Property management is an arduous task that requires an investment of time and commitment. However, it can be gratifying and generate a substantial income for landlords.
Despite its perceived perks, landlords should not enter the property management business lightly. To make a success of it and manage your rental like a professional, here are some top tips to follow:
Do not go it alone
Many rental property owners are tempted to go it alone and handle every aspect of the business themselves. While this is possible in theory when you own one or two rental homes, it becomes an almost insurmountable challenge if you own multiple properties. Your choices when looking for professional help in cities like Columbus (OH), Jackson, Detroit, Nashville or Denver property management rentals will include real estate giants like Cushman and Wakefield or Coldwater, Banker, Richard, Ellis (CBRE). Alternatively, consider local Denver companies like Whole Property Management and Deerwoods Real Estate Management.
Evernest, an established Denver rental property management company, has operated in Colorado for many years. Its loyal clients cite the company’s efficient, professional service delivery as the main reason they continue to entrust their rental properties to this reputable organization. This company is perfect for Denver landlords who want the personalized, local touch to have their rental properties managed.
A lot of landlords go down the wrong path when they take prospective tenants at their word. The world would be a great place if everyone told the truth without fail. However, that is simply not how the human race operates. Denver landlords with experience will indicate that tenant applications are often full of mistruths, omissions, and downright lies.
Every application requires scrutiny to ensure that its contents are authentic. This includes checking on prospective tenants’ past financial behavior by requesting a credit report. Someone with a poor credit score and lots of outstanding debt becomes a rental payment risk as they have not displayed responsible financial behavior in the past.
Additionally, some applicants might overinflate their salaries to make it seem they can afford the rent. A phone call to their Denver employer can clear such matters up. Finally, it is advisable to phone previous landlords to determine what type of tenants the applicants have been in the past and whether they paid on time and did not cause trouble.
Professional tenant relationships
Tenant relations that go sour can cause mistrust and unpleasantness on both sides. The best advice experts will give landlords is not to form personal connections with their renters. Their relationship should be cordial but professional.
Allowing emotions to creep into this relationship can lead landlords to give tenants a break on rent or be lenient when they violate the rental agreement’s stipulations. Once you set such a precedent, expect it to continue, with your tenants demanding even more concessions on your part. This counts against a landlord if they decide to involve Denver authorities and institute eviction proceedings. Cutting tenants some slack for whatever reason should not be entertained without careful forethought.
Be ready for anything
The laundry list of things that can go wrong at a rental property will shock the market newcomer. However, seasoned landlords know to expect the unexpected, and nothing surprises them anymore. From blocked drain pipes to broken doors, walls that suddenly develop holes, and appliances that inexplicably break, nothing breaks their stride.
To ensure that these challenges do not get on top of you, being organized is highly advantageous. Work with reputable contractors operating in the Denver area who will prioritize your needs and complete repairs and maintenance with minimal fuss and expense. Additionally, get professional financial advice to ensure that you have sufficient landlord’s insurance that will cover significant costs.
Marketing and advertising
As a landlord, the last thing you need is vacant property as it earns you nothing while you continue to pay expenses on it, such as a mortgage, insurance, and taxes. Preventing this requires a robust marketing campaign to ensure that your rental never stands empty.
As soon as current tenants hand in their notice, start advertising your property online on platforms that cater to the Denver rental market. Ensure that you supply sufficient information about the house and its features to entice potential renters. Additionally, have professional pictures that highlight these features in a flattering light.