If you own a home or are looking at investing in real estate you may need a property manager to look over your asset. Property managers provide excellent service for a relatively small monthly fee or commission. This series of property management in Colorado Springs is going to cover all the things a property manager will provide for you. The benefits of using a property manager for your home in Colorado Springs, and many things you can use on your own if you prefer not to use a property manager.
This first post is an overview of why a person or investor may want to own a property in Colorado Springs. Read on to learn more about places to purchase, rents to expect in your area, and statistics on the local economy.
Colorado Springs is a large sprawling town. If you are from the east coast you may be used to small (geographically not in population) towns and states. The western portion of the United States has a lot of land and therefore tends to grow outwards instead of upwards. El Paso county, where Colorado Springs is located is 2130 sq. miles and has a population of 655,000 people. The unemployment rate is 5.1 percent and over 40% of the economy is driven by Fort Carson Army Installation, Peterson Air Force Base, Schriever Air Force Base and military defense contractors. We are home to the Air Force Academy and the United States Olympic Committee.
Many rental properties are purchased by military service members and when they get permanent change of station orders or deployments they rent out their homes. Some folks love the beautiful views of Pikes Peak and the close access to open spaces like Garden of the Gods. Whatever the reason is that brings you to Colorado Springs let this series help you in renting out your home, deciding on whether to hire a property manager or try it on your own!
Homes range from the low 100’s up into the millions so there is sure to be a home that fits your needs. Next week we will be discussing advertising your rental home in Colorado Springs. If you don’t have the proper advertising you will miss out on dozens of potential tenants which could net a lower rent or longer days on market. Learn our secrets on where to advertise, how to create attractive ads, and things to include or omit from your ad in order to stay compliant with fair housing laws.
In the meantime if you have questions about property management for your home in Colorado Springs please don’t hesitate to contact Muldoon Associates, Inc. by visiting www.muldoonassociatespm.com/contact_us