5 Tips for Being a Denver, CO Landlord
Being a landlord is rewarding but like all worthy endeavors, it’s hard work too. Preparing for what to expect and knowing how to handle the unexpected is how you become a happy and successful landlord. Here are 5 tips for becoming a great landlord.
1. Questions to ask before renting.
A common question being asked by landlords, “What questions to ask before renting?” Are you looking to make long or short term gains? Do you have the capital in place to be able to cover large or small maintenance expenses? Is the property in a rent-ready condition? Is it safe for a tenant to move into?
2. Questions to ask when renting an apartment.
When renting out an apartment, there are some important questions that you’ll want to ask. Most of these questions can be answered by conducting a thorough screening of these prospective tenants. This includes background checks, employment verifications, rental verifications, and credit checks as well.
3. Should I hire a property manager?
A common question we’ve been getting asked is, “Should I hire a property manager?” The answer is absolutely. A property’s managers job is to reduce liability mitigate risk, maximize your rental income, and provide peace of mind.
4. Do tenants prefer professionally managed properties?
Tenants prefer professionally managed properties for a multitude of reasons. Some of which include better communication, a dedicated after-hours emergency maintenance line, and the comfort of knowing that their professional property manager knows how to follow all of the landlord laws.
5. Do property managers pay for repairs?
A question that I’ve been getting asked frequently is “Do property managers pay for repairs?” The answer is no. Either the landlord or the tenant is responsible for the maintenance cost. Tenants are responsible for any costs associated with misuse, abuse, or negligence. Whereas the landlord is responsible for any costs associated with normal wear and tear.
5. ¿Los administradores de propiedades deben cubrir el costo de mantenimiento?
¿Los administradores de propiedades deben cubrir el costo de mantenimiento? La respuesta es no. Es responsabilidad del inquilino o el dueño cubrir los costos de mantenimiento. Los inquilinos son responsables del mantenimiento relacionado con el mal uso, abuso o negligencia hacia la propiedad y el dueño es responsable de los costos de mantenimiento asociados al desgaste normal.
Our “Questions of the Week” series of blog posts will address some of the most common questions landlords ask us when renting out their properties. We welcome your comments and questions, so please don’t hesitate to contact us if you have anything to add.
For a free rental estimate fill out the form below or talk to a real person click this number 303‑665‑7368.