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Denver Property Management Blog

Local Property Management News


What is Property Management in Denver? Benefits of Working with SVN Ascent Property Solutions

Web Admin - Thursday, November 19, 2015
 

On our blog today, we are talking about property management in general, and we’re also explaining how the services provided by SVN Ascent are a little different from what you’d get with any other property management company. 

General Property Management 


The typical property manager leases your unit, moves tenants in and out, takes care of security deposit dispositions and handles any administrative functions associated with your home. Professional managers will handle general maintenance and oversee larger scale projects. We make sure the work is done right. Your property managers will also adhere to codes and laws in your municipality and state. We’ll also perform your accounting functions and provide statements on a regular basis. 

Performance Goals 


We are different, at SVN Ascent. When we take on a property, we look to see how it’s currently performing, and we develop revenue projections, annual budgets and determinations about where we need to allocate extra money in order to reach the goals we come up with. A typical property manager doesn’t do this, and your property will just continue on its same path. We like to have a goal in mind. If you don’t know where you’re going, you’re probably never going to get there. 

Maintenance 


Another difference in our management plan is that we have in-house maintenance teams. This allows us to give your home a professional image when we’re marketing. It helps us take care of properties better, and we have all the supplied we need available in our trucks and in our shop. This minimizes the cost of doing business for our property owners. Having these parts included in our inventory means we can take better care of your house and your tenants. You’ll have the peace of mind knowing we are managing effectively and keeping costs down. 

Full Time Managers 


We will not sell your property. This isn’t part of our contract because we have a principal agent relationship that doesn’t fit into selling your property. If you have a monthly fee structure, working with a sales agent who is also a property manager will throw you off. You don’t want your property manager thinking about sales commissions while thinking about your property. A good property manager will focus on property management. We believe in a strict division of labor. 

Financial Focus

 
Our company has best in class financials. We take a look at the past and what you’ve paid in turnover costs as well as maintenance costs. We want to see the property operating efficiently. Then, we look forward at the gross potential rent, what you should be making, economic occupancy, and whether we are meeting goals. We perform budgeting functions to meet operational goals. This approach helps us take care of your property while executing your business plans. 

These are the things that differentiate us and allow our owners to be successful. If you’d like to hear more about our services, please contact us at SVN Ascent Property Solutions in Denver.

Investing in Denver property a good thing

Lisa Shook - Wednesday, January 22, 2014

A recent article in the Forbes online newsletter stated that Denver is among the top 10 cities for job seekers.  This is good news for Denver and the businesses in and around the Denver Metro Area.  


4 data points were used to determine this rating for Denver.  Those data points are unemployment rate, median income for workers, median monthly homeowner costs and the 2 year population growth rate from 2010-2012.  


Denver was rated the #4 city for job seekers and this is why:

  • Population Growth 2010-2012  4.9%
  • Median monthly homeowner cost:  $1,600
  • Median income: $32,000
  • Unemployment rate:  5.6%
With Denver rated this high for job seekers, we can definitely expect the population growth to soar.  Most of these job seekers will be looking for a place to live.  We already know that the rental market in Denver is hot now, with these statistics, it will get hotter.  

If you or someone you know is looking to invest in multifamily homes, single family homes, or apartment buildings, Ascent Asset Management LLC is the company to call to help you make the most of your investment property.  Not only do they find the property for you, they will manage it and maintain it to bring you the best Return On Investment.  www.ascent-am.com  or call 720-684-4364  Ascent Asset Management   " Where People, Property, and Performance Matter Most"

Rental Action Hot for Urban Apartments

Lisa Shook - Friday, December 20, 2013

Rental Action Hot for Urban Apartments

Wow.  Top economist says that 2014 will be even a better year for renting multifamily units due to a few things.

  • New construction which means more urban apartment rentals
  • Urban apartments will be the first stop for many of the young adults who find jobs and move out of their parent’s homes
  • More supply of Urban apartments and more demand for them as well
  • Slowing supply and demand for single family homes due to investors buying fewer single-family homes
  • Loosening credit standards allowing more people to become homeowners again

Denver is one of the top 10 markets to watch in 2014.  The reason for this is that Denver has job growth, longer-term economic success, and recent construction activity.  At this time, Denver’s home prices are not over valued like other markets throughout the country.  All these factors add to a vibrant and excellent market to invest in at this time.

This is a great time for you to invest in that multi-family unit you have been thinking about buying. Even if you haven’t been thinking about buying one, this is still a great time to do so.  Many people want to invest their money for retirement and not sure what to do, now is the time to invest in Real Estate.  Ascent Asset Management can help you make the most of your investment because they know how to maximize your return. With top notch maintenance, accounting, and customer service personnel, they are your one stop shop for property management and property investment.  Go to their website at www.ascentassetmanagement.com or give them a call at 720-684-4364. 

At Ascent Asset Management they love what they do and love helping people.  Their slogan says it all.  “Where,People, Property, and Performance Matter Most.”  

