Nicole Lee, leading Colorado Springs property manager, says the recession has significantly lessened the margin of error for real estate investors who can no longer afford inefficient cost controls and inexperienced renter oversight.
Online PR News – 09-July-2010 – – Colorado Springs, CO. - Nicole Lee with the Ashford Real Estate Group, a leading Colorado Springs property management company, says the recession has significantly lessened the margin of error for real estate investors who are feeling squeezed by the economy and can no longer afford inefficient cost controls and inexperienced management of tenants and vacancies.
She says that property managers who don't sufficiently screen tenants for ability to pay the rent and likelihood of paying it on time, and who don't take proactive steps to reduce or eliminate vacancies, can end up permanently destroying their clients' real estate assets. In some cases, they may risk putting their clients' properties into foreclosure.
In one recent case, Lee says that a builder with nine income properties faced catastrophic loss of all assets in foreclosure proceedings because six of the nine tenants stopped paying the rent. According to Lee, this is happening more frequently to inexperienced property managers as the job market continues to underperform, and more renters start getting behind on their rent. She says that her clients haven't suffered that fate because of her quick-response strategy for late payments.
"We protect our clients going into the lease agreement, first of all, by being extremely picky about the tenants we allow into the property. There are plenty of good tenants out there if you know where to look, and we definitely know where to look."
She says that once the lease is signed with a reliable tenant, it's still more important than ever to be diligent in managing every aspect of a property's investment potential. If and when a late payment occurs, her property management company has quick reflex policies to deal with it and keep a small problem from becoming a large one.
"Many Colorado Springs real estate managers don't realize the dramatic impact they have on the bottom lines of their clients' balance sheets each year. We take our clients' assets very seriously, because we want our property owners to stay with us for decades."
Lee says that too many homes are going back to the bank these days, but that foreclosures should present opportunities for investors, not problems.
"By being proactive in our real estate management services, we're generally able to keep our Colorado Springs rentals consistently in a state of positive cash flow. That's why our clients stick with us through all types of markets - they know we're out to fiercely protect their investment."
About Ashford Real Estate Group
Nicole Lee of Ashford Real Estate Group is a part of the Masters Group and provides a variety of real estate services to Colorado Springs and surrounding military installations such as the Air Force Academy, Fort Carson, Peterson Air Force Base, Shriever Air Force Base, and Cheyenne Mountain Air Station.
Nicole Lee's passion is finding the right place to live for military personnel and other residents looking for Colorado Springs homes for sale or rent, and managing investment properties efficiently for local and out of town investors. She also specializes in helping renters learn how to become first time homebuyers and enjoy the benefits of home ownership.
Nicole Lee can be contacted at:
Ashford Real Estate Group
4760 Flintridge Dr, Ste 100
Colorado Springs, CO 80918
Phone: (719) 314-6057
Fax: (888) 631-0062
Hear Nicole Lee discuss real estate management: