COVID-19 SITUATION ROOM
A trusted resource for all COVID-19 related information
OWNERSRESIDENTS

Denver

Property Management

Our team of local professionals at Mynd Property Management are different than other Denver property managers. Servicing the greater Boulder, Golden, Aurora and Colorado Springs areas, we leverage real-time data to consistently better our services, providing owners with seamless management experience.Customers working with Mynd can rely on us as their trusted partner, providing them with a healthy investment, and their residents with a happy home. Gold and Uranium once were Colorado’s greatest investments, now, it’s residential real estate. It’s time to make your real estate investment work for you

Get Started

It's Quick & Easy

Thank you!
Your submission has been received, and we will contact you shortly!
Oops! Something went wrong while submitting the form.
Mynd's rental income guarantee

Rental Income Guarantee

We protect your rental income

If we place a resident and they fail to pay rent at any time during their lease, we reimburse you up to $5,000 in lost rent while we resolve the situation.

Mynd's property damage protection guarantee

Property Damage Protection

WE PROTECT YOUR PROPERTY

If a resident we place moves out and leaves behind property damage in excess of their security deposit, we will cover the difference, up to $5,000.

Mynd's eviction protection plan guarantee

Eviction Protection Plan

WE PROTECT YOU

If a Mynd-placed resident fails to pay rent and an eviction is required, Mynd will cover the court costs and legal fees up to $5,000.

SELECT YOUR AREA TO VIEW PRICING

Pricing Plans That Suit Your Needs

CORE SERVICE PLAN

$79
Monthly Management Fee
100%
Rental Leasing Fee
$349
Lease Renewal Fee

AVID INVESTOR PLAN

$129
Monthly Management Fee
50%
Rental Leasing Fee
$99
Lease Renewal Fee
checkmark - feature included
Rental Income Guarantee
checkmark - feature included
Eviction Protection

PEACE OF MYND PLAN

$169
Monthly Management Fee
0%
Rental Leasing Fee
$0
Lease Renewal Fee
checkmark - feature included
Rental Income Guarantee
checkmark - feature included
Eviction Protection
checkmark - feature included
Property Damage Protection

Don't Take Our Word For It

Results You Expect

Your rental property is one of your most valuable assets. You expect concrete, tangible results, and Mynd delivers. We focus on measurable results that you can see.

Mynd offers faster leasing times

Faster Leasing

Quicker than average leasing times.

Mynd responds quickly to resident and owner communications

Quick Response

Less than 4 business hours for owners, less than 8 business hours for residents.

Mynd finds high quality residents

Quality Residents

Higher than average resident quality score (720+)

Mynd offers low delinquency rates

Low Delinquency

No need to worry about rental payments, less than 2% delinquency.

Mynd's high customer satisfaction scores show high resident satisfaction

High Resident Satisfaction

Consistently high customer satisfaction scores (Better than 4/5)

Mynd's NPS score shows higher owner happiness rates

Happy Owners

Net Promoter Score of 58 versus industry average of 7

Meet Your Local Superstars

We start by hiring the best people with deep local expertise.We equip them with the tools, technology and data. You get results.

Meet

Alicia

Portfolio Manager

Alicia is a seasoned Property Manager Professional with 15+ years experience who recognizes and values the trust my clients and residents place in me. Alicia strives every day to meet or exceed their expectations. Alicia is passionate about the services she provides and looks forward to helping investors meet their goals. She keeps up with current trends in her area of expertise and makes marketing suggestions to expedite the rental process.

Denver

At Mynd, we’re also real estate investors, so we know all the concerns and challenges that come with rental property ownership and investing in the Denver area. We know that hail is no joke. 13 times a year on average we get hail the size of quarters whipping around at speeds as high as 54 MPH. And that’s in addition to less severe storms.Our property managers monitor the weather consistently and respond to any emergencies ASAP so that neither you nor your tenants have to worry about any damage. Our property managers will deal with everything from roofers and plowers to insurance agents for you

Kate
Leasing
Kathleen
Accounting
Gina
Resident Services
Matt
Maintenance

Denver

Denver

100 Fillmore St.
5th floor
Denver, CO 80206

Mynd Property Management is local
(720) 316-3186

Denver

Denver has neighborhood inspectors who respond to all complaints and concerns. Our goal is to ensure your rental income is optimized, that your residents are happy, and that you never have to worry about fines. Mynd knows how to deal with Denver rental properties. Explore our resources below to learn more about Denver property management and much more!

