Exterior Painting

As you continue your exterior maintenance survey a general rule of maintenance is that it costs less to prevent damage than it does to wait and repair it later. Exterior painting is one of the best examples. If it is done while the wood surface is still sound, your cost might be quite reasonable. On the other hand, if the paint is peeling and the fascia is rotting, then your cost will increase dramatically.

Peter Meer is President/Broker of Meer & 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 www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

Interior and Exterior Analysis

A maintenance survey includes both an exterior and interior analysis of the residential property. What kinds of exterior items does a survey cover? First is the physical condition of the unit. Are there any obvious structural or roof problems? Is there a water or drainage problem? What is the condition of the siding, windows, outdoor lighting, concrete, yard, shrubs, etc.? If the condition is poor, what needs to be done and how soon?

Peter Meer is President/Broker of Meer & 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 www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

Maintenance Survey Program

As a manager of residential property, it is imperative that you periodically check the unit. This can be accomplished by implementing a maintenance survey program. Notice I wrote "maintenance survey" rather than "maintenance inspection." There is a critical difference between the two. An inspection implies that the individual has certain formal qualifications, such as being a licensed homeowner inspector. Thus, a higher standard might be applied to the work performed by this person. A maintenance survey does not have this higher standard and thus is easily performed by a property manager.

Peter Meer is President/Broker of Meer & 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 www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

The One Book You Need

What resource should you buy immediately? There are many books written about property management, but the single book you need is The Unofficial Guide to Managing Rental Property by Melissa Prandi, MPM. Ms. Prandi is a past national president of the National Association of Residential Property Managers(NARPM). ( Please know I do not receive any portion of book sales.)

Finally, join NARPM (800-782-3452). Residential property management is an exciting area of real estate practice that offers great opportunities. Take advantage of the new resources and start your new business today.
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Peter Meer is President/Broker of Meer & 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 www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

One Thing Is Common To All

How to obtain new clients is always key to any new business. The possibilities are beyond the limits of this article. However, let's suggest a few: a great web-site, networking with other REALTORS who only do sales, direct mailing to non-owner occupied properties and creating a farm area. There are pros and cons to each of these. One thing is common to all of them---don't expect it to happen overnight. Your competition for these new clients is fierce. In the Denver metro area there are over 250 firms specializing in residential property management.

Peter Meer is President/Broker of Meer & 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 www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

Limiting Your Potential

When building a property management business many property managers limit themselves to a local geographic area. It really comes down to travel time to a given unit, say no more than 15 minutes one way. However, such limits may reduce your potential client market. A business decision you will need to make.

Peter Meer is President/Broker of Meer & 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 www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

A Horse Of Another Color

Managing apartment complexes and homeowner associations is a horse of another color. Both of these residential types of properties require different knowledge and are more complex. Some property managers do handle all of these various types of properties. However, unless you have good background experience, I would recommend not undertaking the above two at the outset of your new property management business.

Peter Meer is President/Broker of Meer & 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 www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.