There are many types of landlords in the renting world:
If you are already a landlord, then you can probably relate to the one or more of the titles (and hopefully not the latter one). Though all of these different types of landlords may have their own unique way of handling their rental(s), there are some processes and some laws that shouldn’t be ignored. Not heeding this advice may cost you more than just a headache down the road.
There are many facets to running a tight, profitable, somewhat grief-free rental property. Here is a list of 5 of those components that will definitely save you time and money:
In this article, we will touch base on each of these items, but stay tuned for a series of blogs in the near future that will dissect each topic and dissolve any trepidation or skepticism that may surface at the mention of these concerns.
Every state implements different laws regarding the relationship and processes of the Landlord and Tenant. It is within your role as a landlord to know and execute the laws accordingly. Did you know that if a tenant takes their landlord to court for lack of receiving their security deposit on time that they can sue their landlord for up to 3x the security deposit itself? Here are a few more examples of Colorado Landlord – Tenant Laws:
★ Tip: Doing a pre-move out inspection once the tenant gives their notice will allow you to assess possible damages and prepare by scheduling quotes for such repairs prior to move out. This step will assist you in saving valuable time during that 30 day period as some vendors may not be as speedy as you would like at the time you need them most.
Oh the HOA….unless you are sitting on the board of an HOA, you probably cringe every time the acronym is mentioned. Don’t get me wrong, the HOA’s serve a purpose, but that doesn’t mean that they are all created equal or easy to work with. Know the laws as a property owner as well as for your tenants.
★ Tip: Know your rules and pass them along to your tenant prior to move in, better yet, with a copy of their lease.
Let’s keep it simple. It is unlawful to advertise for or make the decision to rent a property based on race, color, sex, familial status, handicap, national origin or religion. For ALL the details, it would be wise to take a class and/or read more HERE.
So you found the PERFECT tenant. They were SO nice. They pay their rent every month, ON TIME. They never submit maintenance requests, AAHHH! A year later, they give their 30 or 60 day notice just like their lease states. Everything is rolling along as you dreamed it would until you visit the property for the first time in over 11 months. OUCH! The weeds have overgrown, the fridge has been leaking for, well, a very long time, the hardwood floors are wrecked, and the east side outer window sills are rotting off your home due to last season’s bad hail storm and the lack of paint that was barely attached. Completely the tenants’ fault? No. 60% your fault and/or doubtlessly avoidable? Yes, probably. The tenants should have maintained the lawn and reported the leak, but if you would have visited the home at least once every 3-6 months, you could have been more prepared and possibly have caught a couple of the problems before they were beyond repair.
★ Tip: It should state in your lease that the lessor has the right to enter the home at any time during reasonable hours for the means of inspections, improvements or re-renting the property. We always give our tenants a 24 hour courtesy unless it is an emergency and it is also wise to take in account the tenants’ right to quiet enjoyment (which should also be stated in the lease).
This last component to successfully managing your rental investment with as little grief as possible is to find a great tenant and do your best within reason to keep them happy and at arms’ length.
If you live in Greater Denver area, contact TJC Real Estate and Management Services for a complimentary consultation. We are unique in the industry as we are a one stop shop for real estate investors. TJC can help with the acquisition, property management, and asset management. Our goal is to create a long-term relationship that helps your asset(s) grow, as well as, provides stable, long-term ROI. We are happy to assist you on your journey to become a successful real estate entrepreneur!
Schedule an appointment today to discuss your property management questions!
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