Thinking about purchasing a rental property in Tacoma, WA? Learn how looking at the rental statistics, the demographics, and having a local property manager as a partner can ensure you are looking at real numbers when deciding if the area fits your investment strategy.

Before investing in an area, you will want to look at the demographics, home prices vs rental prices, forecasted economic growth, and other important statistics to see if it fits with your investment strategy to help you reach your goals. Will the area give you the cash flow or appreciation you are looking for?

About Tacoma, WA

Tacoma, WA, one of “America’s Most Livable Cities”, is a port city on the Puget Sound and is known for being one of the most walkable cities in the US. From its beautiful waterfront to its numerous city parks that include the country’s second largest city park (700 acres), the area has seen a 12% population growth since 2010.

Tacoma property management

Tacoma offers more affordable investment opportunities than the Seattle area which can be expensive.  Cash flow opportunities are better in Tacoma because the prices of homes are not as high.  

Home prices in Tacoma

Median home price: $354,019

Home prices have gone up 9% in the past year.

 

Diverse types of renters

Commuters – Many choose to work in Seattle but live in Tacoma because it is more affordable.  

Students - Several universities are in the area including the University of Washington’s Tacoma campus, so there are a lot of student renters.  

Military - McChord Air Force Base is South of Tacoma, so there are military families renting in the area as well.  

Between the port, universities, military presence, and proximity to Seattle, Tacoma is a great area for investors looking for an area whose economy is being fueled by a diverse mix of industries.

 

Economy and industry in the area

Tacoma is the 7th busiest container-handling port and attracts businesses in multiple industries. It is known for its high-tech industry that includes Intel and Expedia which are headquartered there. Agricultural and forest products are also large contributors to the local economy.

  • Unemployment rate: 5.3%
  • Average income: $75,649

Tacoma has seen steady job growth over the last 10 years and expects 39.9% in future growth. With its strong industry presence and growth record, it is a great place to invest in rental property for less than a home in a Seattle would cost.

If you are considering investing in Tacoma, contact us at Mynd. We can help you determine if this market fits your strategy to reach your goals. If it doesn’t, we have offices in 19 markets and can help you find an area that does.

How to accurately set rent for my Tacoma, WA rental property

The rental market is cyclical, so you want to make sure you set rent to match today’s prices. Just because you rented your property for a certain amount 3 years ago doesn’t mean it will rent for that amount today. The price could be higher or lower depending on what the market says is the going rate. To avoid extended vacancy time, you will want to accurately price the property, so you are getting the maximum return while also filling the vacancy quickly.

Tacoma rental statistics

  • Median rent for a single-family home: $1750
  • More single-family homes available since 2007
  • 45% Renter Occupied
  • 55% Owner Occupied

Steve Rozenberg, Head of Investor Education for Mynd, says he sees this as a good, steady mix of renter/owner occupied homes which makes it a great market to have a rental property. You should always be able to find a renter.

Knowing the trends and statistics for the area is key to your success as an investor.  Consider hiring a local Tacoma property manager like Mynd who can help you determine the correct rent rate.  Mynd has access to proprietary information so you are getting current, accurate numbers to base your decision on. If you want to know what you can expect to rent your home for, Mynd offers a FREE rental analysis.

 

Why should I hire a property management company in Tacoma, WA?

What does a Tacoma property management company do?

They take care of the day to day operations required when you own a rental property such as:

Do you have the time to manage the property? How valuable is your time to you? If you are managing it yourself, do you know that you are doing it correctly and following the laws?

Landlords must comply with ever-changing laws and regulations

Landlords must comply with Federal, state, and local laws that apply to rental properties. These laws are constantly changing, and as a landlord you are expected to keep up with them.  If you must evict a tenant, there may be new laws in place that limit how you can do that. If managing property isn’t your full-time job, you are more likely not up to speed on current laws such as:

  • 120 day notice to purchase property if you intend to change the use of the property
  • 60 day notice of no cause termination of a resident
  • 60 day notice of rent increase
  • Several tenant’s rights laws. For example, tenants can complain to the city of Tacoma about code enforcement violations.

