Are you one of the thousands of property owners who partner with a property management company to keep your units occupied and in great condition? While the property management company can take care of many things, it’s critical to understand the obligation of the tenants, the property owners and the property management companies involved in every rental situation.

What Are Property Owners Responsible For?

1. Wear and Tear: Many property owners see any damage to their unit, even one that has been occupied by the same tenant for five years, and interpret it as the responsibility of the tenant and their security deposit. However, wear and tear are to be expected. As long as the property requires a normal amount of repairs and replacements and was well cared for by the tenants, the property owners are responsible for completing the repairs. However, things like broken windows or excessive carpet damage would be the tenant’s financial responsibility.
2. Major Repairs: Major repairs are also the responsibility of property owners, as it is your obligation (alongside your property management company) to provide a safe property. For example, if the roof is leaking or the heating system is not working, they must be repaired. If the plumbing is not working or there are cracks in the foundation, property owners are responsible for covering the cost.
3. Taxes, Mortgage and Insurance: Property owners are responsible for making mortgage payments for their properties if they do not own them outright, purchasing insurance to protect their properties and paying property taxes.
4. Guiding the Tenant Screening Process: While a property management company can take care of conducting the tenant screening process, they rely on skilled guidance from the owner. Do you want to allow pets? What about more than 2 vehicles? Remember that you cannot discriminate against any protected classes outlined in Fair Housing laws, so you cannot prefer a certain “type” of tenant over another.
5. Improvements: Finally, owners are also in charge of dictating and financially backing any upgrades that occur at the property in between tenants. If you want to add new appliances or update the kitchen to add value to the property and attract new tenants, it’s your decision to make!

All County Denver South Property Management Helps Property Owners Like You

All County Denver South Property Management is here to help property owners get the best return on their investment through knowledgeable and trustworthy property management services. From managing tenant relationships to lease enforcement, we look forward to working with you to see how your investment can be a long-term, stress-free asset. For a complimentary quote, call us today at (720) 664-4550.