As a residential property owner, there are many things to learn about. This will ensure the security and growth of your investment. No matter if you are on your first property or own several, it is always important to keep learning. Use these frequently asked questions to guide you through property ownership.
What should be on my radar to update between tenants?
The housing market in Denver is booming. At varying price points, renters have a plethora of options. Ensuring your rental is in premier shape is key to attracting tenants. It is crucial to handle some basic tasks that will freshen up the space:
- Inspect for damage
- Perform or hire a team to do a deep clean in every room
- Patch and clean walls and apply a fresh coat of paint
- Clean hardwood flooring and evaluate if a refinish is needed
- Deep-clean carpets or replace if needed
Are there key laws I should know as a landlord?
Yes. It is important to review and understand Colorado’s landlord/tenant laws. A few of the top laws to know include:
- Have a thorough leasing agreement
- Security deposits must be returned within 60 days, pending verbiage in the leasing agreement
- You may not discriminate when choosing a tenant based on race, gender, religion, disability, etc.
- Rooms should have at least one electrical outlet
- Units must have an operational smoke detector
- Each floor must have at least one window that can be exited from in the event of an emergency that is 5.7 square feet
When do I need to provide tenants with notice regarding changes?
There are many things you may need to communicate with your tenant. First, lay out rules for rent increases in the leasing agreement. You must abide by them if an increase must take place. Second, make sure to state how much notice you will give to enter a unit. For instance, you will give a 24-hour notice if needed to handle repairs. If an eviction is necessary, landlords must give a tenant written notice. The tenant has three days to make missed payments.
Are there resources available to help me be more successful?
Of course! As a landlord, it is best to explore property management. A property manager is your go-to for leasing terms, maintenance, face to tenants, billing, annual taxes, evictions, and more. They know the ins and outs, allowing you to feel confident in your investment. Read the 5 ways Colorado property management will help your investment real estate to learn how they can help.
Looking for help with one or two areas of property management? Or do you need a full-service operation with your investment? DenCo Property Management is your local investment property manager. With expertise all areas, we are your trusted source. We also strive to make the living experience a quality one for your tenants. As a great way to run rentals, you will love having a team on your side to support you. Call us to see how we can help today by calling 303-722-9688.