Being a landlord is a great way to make a steady income. Owning a home or building used for tenants can provide a consistent business that in many cases, is hands-off. However, it takes work and there are best practices you as a landlord can follow. Learn about these through initial introductions, dealing with issues and the benefits of using a property manager for any aspect of your rental.
As a landlord, it is important to have a system of business in place before seeking out tenants. Your paperwork should be ready to go and all stipulations needed should be written into a lease agreement. This can include things such as can the tenants have pets? Are there rules for modifications they should make? When is rent due and what are their options to pay? What will the security deposit be? From there, choose potential tenants that can meet the stipulations and have the income to pay the rent each month, and on time. Also, as you are meeting prospective tenants, it is important that you understand their rights as well. Read more about landlord & tenant rights
and information from the Colorado government website.
Dealing with Unexpected Issues
As a landlord, you might be faced with some unexpected issues. For instance, your tenants might be late on rent, make unapproved modifications to the property, are loud and disruptive to neighbors or have pets when they are not authorized. In these cases, it is best to work with the tenant directly in a calm matter. While some situations, such as rent payments, they might be stuck in a financial crisis. For other situations, they may or may not have intentionally handled a situation incorrectly. Depending on your situation, you can work with them on the issue. You will want to address these issues as soon as possible for many of these issues.
Benefits of Using a Property Manager
Whether you are a new landlord or have multiple properties, consider bringing on a property manager to help with your property or properties. A property manager can help with any part of the rental process to handle the day-to-day tasks of owning investment properties. They are also the face to your tenants and have experience working with them. In addition, a property manager can assist with maintenance requests which can take up time for landlords with little experience. In the long run the savings are large. Last, property managers work with all the billing. They will collect rent and handle any disputes or issues along the way.
Are you looking for help with your rental properties? DenCo Property Management and Sales has you covered. Have you considered renting out your home? Investment real estate benefits
are great, and working with us as your property manager will make the process seamless. Whether you need help with payment and maintenance, our services make your job as landlord much easier. We are here to help you any step along the way with your properties. To get started, call us at 303-722-9688 today.