There are a lot of laws that have to do with tenant’s rights, and you must be sure you comply. If you aren’t up on the laws, you may find yourself getting in trouble which can cost you $1000s in fines and court costs.

 

Consider hiring a Tacoma property manager

Our Tacoma property managers can help you make smart decisions and ensure your property is following the laws. Mynd has in-house counsel to help ensure your property is complying with the laws.  Contact us today at Mynd about property management in Tacoma or finding your next investment property in one of the19 markets we serve.

View full post

As an investor, you want to know that investing in a rental property in Everett, WA aligns with your strategy and helps you achieve your goals. Identifying the right data and numbers to calculate your return is an important step in making an informed, smart decision.  Having a local partner like a property manager makes this process easier.

What kind of return do you want from your investment property?

Are you looking for monthly cash flow? Is the property you are looking at going to give you what you need to at least cover your expenses?  Are you only interested in appreciation or debt paydown?  Your strategy must be defined before you start looking for a property.  

About Everett, WA

Everette is a coastal city on the shores of Port Gardner Bay and is located 25 miles north of Seattle. It attracts families with its world class schools, over 30 city parks, and numerous outdoor sports, activities, and art experiences.

Everett population and home prices

  • Population: 111,000
  • Average age: 33
  • Median income: $57,999
  • Median home value: $362,000

 

The median income for the area is about average for the US, but the home prices are significantly higher than average. You might be able to make enough cash flow to cover your expenses, but you are more likely looking at making your money in appreciation.

Many of the homes in the area were built between 1970-2000.  Being older properties, they may require some maintenance or updates to attract a quality tenant and meet Property Code.

 

Everett Property Management

 

Industry and the Economy

  • Unemployment rate: 5.8%
  • Cost of living index: 116.2  (US average is 100)

Boeing’s 747, 767, 777, and 787 Dreamliner airplanes are constructed in the world’s largest building located in Everett, and they offer a popular tour of the facility. Everett’s proximity to Seattle is an advantage because it is going to be fed by the strong industry nearby.

Best neighborhoods in Everett

  • Darlington
  • Edgewater
  • Pinehurst
  • Riverside
  • Bayside
  • South Forest Park

When you buy a property in one of the more popular areas, you are probably going to see more appreciation. With an average age of 33, residents are likely families interested in the quality schools in the area.  They are also more likely looking homes with multiple bedrooms for their growing families.

 

Talk to an Everett, WA property manager about the local market and what trends they are seeing. They can answer questions like:

  • Is the city growing?
  • Are rents going up or down?
  • What is the average eviction rate?
  • What are the average days on market?
  • What is the average vacancy?
  • What type of homes are rented quickly? What are most people looking for?
  • Are there certain features people are looking for in a home?

These are the questions you want answered before purchasing a property, so you have the proper expectations. Contact us at Mynd for more information on the Everett area. They can tell you what types of properties are renting quickly, what renters are looking for, and more.

If Everett doesn’t fit your strategy, we can help you find a market that does. Mynd has offices in over 19 markets. Our local property managers can use Mynd’s proprietary data to help find you properties that match your strategy, whether you want to invest locally or diversify across several markets.

 

How to Accurately Set Rent for my Everett, WA Rental Property 

It is important to know what the market is dictating when setting rent for your Everett rental property. The goal is to get the right amount of rent while leasing it quickly, so pricing it right is critical.

Leasing has seasons

You might not be able to get the same amount of rent if you lease your property in the Winter (off season) vs the Spring/Summer months (peak season).

The economy can affect rent

If the industries in the area are in a downturn or upturn, that can influence the rent you can expect to receive.

Everett rental statistics

  • 42,000 housing units
  • 37% Owner Occupied
  • 67% Renter Occupied
  • 44% single family homes 36% Apartments
  • Median rent: 1,990
  • 48% of homes were built between 1970-1999

The rent amount will vary depending on the property type, square footage and number of bedrooms.  When comparing rents, look at properties that are the same as yours. Being that many of the homes are older, you may find you can get a little more money in rent by doing some updates to the property.

Mynd’s Everett Property Management company offers a FREE rental analysis so you can see what your property can expect to rent for.

