Being a property manager is very demanding, catering to the needs of both tenant and landlord. There are a number of landlords that we talk with who choose to self-manage their own property, which has it pros and cons. If you are thinking of managing your own rental, here are some things you should consider.
Are you a self-managing landlord? We provide free rental estimates or to talk to a real person click this number 303‑665‑7368.
1. Should I use a real estate agent to rent my home?
Should I use a real estate agent to rent my home? The answer is no, a real estate agent is more focused on buying and selling versus the property management side of things. They may be up to date on fair housing laws as well as market trends, but they are not 100% dedicated to property management, nor familiar with all the rules and regulations of a self-managing landlord or property management company must abide by.
¿Debo usar un agente de bienes raíces para alquilar mi casa?
No, un agente de bienes raíces (o realtor) se centra más en la compra y venta de propiedades, que en la administración de propiedades. Si bien están familiarizados con las leyes de vivienda justa, así como con las tendencias del mercado, no están dedicados al 100% a la administración de propiedades ni están familiarizados con las regulaciones que debe cumplir un propietario o administrador de propiedades.
2. What does Fair Housing law prohibit?
What does Fair Housing law prohibit? Fair housing laws are in place to protect people from discrimination. When it comes to housing tenants are protected from discrimination against race, color, religion, disability, familial status, sex, and national origin. Specifically in Colorado residents are protected against discrimination when it comes to ancestry, sexual orientation as well as creed.
3. Does the tenant get the rental application fee back?
Does the tenant get the rental application fee back? The answer is no, the application fee is to run a credit report as well as a background check. It’s important to make sure you are charging only for rental applications that you are charging only to recoup your costs, not to make money off of the application fee.
4. When does a guest become a tenant?
When does a guest become a tenant? It really depends on what the lease stipulates. Our companies lease states that after 10 days of a guest consecutively staying at the the property they become a tenant. Which means they must apply in order to be living at the property.
5. Are you familar with Rent Rules for Landlords?
Are you familiar with Rent Rules for Landlords? Each state has slightly different laws that pertain to rental properties. For example, in Colorado, you must give a tenant the security deposit within 30 days of the end of their lease. Unless, it says so in the lease and in that case you can take up to 60 days to do so. There are lots of little nuances to each law.
Are you a self-managing landlord? We provide free rental estimates or to talk to a real person click this number 303‑665‑7368