Inside the 80027 with Terri Ellerington Real Estate Professional

I thought I would stay on the same thing this week and report stats on what's happening in the rental market in the US, Colorado, Denver and Boulder market. Curious as to what the rental rates are doing? Want to know what the average rental rate is for a 1bed, 2bedroom property. What are the trends of COVID doing to impact the changes in rental rates, retention and overall  marketing efforts? Tune in to see what Terri is seeing in the market. https://www.apartmentlist.com/co/denver#rent-report

If you like numbers... This is the podcast for you! (AND if you could really care less, you will most likely hit the "off" button.) I always find it interesting when our office puts together the stats for the quarter because they always seem to reflect exactly what it is that we are seeing in the market with buyer and seller behavior. So what are buyers and sellers doing right now? Are you interested in knowing how your City is doing in the market? Tune in as I share some data points that you might find interesting. Often we use these numbers to see where we have been, what's happening and what we might predict for the future.... I would also like to point out that Re/Max Elevate is ROCKING IT! With a small office in downtown Louisville and a total of approximately 26 agents or so, we are ranked #7 in offices and we sell 42% of the homes that have sold in the City of Louisville.  (That means that with almost every home sold in Louisville you will have a Re/Max Elevate agent on one side of the transition! If you would like to know more of what is happening in your City, Neighborhood or your home, please feel free to reach out to me. I would love to share the GOOD NEWS!

As a property manager for over 20 years this has been a common questions/confusion among many landlords. Is this a Pet? What is an ESA? What's the difference between an ESA and Service Animal? Due to COVID the requests for ESA animals has increased and making sure that you properly handle and accommodate for these requests is very important. Here are 12 Important things you should know! 1.) HUD confirms that landlords cannot impose breed/weight restrictions, or charge fees and deposits. 2.) Landlords should respond to ESA requests promptly, at least within 10 days 3.) Landlords can not require healthcare professionals to use specific forms 4.) Landlords cannot request sensitive details about the tenant's condition 5.) ESA requests can be made orally or in writing 6.) Tenants can make an ESA request before or after acquiring their ESA 7.) Dogs, cats, small birds, rabbits, hamsters, gerbils, other rodents, fish and turtles can be ESA's 8.) Landlords must engage in interactive dialogue with tenants about the ESA request. 9.) HOA's and Co-Op's are subject to the ESA rules 10.) Tenants can use the help of a third party to care for their ESA's 11.) Registrations and Licenses are NOT legitimate ways to qualify an ESA 12.) ESA letters CAN be from online health professionals If all this seems like STRESS in managing your rentals, call Peak Property Management 303-974-5477 and let us help you!

Like many of you, our family has revisited the ideas on how is our house working for us, especially NOW that we are working from home (more), home schooling and overall not leaving the comforts of HOME. Today I wanted to share with you my thoughts around this idea, as we have decided to make some large improvements/additions to our current home. I will be very honest with you, I have been in the real estate world for 20 years of my adult career, I have bought, sold, managed, invested, remodeled, updated, finished a basement, but what I have NEVER done before is actually ADD more structure/sq ft on to the house.  I promise you might get at least 1 little nugget of helpful information. The first question you should ask? 1.) Do we really NOW want to stay in our current home for years to come? What is it that we need from our home. Another bedroom? An office working space? Outdoor living? Gym? So if you answer to your questions, does this house work for our family and the “NEW” needs that we require? If so, great, if not, is it “worth” us to change our current house or should we move? If the answer is MOVE then go ahead and turn this off and call me 303-929-8116. Just kidding well kind of… Still finish the podcast, I think you will enjoy it and possibly learn something.. If you are considering making changed to the house? Where do you start? Here are 9 tips: 1.)    Start with going to your local planning department. 2.)    Start looking online, pinterest, Facebook, google, etc. get some ideas of what it is what you are looking for in the space and how you want it to look as a final finished product. 3.)    Site Plan: Many projects will require that you have a Site plan done on the property. This is different from an ILC. 4.)    Contacting and working with an architect. 5.)    Consulting with the architect as to what exactly your project includes so that you fully understand the scope of the project and how they can help you communicate this with the contractor. 6.)    Research contractors,and locating the RIGHT ONE! Style, cost, communication, experience, etc. 7.)    What sort of things YOU can do with the project that could say “money” or “time”. 8.)    Be prepared for the project to cost MORE and take LONGER. 9.)    Know what is going on!

As a professional property manager and owner of Peak Property Management at Re/Max Elevate I am getting a lot of questions on Property Management trends. Today I want to share with you my personal take and opinion on what I am seeing in 2020 that I feel will impact what we will see for 2021. The most common question I am asked, WHAT IS HAPPENING TO RENTS? Some landlords made the decision to give a little rent decrease, while some decided to make no changes to rental amounts, I did have a handful make VERY slight increase, which were warranted for increase in landlord expenses (taxes, insurance, HOA). I don’t think that we will truly have the data and information on the full impact that COVID had on the overall rents in the area until next year So HOW will this TREND impact 2021? Keeping an eye on rents is going to be VERY important within the coming 9 months.  I anticipate that next year we will see a very flat line in rental rates, I think that investors are going to error on the conservative side and do what they can to KEEP their properties rented and income coming in rather than focusing on increasing rents. What happened to rent collections? So I am VERY proud to say that approximately 8-9% of our inventory went on a payment plan, while I know other management companies and surrounding areas had a much larger impact on rents. Of those that went on a payment plan, all deferred rent was agreed to be paid back within 12 months. Overall this was a huge success! We can’t forget that during this time there were a lot of restrictions that were placed on landlords in the CARES act. Also effective September 4, 2020 the CDC eviction moratorium has been published. Ask me if you want more details So How will this trend Impact 2021? The future of people being able to pay rent and owners to carry these rentals, time will tell. Unfortunately it will be the small investor/owners that will be impacted the most. Staying at HOME in 2020 will have a HUGE impact on 2021. 1.)    Normal Wear and Tear: 2.)    More Maintenance Calls/Issues. 3.)    Needing to CHANGE space/Home configurations, means more movement 4.)    Moving to be near family OR moving family IN Tip or Tid-Bit to take away for what you should do for 2021! Hire Peak Property Management! Having a professional during this time can be on of the smartest, best things you can do!