 

Why Should I Hire a Property Management Company in Everett, WA 

When you own a rental property there are a lot of day to day operations to take care or not to mention all the ever-changing laws you must follow.  Should you continue to do this yourself or does it make sense to hire an Everett property management company?

 

Treat your investment like a business.

If you own multiple rental properties or plan to in the future, the tasks required increasingly take up more of your time.  Keeping up with all the laws you must comply with can become a heavy burden.  Maybe you got into investing because you wanted a safe, secure retirement investment or passive income, but you did not realize the amount of time that was involved in managing it yourself.  You thought you were gaining free time and ended up having a second job.

It is entirely possible that you will not end up where you hoped because you may not be doing something right. Not complying with a law could result in your ending up in court owing $1,000s in fines.  

Getting that great deal when you buy the property is only the first step in the process that leads to your success. Steve Rozenberg, Head of Investor Education for Mynd, thinks it is important to have a team to help you maximize your return.

 

What does an Everett property management company do?

They take care of the day to day operations required when you own a rental property such as:

They know the laws and regulations

You must follow Federal, state, and local Property Code that dictate how a property must be maintained. When it comes to fixing things in the property, who is responsible for them? The tenant or the landlord?  There are things you can’t ask on an application or during the screening process.

Landlords must comply with Federal, state, and local laws that apply to rental properties. These laws are constantly changing, and as a landlord you are expected to keep up with them.  If you have to evict a tenant, there may be new laws in place that limit if or how you can do that.

Maintenance issues

Mold can be a problem in the Everett area due to the amount of rain it gets. You will need to make sure the roof, ventilation, and plumbing is in good shape to prevent mold.  There are laws that protect the tenant to ensure they have a safe home to live in. Property managers know what you have to do to comply with any laws in regards to Property Codes.

If you don’t have the time or desire to keep up with the laws and regulations, it might be a smart decision to hire a knowledgeable property manager.  Mynd has local property managers that know the laws to ensure you are following them as well as in house legal counsel.

A good property manager helps you make smart decisions and ensures your property is following the laws. Contact us today at Mynd about property management in Everett or for help in finding your next investment property in one of the 19 markets we serve.

View full post

On August 31, 2020, California Governor Gavin Newsom (D) signed AB 3088 into law, providing state-wide protections for tenants and landlords in the face of the ongoing coronavirus pandemic. The safeguards extended to tenants worrying about evictions and to landlords concerned about foreclosures. 

Moratorium Eviction Extended

Tenant relief act legal document


AB 3088 limits a landlord’s ability to evict a tenant for non-payment of rent. To make use of this protection, the tenant must submit a declaration signed under oath of financial hardship due to the financial burden experienced between March 4 – August 31. A valid declaration will prevent evictions from occurring before February 1, 2021. 


For hardship stemming from the coronavirus pandemic between September 1, 2020 – January 31, 2021, tenants are expected to pay 25% of expected rent to avoid eviction by January 31, 2021. 


Do Tenants Pay Rent?

The expectation of rent has not been eliminated. Instead, unpaid rent cannot be the reason for eviction for tenants that have experienced financial hardship and submitted a valid declaration. Tenants will still be responsible for paying back rent to landlords, who can begin to recover their debts through a civil small claims lawsuit on March 1, 2021. 


The jurisdiction of small claims courts will be temporarily expanded to allow landlords to recover unpaid rents. 


Unpaid rent isn't waived under AB 3088. Instead, it's converted into consumer debt collected in small claims court as early as March 1, 2021. If a tenant cannot meet the 25% rent minimum, AB 3088 would only provide eviction protection until February 1, 2021. If a landlord attempts to use extrajudicial self-help, such as shutting off utilities, threats, or coercion, to generate an eviction, then the landlord may face penalties as high as $1,000 to $2,500. 

