At Cobalt Creek Property Management, we help landlords get the most out of their investments in Denver, Colorado, by utilizing the best strategies for managing rental properties.
House rental management can feel overwhelming for new landlords with all of the moving parts, to-do lists that never seem to end, and variables that could spell failure at any time.
You don’t have to do this alone.
A Little Help From Your Friends, In Denver
Many experienced landlords, managing apartment complexes for example, know these stresses well and still feel like they’re struggling to stay afloat. Our team can handle most of these tasks for you and help guide your business in a more profitable direction, so you can worry less, make more, and keep tenants longer.
Three Areas Of Property Management
You can divide the work that goes into managing rental properties into three areas: the property itself, your tenants, and your business finances. Since you own the investment property, it is your responsibility to keep it safe, well-maintained, and a place your tenants will want to call home.
Tenant Management
Managing tenants is managing people. As a landlord, you must have the skills to handle tenants’ emotions (like anger) professionally, motivate neglectful ones, and confront those who are behaving badly.
Problems with the property and with tenants are the most obvious, painful, and pressing, so first-time landlords often need plenty of advice in these areas.
Juggling Finances
Managing finances isn’t discussed nearly as often as the other two areas of property management. Frequent tenant turnover and extended vacancies hurt your earning potential. Often what you do earn, gets swallowed up the moment your property needs costly repairs.
Keeping Your Properties Profitable
Our Denver property managers can help you fill vacancies, and schedule inspections and repairs with trusted vendors to minimize their impact on your bottom line. Without experienced help, it’s up to you (and your accountant) to make sure your expenses don’t send your property investment business into debt.
Property Management Tips
Ask a dozen Denver real estate experts, and you’ll get a dozen different property management strategies. Each rental market has its quirks. What works in one neighborhood won’t work in another. All that said, there are several things any landlord can do to keep tenants happy and stay profitable.
- Familiarize yourself with the Fair Housing Act and Colorado landlord-tenant laws.
- When screening potential tenants, perform credit, criminal, and eviction history checks to get a complete picture.
- Accept online rent payments to make it easy for tenants to pay on time.
- Respond to and follow up on tenant complaints in a timely fashion.
- Perform regular property inspections (every 3 to 6 months) to catch problems before they become emergencies.
- Make strategic upgrades to appliances and fixtures to keep the property attractive to new tenants.
- Hire a property manager to handle the day-to-day tasks for you.
Ready To Take Some Of The Pressure Off?
Are you looking for a Denver property management company that can take the work and stress of renting investment properties off your plate? Get in touch with our team today. Schedule a meeting with one of our managers to discuss your property, business goals, and how Cobalt Creek Property Management can help you.
