Being a landlord in Colorado Springs offers a lot of benefits, but there’s a right way and a wrong way to do it. Make sure you understand the top dos and don’ts of Colorado Springs property management well before buying a rental or converting your primary home into a rental property.
Top Colorado Springs Property Management Dos and Don’ts
Don’t Set Your Price Wrong
Understanding the current market and rental trends is a big part of Colorado Springs property management. If you don’t know what comparable properties are renting for in your area, you won’t be able to set an appropriate rental rate. Starting too high can increase your days on market, giving the appearance something may be wrong with your property. Too low and you could be flooded with unqualified tenants and miss out on valuable income. Real Property Management Colorado understands the Colorado Springs rental market like the back of our hand. Our agents can help you set the right price for the current market by completing a valuable free rental analysis.
Don’t Forget To Screen Tenants
While this sounds like common sense, it’s not uncommon for many DIY landlords to skip this step entirely. Don’t skimp out on a thorough screening under any circumstances. Gut feelings shouldn’t replace a background check. Your background check should consist of a thorough credit, criminal, and rental history checks to ensure there are no red flags and should be completed on all adults who will be living in the property. Just make sure to keep the same approval criteria for all applicants across the board.
Do Understand the Laws
Federal Fair Housing, Warranty of Habitability, HUD Laws, and more. The legal landscape of property management is constantly changing with current laws receiving updates and new ones coming into effect. Make sure you know all that apply to rental properties and that you have a way to stay up to date on any changes that could affect your ability to properly manage your home.
Do Maintain A Professional Attitude
As a landlord, you’re providing a service. This means running your rental property like a business and maintaining a professional attitude no matter what. Not only does this help establish healthy boundaries with your residents, but it also boosts the likelihood that current tenants will provide recommendations for future ones.
Don’t Try and Make Repairs You’re Not Qualified To Make
DIY comes with a lot of benefits, but many repairs should be left to the professionals for a reason. Whether you simply don’t have enough knowledge or skills to complete a repair or you don’t have the time, try and stay realistic about your capabilities. Maintenance such as HVAC, electrical, plumbing, etc. requires a little more skill than what YouTube can often provide. Plus you don’t want to end up paying to undo the potential damage you caused on top of the existing issue.
Do Create A List of Professional Vendors
That being said, it’s important to maintain an up-to-date list of reliable contractors for any maintenance issues that could arise at your property. Make sure to vet vendors properly, ensuring they will be available for both routine and emergency issues, and keep a backup list for each specialty in the event your go-to vendor isn’t available right away.
Don’t Forget Preventative Maintenance
Procrastination can be a landlord’s downfall when it comes to putting off routine and preventative repairs. Make sure to keep a maintenance schedule for seasonal repairs, such as seasonal HVAC services, gutter cleaning, and dryer vent cleaning to name just a few. Completing preventative maintenance on all of your rental property’s systems keeps your investment in good condition, shows your tenant you care about them and the home and can catch problems before they cause significant damage.
Do Respond To All Resident Communications Promptly
Good communication is an essential part of every relationship, including that with your tenant. Be sure to set proper expectations regarding communication early on, such as how to submit repairs and how to get ahold of you or your emergency contact should trouble arise. And when your resident reaches out, be it something small or something major, make sure to return their call, text, or email as promptly as possible. It’s just another part of providing good service.
Do Stick To Your Lease Agreement
Your lease agreement is your best friend when it comes to your rental property. It sets expectations and governs how things should be addressed throughout the term of the agreement. And should problems arise, your lease agreement can make or break you. Start by having a real estate attorney draft and review a solid agreement. They know the laws specific to property management and can help you create a solid agreement that will stand the test of time. Make sure to update it regularly as you gain more experience or as laws change. And should challenges arise with your tenant, stick to your agreement. Doing so not only validates your agreement but can help you avoid potential discrimination claims.
Property management isn’t always easy, but when done right it provides a plethora of benefits to both landlords and tenants. And should you decide that DIY just isn’t your style, consider hiring a professional property manager like Real Property Management Colorado. We know everything there is to know about property management and our team of experts is ready and waiting to go to work for you!
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