California’s COVID-19 Tenant Relief Act Tenant Protections

The following legal and financial protections will be extended to tenants


  • The notice period for nonpayment of rent will increase from three days to 15 court days so that tenants have more time to respond to the landlord's notice to pay rent or leave. 
  • Hardship declaration forms must be provided with any eviction notices for a failure to pay rent. 
  • The hardship declaration forms provided by landlords must be provided in the language in which the rental agreement was negotiated. 
  • Landlords are also required to provide tenants with a disclosure explaining their rights under AB 3088. 
  • Expands the "just cause" protections described in AB 1482 to all tenancies, including tenancies less than one year, affordable housing, new construction, and single-family homes.  
  • Local ordinances that were in effect as of August 19, 2020, will remain in effect until their expiration, while future ordinances cannot undermine AB 3088. 


AB 3088's protections are extended to most tenants if they sign a declaration that they've been financially impacted due to the pandemic. What constitutes "COVID-19-related financial distress" includes:


  • Increased expenses due to the health impacts of the COVID-19 pandemic
  • Increased childcare or eldercare responsibilities directly related to the COVID-19 pandemic.
  • Loss of Income caused by the COVID-19 pandemic.
  • Higher-income tenants (those whose household income is over $100,000 or with over 130% of median household income) must provide documented proof of financial loss related to COVID-19.

California’s COVID-19 Tenant Relief Act Eviction Notices


When a landlord delivers an eviction notice for failure to pay rent, a financial distress form must be provided. The tenant has 15 days to sign and return the financial distress form. The economic distress form does not cover months to come, so that the process may be repeated on a month to month basis. The declaration is signed under "penalty of perjury,” so if a tenant provides knowingly false information, they can be charged with perjury. 


Lawful eviction that has nothing to do with unpaid rent caused by the coronavirus pandemic can move forward as early as September 2, 2020.  That means landlords will be able to pursue:


  • Eviction against nonresidential tenants
  • Evictions for lease defaults stemming from reasons other than nonpayment of rent.
  • Evictions for missed rent payments before March 2020 
  • Evictions for nonpayment of rent unrelated to the coronavirus pandemic.
  • Evictions against tenants willfully damaging property.
  • Evictions against tenants engaged in criminal activity. 
  • Evictions against tenants who violate the lease or rental agreement in other ways.


Evictions for unpaid rent will resume on October 5, 2020, for tenants that do not submit a financial distress declaration.


Evictions for reasons other than nonpayment of rent cannot be performed as retaliation against nonpayment of rent due to the coronavirus pandemic.


Individual cities may have their own eviction moratoriums, and tenant and landlord protections that may be more robust than that provided by AB 3088. For this reason, it's critical to consult both the stipulations outlined by AB 3088 and the stipulations, if any, of one's local jurisdiction. 


If a locality passed a new moratorium after August 19, 2020, then it cannot take effect until February 1, 2021. Ordinances that expire before February 1, 2021, cannot be extended until February 1, 2021. Finally, if a local jurisdiction establishes its repayment period, it must begin on or before March 1, 2021.


Given the complicated nature of the law, it's advised that tenants contact an attorney if a landlord provides notice of eviction. There are many free legal aid foundations to reach out to. The Legal Aid Foundation of Los Angeles, for example, offers free legal services to over 100,000 residents of the greater Los Angeles area. 

California’s COVID-19 Tenant Relief Act Landlord Protections


AB 3088 does not protect landlords from foreclosures, nor does it require banks to provide forbearance. Instead, mortgage servicers must contact borrowers before pursuing foreclosure proceedings with forbearance options. 


Dual tracking, when a provider initiates foreclosure proceedings while considering loan modifications with the borrower, is also forbidden. 


If forbearance is not an option for a small landlord, then the mortgage servicer must provide a written explanation. These protections extend to January 1, 2023.

Bottom Line on AB 3088

Due to AB 3088, California will keep a dramatic increase in residential evictions at bay through the early part of 2021. Although, further action by the federal government is required to ward off the true extent of the pandemic's effects. 

Notice of Eviction Tenant relief act


If you have rental properties, your property manager should be able to support you in navigating the changing regulations around tenant protections. To learn more about Mynd Management's services, contact getstarted@mynd.co


View full post

If you’re a landlord or a rental property investor in Denver, it’s important that you prepare for any type of emergency or disaster. As we have seen with the COVID-19 pandemic, it’s much easier to manage a crisis if you have a plan in place. So today, we’re discussing some of the things you can do when you know an emergency is coming and you want to be prepared. We’ll also talk about emergencies and how you and your residents can work together to keep everyone safe and mitigate further property damage.

