millennial renters who haven’t bought a home regret not buying when the market was still at the bottom of the upswing.
  • Size does matter. One in 10 millennials buying in urban neighborhoods have expressed that they wished they had purchased a larger home.
  • Financial stability woes. About 17% regret not waiting until they were more financially secure before purchasing a home.
  • Not enough remodeling. Despite the desire to purchase a move-in ready home, 24% wish they had done more extensive remodeling before moving into their new home.

Looking to Buy, Sell, Rent, or Invest in residential or commercial real estate? Call Your Neighborhood Realtors, TJC Real Estate & Management Services, Distinctive Properties and TJC Commercial, your full-service real estate team for the scoop on Denver real estate opportunities!

Brought to you by Sondra Lockett-Cameron, Marketing Coordinator for TJC Real Estate and Management Services.

Photos courtesy of Jack Ingle via StockSnap.io

TJC Real Estate & Management Services • 303.324.6988 • info@tjcrealestate.com

Your Neighborhood Realtors® Since 2005

© 2017

References:

Inc.com: https://www.inc.com/john-white/how-millennials-are-changing-the-housing-market.html

Denver Post article by Aldo Svaldi: http://www.denverpost.com/2017/06/28/denver-millenials-buying-property/

Denver Post article by Aldo Svaldi: http://www.denverpost.com/2017/07/13/millennials-carry-more-regrets-after-buying-a-home-survey-finds/

Distinctive Properties Goes North! Living on the North Side

Posted on November 4, 2015 by - Blog

Usually when I blog about “Living on the West Side” I really do mean living on the West side of the Metro Denver area.  In this blog, I would like to take you in a bit of a different direction!  This time, I’ll share about living on the NORTH side of the Metro Denver area.

Brighton, Commerce City, Dacono, Erie, Fort Lupton, Frederick, Henderson, Longmont, Meade and Johnstown are names many equate with farmland, industrial sites and otherwise ‘way out there’ types of places.  My question is “Have you been way out there lately?”  The once rolling hills, agriculture domains and industrial pockets are now few and far between.  What has replaced the often-called “boonies” are very nice, affordable, contemporary, planned living communities that are literally a hop, skip and a jump from downtown Denver, downtown Boulder and our highway systems that link to everything!

Affordable living can still be found in Adams, Weld and the East side of Boulder Counties. Good schools, doable taxes and large homes on nice sized lots can be found in abundance here, if you have an open mind and a willingness to take a short drive. Dream of a four bedroom home on a large lot for under $500,000, in a nice neighborhood with a few good parks close by?  Done!  Dream of a beautiful custom home on half an acre or more with neighbors not too close, but not too far away either, for under $700.000?  Done!

Just a 20 minute drive North from downtown Denver on I-25, Highway 76 or Highway 85 and you will find homes you could only dream about finding in the immediate Metro area!  You CAN afford to live in the home of your dreams if you SHIFT FOCUS about the North side of the Metro area! It’s new, it’s refreshing and it’s AFFORDABLE!  It’s also an EASY COMMUTE to any of the closer-in suburban areas, downtown Denver, and Boulder!  Just try it – you may find you like it!

While you are checking out the North end of the Metro area, please come see my listing at 3530 Willow Road at the Rinn Valley Ranch in Frederick!  This truly sensational home sits on a fenced  half acre, has four bedrooms including a main floor master, open concept kitchen/great room area, huge front porch and a gorgeous back deck.  And what a price tag for all of this:  $530,000!  It’s like having a small estate for under a million dollars, and just a 25 minute drive into downtown Denver!  Don’t miss this house!  Don’t miss this opportunity!  Don’t miss these areas!