We understand that you may decided to move forward with self-managing your property. We wanted to leave you with some helpful reminders to keep in mind as you manage your property.
Fair Housing & Tenant Screening
Tenant selection carries more legal exposure than it initially appears. Federal, state, and local fair housing requirements can affect how a property is advertised, what questions can be asked, what screening criteria can be used and how applicants must be treated.
Tenant Rights & Landlord Obligations
Colorado tenants have certain statutory rights regarding their rental housing. The state’s warranty-of-habitability laws establish requirements around responding to housing conditions and provide tenants with specific guarantees when those requirements are not met.
Repairs Go Beyond Maintenance
A repair request isn’t always just a matter of calling a contractor. Depending on the nature of the work order, when you receive the request and how the issue is handled, it can become a habitability issue which involves specific timelines and tenant protections.
Security Deposits Need Documentation
Security-deposit disputes can happen during move-out, specifically when there is a disagreement over tenant-caused damage versus normal wear and tear. Colorado law addresses what may be retained from the deposit and requires documentation of the deductions/inspections.
Lease Language & Notices Matter
A lease is not a private agreement between two parties. Residential leases operate within a larger framework of federal, state and local requirements. A provision that seems reasonable from an owner’s perspective may not be enforceable and notices to tenants can involve specific legal requirements.
Documentation Becomes Your Responsibility
Applications, screening decisions, lease documents, notices, repair requests, tenant communications, inspections, invoices, and move-out documentation must all be recorded.
Most importantly, the rules don’t stay static. Colorado’s landlord-tenant laws have undergone significant changes in recent years, including updates concerning habitability and security deposits. Keeping up with changes is part of the responsibility that comes with self-management.
We hope these reminders are helpful as you take on the management of your property. If you ever decide you’d like a professional property management team to take these responsibilities off your plate, we’d be happy to reconnect.
