Essentially, a property manager is a person hired by real estate property owners to manage and take care of rental properties. Their obligations are varied based on their salary and the terms stipulated in their management agreement. But their duties usually include the following.

Rent.

Property managers are responsible for establishing the precise rent for your unit. Hence, it is essential that they have appropriate knowledge of the market where your property is located in order to come up with the perfect rental fee that will draw in renters to your property. Also, they guarantee optimal inflow of cash by setting a date to collect rent every month and stringently require late charges from delinquent tenants. The property manager may boost the rental fee by a predetermined percentage yearly, consistent with the local, state, or municipal statutes. They might also cut the rent if they think that [click here to read more...]]]> What Does A Rental Property Manager Actually Do?

Essentially, a property manager is a person hired by real estate property owners to manage and take care of rental properties. Their obligations are varied based on their salary and the terms stipulated in their management agreement. But their duties usually include the following.

Rent.

Property managers are responsible for establishing the precise rent for your unit. Hence, it is essential that they have appropriate knowledge of the market where your property is located in order to come up with the perfect rental fee that will draw in renters to your property. Also, they guarantee optimal inflow of cash by setting a date to collect rent every month and stringently require late charges from delinquent tenants. The property manager may boost the rental fee by a predetermined percentage yearly, consistent with the local, state, or municipal statutes. They might also cut the rent if they think that it is needed to thrive in the current market situation.

Renters.

Amongst their major duties is to deal with tenant matters. This job involves getting the best tenants to occupy the property. Of course, this activity requires a considerable process of promotion and advertising the rental home to a broad range of potential tenants. They are likewise in charge of screening the tenants. They are expected to run a credit analysis and background review to all possible renters. This serves to help you get a suitable tenant to live in your unit without being accused of discrimination. Furthermore, they are accountable for managing leases. They are equally hired to address tenants' repair needs, noise complaints and other maintenance matters. In addition to this, they are also compensated to supervise move outs and deal with evictions.

Maintenance and Repairs.

Property managers carry out preventive property maintenance to promote the working state of the entire property. Property servicing is done to keep current tenants happy and draw in new tenants too.

Understanding of Landlord-Tenant Rules.

A proficient property manager should really have an awareness of the existing landlord-tenant laws. They should know the standards encompassing the process of selecting tenants, administering security deposits, discontinuation of the lease and eviction of residents.

Maintaining the Budget/Maintaining Records.

Property managers are likewise in charge of administering the budget intended for building and retaining all important files. The manager is relied upon to work within the predetermined resources for the rental unit. They ought to also keep thorough and detailed records concerning the financial events of the property.

Taxes.

The manager can assist the homeowner with taxes. They may assist the owner on the ways to correctly file taxes for the investment property.

DECEMBER, 2011 YEAR END

TRANSACTIONS

SINGLE FAMILY

47,373 Single Family properties were placed under contract in ’11 versus 49,313 properties in ’10  ↓4%

39,387 Single Family properties closed in ’11 versus 38,818 properties in ’10  ↑ 1%

YTD closed dollar volume was $10.0 Billion in ’11, ↔ even versus year to date ‘10

RESIDENTIAL

37,988 Residential properties were placed under contract in ’11 versus 39,200 properties in ’10  ↓ 3%

31,437 Residential properties closed in ’11 versus 30,777 properties in ’10  ↑ 2%

YTD closed dollar volume was $8.8 Billion in ’11 versus $8.7 in ’10  ↑ 1%

CONDO

9,385 Condo properties were placed under contract in ’11 versus 10,113 properties in ’10  ↓ 7%

7,950 Condo properties closed in ’11 versus 8,041 properties in ’10  ↓ 1%

YTD closed dollar volume was $1.3 Billion in ’11, ↔ versus year to date ‘10

INVENTORY

Single [click here to read more...]]]> GREATER METROPOLITAN DENVER REAL ESTATE MARKET STATISTICS

DECEMBER, 2011 YEAR END

TRANSACTIONS

SINGLE FAMILY

47,373 Single Family properties were placed under contract in ’11 versus 49,313 properties in ’10  ↓4%

39,387 Single Family properties closed in ’11 versus 38,818 properties in ’10  ↑ 1%

YTD closed dollar volume was $10.0 Billion in ’11, ↔ even versus year to date ‘10

RESIDENTIAL

37,988 Residential properties were placed under contract in ’11 versus 39,200 properties in ’10  ↓ 3%

31,437 Residential properties closed in ’11 versus 30,777 properties in ’10  ↑ 2%

YTD closed dollar volume was $8.8 Billion in ’11 versus $8.7 in ’10  ↑ 1%

CONDO

9,385 Condo properties were placed under contract in ’11 versus 10,113 properties in ’10  ↓ 7%

7,950 Condo properties closed in ’11 versus 8,041 properties in ’10  ↓ 1%

YTD closed dollar volume was $1.3 Billion in ’11, ↔ versus year to date ‘10

INVENTORY

Single Family unsold homes on the market at 12/11 of 10,993 units ‐ ↓ 40% from 12/10

Residential unsold homes on the market at 12/11 of 8,854 units ‐ ↓ 36% from 12/10

Condo unsold homes on the market at 12/11 of 2,139 units ‐ ↓ 50% from 12/10

AVERAGE PRICING

Single Family ↓ 1%, $255,492 versus $257,000

Residential ↓ 1%, $279,858 versus $282,080

Condo ↓1%, $159,141 versus $161,005

MEDIAN PRICING

Residential ↓2%, $230,000 versus $235,000

Condo ↓8%, $124,900 versus $136,000

GENERAL

A review of 2011 versus 2010 provides the following observations:

• The inventory of active listings (unsold homes) started a downward trend in 2011 and ended the year 40% lower than the beginning of the year.
• Under Contract and Sold units were down 12% and 8% respectively when compared to 2009.
• Largest number of Residential and Condo properties sold in price range of $100,000 to $199,999 for 2011.
• Million dollar plus homes accounted for 502 Residential closings in ’11 versus 505 in ’10.
• Million dollar plus homes accounted for 38 Condo closings in ’11 versus 32 in ’10.
• 2011 saw introduction of several government sponsored home preservation measures with mixed results.
• 2011 saw mortgage interest rates remain relatively low at levels never seen for many years.