Colorado is a great place for new landlords to start out, but first you’ll need to understand the highs and lows of the job. Whether you own a handful of properties or a large-scale complex, you’ll be met with challenges and rewarding experiences. Home buying is a momentous occasion in someone’s life, and you get to be a part of it. However, you also want to be successful and grow your business. At All County Denver South, we recognize how overwhelming new beginnings can be. Ultimately, you need to know the ins and outs of being a property owner if you want to make a solid start. With these four tips, you will have what you need to move forward.
1. Screen Your Tenants Thoroughly
The first thing all new landlords should understand is the importance of the screening process. You want to have dependable, responsible tenants who will pay on time and treat their neighbors kindly. The best way to receive this assurance is by vetting your renters correctly. This involves verifying income, contacting previous landlords, running background checks, and more. Never put screening on the backburner. Unfortunately, being lackadaisical will only lower your profits and the overall value of your property.
2. Create a Welcoming Environment
Next, never underestimate the power of curb appeal. New landlords who want to attract tenants need to consider how their property appears. Does it look maintained? Is the exterior inviting for potential tenants and guests? Is the surrounding area safe and secure? Essentially, your main goal should be to make tenants feel at home. One way to do that is to create an aesthetically appealing environment. During first introductions, ensure you facilitate open communication and trust as well.
3. Get Familiar with Colorado State Laws
Whether you’re new to the area or you’re a long-time resident, you may not be familiar with Colorado housing laws. The last thing you want to do is break the law by accident because you weren’t informed. Therefore, new landlords need to cross their T’s and dot their I’s to ensure they remain compliant at all times. For more information, visit HUD’s (U.S. Department of Housing and Urban Development) Colorado state page to learn more about landlord/tenant rights and obligations.
4. Hire a Property Management Company to Assist You
Managing a property is often overwhelming for new landlords. Many don’t realize just how many tasks they’re responsible for. Fortunately, property management companies can step in to help ease the transition. At All County Denver South, we can assist you with marketing, screening tenants, preparing and enforcing your leases, rent collection, evictions, maintenance, and more. Reach out to us today to learn more about what we can do for you.
How All County Denver South Can Help New Landlords
New landlords have numerous responsibilities, but we will make sure you’re covered. All County Denver South Property Management is here to help property owners have confidence in the quality of their tenants and the security of their property 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 at (720) 664-4550.