We hired Phillip’s team to manage our small apartment building when we realized that professionals could do it better. Blueshift does it all for us—from meeting prospective tenants and checking their backgrounds to collecting rent and handling any maintenance issues that come up. That gives us the freedom to concentrate on our careers to earn enough to continue to buy multifamily properties. Our goal is to create earnings enough that we can be completely self-employed as property owners by the time we reach 50. It’s all about setting goals and Blueshift is essential to our plan.
When I bought my first commercial property, I thought I had the steam to get the space leased within months on my own. I put up a sign and waited for calls to come in. They didn’t. I discovered that finding tenants for office space is different than renting apartments or houses. Businesses plan ahead for a move. And commercial realtors are a different class than residential. I needed representation and some of the larger commercial property managers weren’t much interested in my small building. Blueshift’s licensed brokers found qualified candidates, wrote the triple net leases and oversaw the tenant finish. Because of Blueshift saw positive ROI within the first year. I couldn’t have done it without Blueshift’s expertise.
I was facing a huge increase in my property tax when I was approached by a cell service to lease rooftop space. I didn’t know a thing about cell tower leasing except that it wasn’t like leasing a building or ranch land. Blueshift brought its experience to the table and negotiated a cell tower deal on my behalf that wasn’t a minimal one-time payment that the cell service first proposed. Now I’ve got annual income enough to cover the increase in property taxes and that allows me to keep the building until I’m ready to sell instead of being forced to sell due to cover the increased taxes.
We are developers, not property managers. So when we were four months out from getting a CO for our newest multifamily apartment building, we interviewed several property management firms. We chose Blueshift for its wide range of services, not just leasing the apartments.
Blueshift pros took the reins of marketing our apartments and held showings and open houses. Blueshift has Real Estate Brokers on its team to handle leasing contracts.
While other property management firms would brag that they’d have the entire 240 units rented out by the date of the CO, Blueshift was more conservative and frankly more thoughtful about its approach to marketing and leasing the apartments. We, ourselves, are conservative, making Blueshift the right fit culturally for us.
We are 60% occupied at this point and continue to use Blueshift for leasing services. We’ve expanded our relationship with Blueshift to cover other of our operational needs.
The fact that Blueshift has our back lets us concentrate on what we do best: develop.
I hired Blueshift to manage my Denver residence when I was promoted and transferred to Colorado Springs. I could not make that commute daily, achieve what my employer expected of me in this new position and still have a family life. While I had entertained the idea of growing my financial portfolio by owning rental homes, I had never been a landlord before.
I’d heard horror stories of landlords managing their property remotely and I didn’t want to become one of those statistics. After meeting with Blueshift’s management team, I knew I had my solution.
Blueshift walked me through the process and literally walked the property. The Blueshift pros took inventory of my home’s infrastructure including the furnace type and water heater specs. They did that proactively In the case a future repair was needed, they’d already have that vital info handy.
They put together an inventory of to-do projects so that I could get top dollar for my rental vis à vis the neighborhood comps. They have painters, plumbers and more under contract to handle the tasks while my wife and I concentrated on packing up our household. Blueshift swiftly had the living room, dining room and front door painted and the carpet in the TV room cleaned. They fixed the drain stopper in the bathtub that I had put off for months and they brought in a landscape company to trim the shrubs lining the front walkway.
We got top dollar for our rental. Blueshift advertised for tenants and vetted their credit, plus we were able to use the Blueshift leasing contract that covers every possible outcome in a rental agreement for Colorado.
Because of Blueshift’s professional management, we’ve been able to build a life 100 miles away. Blueshift has made it possible for us to have a good landlord experience. We intend to grow our residential portfolio by another couple of homes under one condition: that Blueshift is our Property Manager.
We hired Blueshift nearly two years ago to manage our small condo (12 units) and we are already realizing the benefits. Prior to Blueshift taking over, we self-managed our condominium HOA with the division of labor carried by the elected Board of Directors. None of the other nine resident-owners showed interest in helping keep the common areas of the building in shape and we had at least one homeowner in deep arrears on his monthly HOA dues.
Blueshift has brought its vendor relationships to the table to keep our building in superior condition while realizing a discount over what we were paying previously. The walks are shoveled immediately after a snowstorm.
But more importantly, Blueshift has helped control the kinds of hidden costs that condo owners sometimes don’t realize have an impact until it’s too late.
It used to be that potential condo buyers couldn’t get financing to buy a condo in a building with more than half the units used as rentals. Ehen President Obama signed the Housing Opportunity Through Modernization Act of 2016, that 50% requirement was reduced to 35% allowing buyers to get FHA loans even with 7 out of 12 of the condos being used as rentals.
Most of us didn’t even realize the law had changed because we’d owned our condos for six years since the building was built. As a collective group, we didn’t know that if 9 units are used as rentals and not occupied by owners, that a next seller (which could be any one of us) could find it difficult to get an offer from a buyer who needed to qualify for a mortgage.
While all of the owners realized that a professional management service would handle things like balancing the books and creating budgets for annual approval, none of us were informed of the impact that rental percentages had on lending for future sales.
We intend to keep Blueshift as our front line of information defense for our building for the long run.