Landlords and the Recent Recession

The recent recession has created a different owner/tenant psychology. These changes are outlined below:

Let's start with the owners. Tenant turnover in rental property is to be expected. When a tenant does not renew the rental agreement for another year, the owner will certainly face "make ready" costs along with advertising, a potential vacancy period, change of locks, and possibly higher management fees to find the replacement tenant. None of these things are any different than they have been for all these years, however, now I am seeing owner insistence on doing the "make ready" themselves. Literally flying or driving to Denver and doing the painting and other non-technical repairs with family and friends. They are also out shopping for building items that are on sale.

Peter Meer is the President/Broker of Meer and Company, Inc., 303-322-1550, which manages 150 single-family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit Meer and Company website at www.meerandco.com.