Selling Managed Property
As 2019 continues to deliver increased property values to metro Denver property owners, there comes a time when individual factors increase the desire to sell managed property. As a Colorado Realty and Property Management, Inc. client, deciding whether to hold or sell is an important decision. Many variables should be considered. Don’t worry, We’re Here to Help!
At Colorado Realty and Property Management, Inc. (CRPM) we are well known for our professional property management services. Because we strive to provide “the whole solution”, Colorado Realty and Property Management, Inc. has developed a process to provide the resources necessary to assist investors in the seamless transition from property management to investment property sales.
In-house Sales Team
Thanks to our exclusive in-house real estate sales team, we are able to share proven methods which have given investors the knowledge to help them decide how and when to sell managed property (or in some cases keep), in addition to sharing strategies to increase overall return on investment (ROI). Here’s some insight into the process, which typically begins 60-90 days before the lease is scheduled to end.
Our sales division can offer owners nearing lease end the following services:
- Overview of local market conditions and forecasting overall market timing
- Presale assessment of the existing lease terms and understanding the impact of selling at or before lease expiration date
- Assessment of the physical property and delivery of current condition photos
- Prepare and deliver a Certified Market Analysis (CMA)
- Suggested improvements and cost estimation to establish both “as is” and “improved” list price range potential
Once the data is available to discuss, learning your individual goals will help determine whether it makes more sense to sell to an existing tenant, list for sale while the property is still occupied, or perhaps sell it vacant either “as is” or “improved”, the latter helping to maximize ROI.
Maximizing ROI and avoiding the risk
If you are interested in maximizing ROI and avoiding the risk associated with selling a vacant rental property in need of improvements, we can help you. This is part of what we call “the whole solution”. Based on January 2019 data from the National Association of Realtors, Colorado is facing some of the most challenging conditions in the U.S sourcing qualified and skilled trade workers. Colorado Realty and Property Management’s preferred vendor network delivers the best value, competitive pricing, and project completion in a timely manner with an emphasis on quality, all while acting as your concierge for presale improvement projects. Our experience consulting with owners to determine the most beneficial improvements has led to higher resale values, fewer days on market, and lower vacancy costs.
Below is an overview of this project management offering:
- Suggest the most beneficial improvements to get your property ready to sell and maximize ROI
- Connect owners with qualified trade workers to collect bids and review estimates
- Schedule and provide project management timelines with an emphasis on reducing holding costs
- Assure completion and quality of work to ensure a successful project
To assist owners who wish to make presale improvements, a 10% Project Management fee will be added on owner approved Project Management related invoices.
In 2018 alone, our sales division assisted in the sale and purchase of 25 properties, managing approximately $7,425,000 in transactions. 2019 appears to offer favorable conditions for owners selling properties in the Metro Denver area. In addition to the services listed above, Colorado Realty and Property Management clients working with an in-house Realtor are offered additional services and benefits such as:
- The ability to access Colorado Realty and Property Management, Inc. managed properties for onsite assessments with no security conflict with existing leases and/or tenants
- The ability to list a property for sale during the last 60 days while the property is tenant occupied to reduce vacancy costs
- In some cases, the ability to sell the property directly to the tenant, and, in most cases, for reduced broker commissions
- Communicate and work with tenants on behalf of owners to optimize showing conditions
- Colorado Realty and Property Management will perform the move out walk through and create documentation for the security deposit disposition
- Colorado Realty and Property Management will create and deliver the security deposit disposition and return security deposit related funds to the tenant
Colorado Realty and Property Management believes the best way to serve clients is to gather the most data possible, then provide the best options for each investor’s unique circumstances and goals. If you are considering selling managed property in 2019, or if you’d like to expand your portfolio to include more investment properties, contact Colorado Realty and Property Management, Inc. today! We’re Here to Help!