Investing

Lisa Shook - Thursday, December 05, 2013

Buying and Selling Walk ability

 

We all know that walking is good for us, but it can also be very important when buying or selling property. Walk scores are determined based on the proximity of amenities such as restaurants and shops, and community hubs such as schools, parks, and libraries.  Walk scores range from 0 to 100, and any rating above 70 is considered “very walk able. Here is a list of neighborhoods in Denver that have a walk score of higher than 70.

 

·        City Park West           79

·        Congress Park            80

·        Cheesman Park           81

·        Cherry Creek              83                                      

·        City Park Esplanade   88

·        Lincoln Park                83                          

·        Capital Hill                  91

·        Civic Center                92

 

 

So, as an investor or owner of property in the Denver Metro Area, what does this mean to you?  People love to live in areas where they can walk for the following reasons.  In a walk able neighborhood there are several benefits such as losing weight by walking to run errands as opposed to driving.  Saving money by walking instead of driving everywhere because transportation is the second largest expense for American households, costing more than food, clothing and healthcare.  Studies show that for every 10 minutes a person spends in a daily car commute, time spent in community activities falls by 10%.  A recent study by CEOs for Cities found that higher walk scores are directly linked to higher home values. 

 

At Ascent Asset Management, we know how important your investment is.  Please contact us for a FREE quote on property management or property investment at www.ascentassetmanagement.com.    “Where People, Property, and Investment Matter Most”. 

 

We love where we work, live and play and would like the opportunity to help you find a place you know will help you yield high returns on your investment.  Denver’s market is a great place to buy investment property.  Contact us and find out why. 

 

Property Management also does HOA

Lisa Shook - Tuesday, November 26, 2013

Does your Home Owners Association need a Reserve Study?

 

There are several reasons why an Association would want a current reserve study.  The main reasons are to view their current funding status, view upcoming expenditures and to determine if the association is properly funded.

 

The most frequently asked question from Associations is “How well funded is our Association compared to other Associations?”  This is a valid question but very difficult to answer because no two Associations are exactly the same.

 

Recent HOA management studies showed that the sooner an Association starts using a reserve study, the higher their percent funded.  California passed a law in 1986 making it mandatory for Associations to have a reserve study conducted.  Colorado uses HB1359 and nearby state Nevada passed a law similar to California’s regarding Association reserve studies. 

 

California’s Associations were 81.74% funded; Nevada, 70% funded and Colorado 38.06% funded. 

 

A reserve study should provide your Association with a 30 year vision showing the upcoming expenditures of all the reserve studies components.  The significance because the study will help define timetables for repairs and replacements of key components that service your  HOA.

 

Finally, a reserve study will tell an Association if they are contributing too much money or not enough money and subsequently render a recommendation to the HOA board of directors, based on the components in the study.

 

If you have had a Reserve Study completed in the past five years let us know how it went for your HOA and any what was revealed as a result of the study.

 

Remember, Ascent Asset Management is now doing HOA in the Denver Metropolitan Area.  Go to our website at www.ascentassetmanagement.com and fill in an inquiry.  We will get back to you with a free quote.

 

 

 

Why we live in Denver and why you should invest in Denver

Lisa Shook - Thursday, November 21, 2013
According to a recent study, Denver is one of the top 3 cities that people want to live in.
Based on this fact, it would also be a great place to invest by buying property.

Whether you want to invest, live, or visit, here are some of the reasons to be in Denver.
  • Downtown Denver, specifically Lower Downtown (LODO). This city has a Big City look, with a small city feel. There are so many things to do here. It is beautiful, clean, and easily accessible by bus, train, car, and bike, lots of restaurants, clubs, shopping and theater.
  • The Denver Center for the Performing Arts. This complex is one of the biggest in the country. They entertain over 750,000 people per year. There are always shows going on for every type of person and every type of price.
  • Red Rocks Amphitheatre. This is a world famous venue for musicians. If you have never been to a concert here, you should put it on your to do list. It is a beautiful venue with amazing acoustics. You can also hike around here, exercise on the steps, do a Yoga class, or see an Easter Church service. You can even get married here. No reservation required.
  • Music, Music, Music. This city has one of the most active music scenes in the country. Any given day of the week you can go and listen to live music for free or a nominal cost.
  • Denver has every major sports team in the city. We have the Broncos, Avalanche, Nuggets, Rockies, and Rapids. This city goes nuts for its sports and this is big business for everyone.
  • Over 300 days of sunshine a year. I know, this is hard to believe, but, there are a lot of sunny days here. If you live here you know. Even on snowy days, it will get very sunny in the afternoon. Don’t forget the sunscreen.

So, we know that people want to live in Denver, we know why they want to move to
Denver, and we know why they want to invest in properties in Denver.

If you are looking to invest in property now is the time and the place is Denver. It also
helps that interest rates are still low.

For all of your property investment, property management, Real Estate needs, you should
call Ascent Asset Management, “Where People, Property, and Performance Matter
Most”.

Go on line to www.ascentassetmanagement.com for a quick response to any inquires you
may have regarding property investment.

Comment on what you like best about living in Denver and the things you enjoy
doing.

