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XTROV Manages the Entire Life Cycle of the Rental Process
NOT for the Faint-of-Heart
Rental real estate, when purchased and managed correctly may well be one of the best investment vehicles available for both short and long-term profit. Other people (tenants) pay for your mortgage, insurance, taxes, and upkeep. A rental provides monthly cash flow and builds equity over time. However, rental units don't take care of themselves and excellent tenants don't just magically appear.
The horror stories in the industry are plentiful. Just when one thinks they have seen it all, just wait. Something else will come along. What we humans can and will do is sometimes hard to comprehend. Whether an owner manages his or her own rentals or secures a professional property management company to do the heavy lifting, rental management is a big job.
XTROV has almost 20 year's property management experience. Some of it has been gained the hard way. That's a good thing if you are an owner considering XTROV's services. It is just as important to know what not to do as to know what to do.
A dear friend of XTROV put it this way. To be successful a Property Manager needs, "the eyes of an eagle, the mind of a scholar, the hide of a crocodile, and the heart of a warrior." Well-said and how very true. Property Management is a tough job and not for the faint-of-heart.
At XTROV, we are a team of people working on behalf of our owners and tenants. Real estate and property management have far too many complexities and moving parts to be successfully navigated by one person. Since we are a real estate firm, as well as a property management provider, we are well-suited to sell your investment property if and when the time comes. We understand and have successfully navigated the complexities of the sale and tenant-related issues many times.
Something to watch out for is unscrupulous or uninformed people posing as property managers. In Colorado, one must be a licensed REALTOR or real estate agent, or work directly under the real estate professional, to manage another person's rentals. The exception is an on-site manager who is an employee of the owner. Also, an owner can manage as many rentals for him or herself as desired. Otherwise, one must be licensed to write a Contract among other things. Rental agreements and leases are Contracts with legal ramifications. Rental deposits must be held in trust accounts and there are numerous Fair Housing Guidelines that must be followed. Does this really matter? It will when the owner and "property manager" find themselves facing a lawsuit. XTROV is licensed and properly insured.
The National Association of REALTORS (NAR) is considering requiring an additional license for real estate professionals who wish to be property managers. XTROV fully supports this initiative because even real estate professionals without property management experience may not be best suited to handle your valuable investment.
XTROV stands ready, willing and able to take most of the hassles out of rental management for you and to make the experience of rental ownership GREAT - just like it should be. Rentals are wonderful things.
to discuss managing your rental(s)
acquiring your first rental or your 50th!
XTROV Realty & Property Management