Legal Definition of an Emergency with Denver Rental Properties

When you own residential property in Denver, the most important thing you need to know is the definition of an emergency. You might have an idea of what an emergency is, and your residents probably have their own ideas about what constitutes an emergency. However, it’s the law that defines how and when you have to act.Make sure you’re in compliance with state and local laws when a situation arises. You’ll need to know how to handle the response that’s legally required. Once you have understood it, make sure you explain it to your residents as well. Educate them about the definition of an emergency so they understand the steps that need to be taken and why one thing is an emergency but another isn’t.Once the information is consistent throughout all parties, you’ll know how you must execute. The law really defines how to go forth when there is an emergency at your property. That’s the starting point.Every state is different with different emergencies per their property codes.

Preparing Your Denver Rental Property and Residents for an Emergency or Disaster

There are a series of things you can you do at the property to protect it during an emergency. Some of the most obvious things are shut off valves and circuit breakers.If you own a single-family detached home, remember that a lot of residents moving into your property are coming from apartment living. It’s a natural phase with residents. Their first properties are often apartments, and then they decide to rent a single-family home for a while before they eventually buy their own home.Many times, this means your residents are coming to your property from apartments. That’s a much different situation than a single-family home. When you rent an apartment, you’re in an entire building, and you have maintenance staff who are usually physically present and able to respond quickly. You don’t need to know much as a resident. In a single-family home, responsibilities are a little different.As a landlord, you want to meet your resident at the property before the move-in date and walk through the home. You can show them where the electric panel is located and what to do if the furnace stops working or the home loses power. You can demonstrate how to check a breaker and what is needed to reset it. Residents will feel better about responding to a leak in the house if they know where to find the shut off valve.Not every renter has had to worry about these things in the past, so show them where the pertinent valves and breakers can be found. Make sure they know that there there’s something different involved for the water heater. If there’s a water heater leak, show them how to turn off the supply.Educate your residents. This is just one of many preventative steps a landlord can take to protect their Denver investment property and give their residents a better living experience.A lot of your best results will be due to pre-planning and communicating. You and your residents will understand the definitions of an emergency, and they’ll know the relevant steps to take.

Documentation that Residents and Owners Need

You’ll also want to give some attention to your insurance policies and contact information when you’re planning for an emergency or a disaster. Make sure everything is up to date. No one wants to believe that an emergency or a total loss from a fire will ever happen, but it can. You’ll want to know you’re properly insured as a landlord.As you should know, an HO-3 policy is different from a homeowner’s insurance policy that you have as an owner/occupant. You want to make sure all of your coverage is up to date and comprehensive. Check for liability and damage. Loss of rent is also good to have.Talk to your residents about their renter’s insurance as well. You don’t want to be in a total loss situation with your Denver rental home when you realize you don’t have enough coverage, and your residents don’t want to be without coverage either. Make sure you’re properly covered and ask for proof of insurance from your resident. Ask them to add you as an additional insured if you can. This will ensure you’re notified if the renter’s insurance policy lapses or is cancelled.Contact information is also essential. Make sure you and your residents have up to date information for various state, local, and federal agencies. This might include the local CDC center and Poison Control. In the heat of an emergency or a pandemic like our recent issues, it’s not always information that people have readily available. But just knowing where the closest hospital is can be helpful to your residents, especially if they haven’t been in the area long.As you can see, pre-planning leads to a much better emergency response. If your house is flooding or on fire, that’s not the best time to be looking for information. You want to be ready to take action and implement your emergency plans.Think about what you’ll need before the emergency happens, and gather all of your resources and information together. Then, share all the information you have with your residents. That’s our best advice. If you have any additional questions about emergency planning or anything pertaining to Denver property management, we hope you’ll contact us at Mynd Property Management.

View full post

https://youtu.be/LEk2uNjcQ0Y

Steve Rozenberg, VP of Investor Education at Mynd, sat down with Bill Twyford, Co-founder at Investors Edge University, to discuss how Denver is coping as the Coronavirus spreads. How is the real estate market changing and being affected? And how long can we expect this to be the case? Let's break it down.

