Westminster Property Management
What you need to know about Westminster property management and real estate investing
Are you considering partnering with Grace Property Management for the management of your Westminster rental property? If so, we have 10 numbers that will give you a glimpse into how we operate, and help you decide if we're a good fit for each other.
Percentage of rent due that we collect each month. This is due to a very tight applicant screening process, a time-tested internal collection process, and the fact that we have a full-time Director of Accounting (Jessica M) whose only job is to ensure our residents pay on-time each month.
The number of U.S. presidents that have served in office since we opened Grace Property Management for business in 1978. In 1978 Jimmy Carter was our President and the Bee Gees had the #1 song (Staying Alive!). When you hand us the keys to the front door of your property, you can feel confident knowing we’re going to be here today, tomorrow, and the next day after that!
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The ranking we received as the 2018 ‘Think Realty’ National Property Manager of the Year. Although we only operate in Colorado we are recognized nationwide as a leader in the property management industry.
The percentage of our tenants that renew their leases every year. This is important because turnover leads to vacancy – which is the biggest expense you could potentially have as a landlord. More lease renewals leads to less turnover, which results in fewer expenses for you!
The approximate number of rental applications we’ve processed. After looking at this number of credit and background reports, we know what to look for when it comes to processing Westminster rental applications.
The number of states in which we have taught property management continuing educational classes for state Realtor associations. We teach thousands of Realtors and property managers each year - helping to educate them on how to do property management better.
The amount of money we guarantee you for pet damage or legal eviction expenses. If we approve and place a tenant in your Westminster rental property and we have to evict that tenant for non-payment of rent, we will pay up to $1,000 of legal fees. We will also pay up to $1,000 in pet damage if we approve a pet who does damage. Click here for more details.
Although we hope to work together for many years to come, we don’t believe in long-term “forced” contracts. Rather we believe we should earn your business every single day. Should you ever find our services lacking, you can terminate our agreement with a simple 30-day notice; and with no termination fees or penalties.
That’s not our Westminster property management office phone number - it’s my (Marc Cunningham) personal cell number. If you ever have a problem as a client, you can call me directly. Just please don't call during dinner, my wife doesn't like that!
The amount of money we have donated to our ‘Grace-Gives’ fund over the last 12 months. We use this money to help responsible residents who encounter unexpected financial difficulties. For every lease we sign, we donate money into our ‘Grace-Gives’ account. We’ve been able to help many residents in time of need! Click here for details.
Pros and Cons of Owning Westminster Investment Real Estate
Westminster is a diverse community when it comes to types of housing. It has many older homes that do present good investment opportunities at fair CAP (investment rate of return) rates. In addition, there are many areas of Westminster that offer newer and higher end housing. This attracts an economically diverse group of residents which creates stability in rental stock.
Rental rates are very high in Westminster due in large part to the great location which is close to Denver, but still offering affordable older houses for sales for both investors and home owners.
The biggest negative for owning investment real estate in Westminster is the city requirements and oversight of rental properties. The city of Westminster’s Rental Property Maintenance Code is a complex program that requires systematic inspections of rental properties, as well as licensing and registration of all rental units. This can be a burden to rental property owners. While well meaning, the program creates an unfriendly atmosphere for local investors. Investors should plan for additional expenses in registration and city required repairs that in our opinion can sometimes be excessive, needless, and burdensome.
We recommend investors look to neighboring cities such as Thornton or Northglenn which offer more business and landlord friendly policies.
- Future price appreciation
- Diversity in types of housing stock
- Close proximity to Denver
- Strong rental rates
- City required license and registration of all rental properties
- City required systematic inspections of rental properties
- Lower rated public education as compared to other cities