Why Hiring a Property Management Company Makes Sense

Lisa Shook - Tuesday, November 12, 2013

Don't Hire a property management company if you enjoy:

  • Getting called in the middle of the night to fix a plumbing problem
  • Collecting rent and all the hassles that come with it
  • Dealing with maintenance requests
  • Handling safety issues with your building or property
  • Advertising your property
  • Screening your tenants
  • Setting leasing policies
  • Familiarize yourself with fair housing laws and other legal knowledge
  • Be available 24/7 to handle emergencies
  • Being stressed out

 

Do Hire a Property Management Company If You Enjoy:

  • Spending time with your family
  • Spending time outdoors
  • Making more money
  • Peace of mind
  • Going to the mountains
  • Relaxing on the weekends
  • Going out with your friends
  • Going to see the Broncos play
  • Riding your bike
  • Going out to dinner with your significant other
  • Enjoy reading a book
  • Enjoy going to concerts

 

When you work with Ascent Asset Management, they will make sure you have the peace of mind you would expect when you hire a Property Management Company.  Their slogan is " People, Property, and Performance is What Matters Most."  And they mean it !!!!!  Ascent Asset Management Company treats your property as if it were their own.  They are affordable, honest, and they customize their services to meet your individual needs.  Call them today at 720-684-4364 or visit their brand new website at www.ascentassetmanagement.com

 

Hire Ascent Asset Management Company and have peace of mind, don't hire them and be stressed out, hmmm, I know what I would do.

Where are Multifamily Assets Headed

Jerry Kasten - Tuesday, November 05, 2013

Have you made your investment resolution for the coming year?

As an investor, it is important to understand your asset class market and make investment plans before you start buying or selling based on where multifamily market sits.  Markets are in a constant state of flux and investors need to know where the Denver market for their respective asset classes are trending so that they can make the best decision on how to participate based on their risk-reward investment criteria.

 

Today we discuss the multifamily asset class and put it into the context of what is happening in the Colorado market multifamily asset class from a strengths, weakness, and recent market trend perspective and recommend a couple of ways to play the asset class for the upcoming fiscal year based on my analysis.

 

Strengths

The multifamily asset class growth has been driven since 2009 by positive demographics-young adult renters, shadow households, foreclosed homeowners, and downsizing baby boomers-that has created significant demand drivers.  While on the supply side, the developments had been constrained given lack of risk-on capital markets since 2009 to 2011.

 

The supply side has changed given the flood of capital flowing into the apartment sector since 2012 which has, in turn, driven cap rates on existing assets below 6 % and is providing more risk-on capital for apartment developers to bring up new supply into markets.  The supply side on a nationwide basis is still going to be under control given that nearly 300,000 new units are needed per year to compensate for population growth and units being functionally obsolete.  According to Fannie Mae, the multifamily sector is projected to experience nearly 204,000 new apartment units to come online in by the end of 2013 which is below the 300,000 needed to maintain equilibrium in markets nationwide.

 

Weaknesses

Large capital flow into the multifamily sector raises concerns as the plethora of capital is chasing fewer and fewer deals which has made exit cap rate projections of below 4% very welcome, in most investors opinion.

The growth in demand for rental units has driven up rental prices while inflation adjusted household income has gone up as much.  this mix creates a precarious combination of unaffordable rental prices that may slow down or decline over the coming years especially in markets like Denver.

 

Market of opportunity

I would still be an investor in today's multifamily market given that the trends are favorable, provided the growth in population, shadow households and low overall supply.  I would play the multifamily asset class as an equity and mezzanine investor.  As an equity investor or operator, I would recommend focusing on multifamily assets in high-barrier-to-entry urban infill markets that have the potential for Gamma strategies, fancy way of saying improving cash flow through better management and making strategic capital improvements to reduce building expense and improve rental efficiency thereby increasing asset value.

 

For more information on this subject or any subject regarding property management, please contact at www.ascentassetmanagement.com 

 

 

Landscape Maintenance and Rental Properties

Web Admin - Thursday, September 19, 2013
While residents want to rent a nice looking home, they often have no interest, time, or knowledge on how to maintain the property. They may agree to landscape maintenance in the rental contract but it can be difficult for a property manager or owner to enforce. The owner can charge the tenant for maintenance or include landscape maintenance but it is not always practical to increase the rent with the full cost, particularly if the landscaping on the property is extensive.

Ascent Asset Management


1547 Gaylord Street
Denver, CO 80206

Ph: (720) 684-4364
Fax: (303) 857-5433
info@ascent-am.com

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"Ascent took over our problem tenants. They were able to work out our tenant issues and were able to get back over 1 months rent we never thought we’d see."
- C. Shinofield


"Ascent Asset Management increased our operating income by 22% in one year, while keeping expenses at a minimum. We were pleased with their service and will use Ascent as long as we own the building."
- M. Lee


"We have Ascent Asset Management manage our three investment properties. Our last management company couldn't keep track of our accounting and our maintenance costs were out the roof !"
- R. Sommer


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