Mynd Website

Mynd Facebook Page

Mastermynd Facebook Group

Mynd Instagram

Linkedin

View full post

How do you handle things when you find yourself in middle of an emergency as a Denver real estate investor? We know it can be hard to remain professional and calm when it seems like everything is falling out of place. During a crisis or an emergency, you want to be able to lean on the plans that you already have in place. Being prepared is essential, and it will help you protect your Denver rental property and assist your residents when an emergency occurs.

Rely on Your Emergency Plan During a Crisis

In the middle of an emergency, the best advice is to be prepared ahead of that emergency. This will enable you to remain calm and proactive in the middle of whatever crisis has landed at your front door. Just knowing that you’re prepared will help you and your residents.Make sure you have the basic information in a place that’s accessible and easy to reach. You’ll want to know who your emergency responders will be. That’s going to be important. Make sure your emergency plan includes all different types of responders, because you never know what the next crisis will be. Currently, we’re dealing with a pandemic. The next emergency you find yourself in the middle of might be weather-related. It might be a fire or a flood.In Denver, rental property owners need to know if their homes fall on a county island or within the city limits. That will mean you receive services from different fire departments. If you know that you have done everything possible on the front end to prepare and protect yourself from an emergency situation, you’ll have an easier time executing your plans during that crisis.

Educate Your Denver Residents on Emergency Planning

Educate your resident so they know what to do in case of an emergency. Depending on what’s happening, they will likely have to deal with the situation before you are even called. Do they know what to do if they leave some grease on the stove and the kitchen catches on fire? Make sure they understand that during a fire, calling 9-1-1 is the first step, and then once the emergency responders are on their way, they should call you or their Denver property manager.Do you have a fire extinguisher in the property? Is that the right thing to use? Do your tenants know not to throw water on a grease fire? These are the training items that can be very helpful if your residents are called upon to act quickly during an emergency. Make sure they’re prepared and educated ahead of time so a bad situation doesn’t quickly become worse.Emergencies happen more often than rental property owners realize. In March alone, we had hundreds of emergency calls. That was even before the COVID-19 pandemic really took hold. When you and your residents are on the same page about how to deal with them, you will have a much better chance of protecting your property and keeping your residents safe.

Defining an Emergency Before You Prepare for It

Pre-think about how you and your residents will define an emergency. A light bulb burning out is not an emergency. The house flooding, however, is very much an emergency. It’s all perception, but if you can write out the parameters of how an emergency is defined, you and your residents will both know how to respond when something actually occurs.If you don’t have an emergency manual in place, create one for now for every potential type of emergency. This will quickly let you know how to act.Most Denver real estate investors know that an emergency is defined as anything that involves a fire, flood, or blood. That’s easy. Not having heat in the middle of winter is also an emergency in Denver. You’ll have 24 hours to put something into action. Those 24 hours will not be the best time to make a plan; your emergency plan must already be in place.Show residents where to find shut off valves, circuit breakers, and all the essentials that make the house safe. Keeping your residents safe and out of danger is your first and most important step. Then, you want to make sure you’re not allowing further damage to the property.If you’re in the middle of an emergency, remain calm and put into action the plan you already have.

Keep Important Documents and Contact Information Safe

Something else to think about is documentation. Have all of your pertinent information available to you in the cloud so you can get easy access to it. You may need bank account information, insurance policies, and passports. If everything is lose in a disaster, you want to have your records available and protected.This is a virtual world. Keep a clean folder online and have your insurance agent on speed dial in case there’s a fire or a flood. Keep some restoration contacts close. A major flood can spiral quickly with the wrong vendor in place. Do some work ahead of time to have vendors and trusted contacts available. Make sure you can control who you call and how you reach them. You don’t want to be in a pinch because it can lead to making a bad vendor decision.Think about everything that can possibly go wrong just so you’re prepared. There are global emergencies, local emergencies, and even situations specific to your property.One of the main things you must do during an emergency is to stay calm. Sit back and think clearly and not emotionally. Make sure you’re taking proper action and not just succumbing to a knee jerk reaction. It could take you in the wrong direction. Cool heads prevail.Your resident safety is first, then make sure your Denver rental property is safe and secure. Work on stopping the emergency and working towards a solution.If you have any questions about how to manage an emergency at your Denver rental property, please contact us at Mynd Property Management.

View full post

Want to learn more?