Becoming a landlord in Denver can be both exciting and full of surprises. To help you get and stay ahead of common stressors involved with renting out a house for the first time, at Cobalt Creek Property Management we’ve put together some handy tips for first time landlords.
New Landlord Tips & Tricks
When you become a new landlord, a house or multifamily property goes from real estate you live in (or own) to a business you manage. This transition is full of little details that need to be prepared for, watched over, and handled quickly.
- Make Sure You’re Making The Most Of Your Investment
- Don’t Skimp On Disclosures (Occupancy Max, Lead Paint, etc.)
- Prepare A Clear, Specific Lease Covering Penalties
- Hire Property Management For Less Stress
- Cats Can Mean Disaster For Your Property
- Record Property Conditions With Photos
- Stage Properties For Faster Rental
- Have A Reliable Handyman On-Call
- Be Prepared For Occupancy Lapses
- Know The Local Housing Laws
- Stay On Top Of Rent Collection
- Don’t Skimp On Bookkeeping
- Screen Tenants Thoroughly
- Get Everything In Writing
- Remember, It’s A Business
- Be Prepared For Taxes
- Don’t Be Afraid To Evict
They Don’t Care As Much As You Do
When it comes to renting a home, condo or apartment, your new tenants aren’t going to take into account how long it took you to pick out that carpet or how expensive the fridge was. Much like renting a car, without the burden of ownership, some renters tend to play a little harder in their rental home.
This makes for a lot more legwork for you. Leak emergencies in the middle of the night. Comparing maintenance quotes. Having to penalize or evict a good person who just isn’t making a good tenant. It can all weigh on you.
Business Is Business
It’s hard not to have a heart when you’re a person renting out the property to other people. While you’re thinking of the do’s and don’ts, being too lenient on late payments or lease violations can add up to big trouble for you. Rent is your revenue after all. This makes renting to family a big no-no.
Eviction costs, reconnection fees, charging too little rent or having to fight for every penny you get all take away from your investment in one way or another.
Times Your Property Is Empty
An empty home also costs you money. Sometimes you’re still making mortgage payments without the offset of rent payments. At other times you’re having to spend money on and wait for repairs between tenants.
How long does it really take to get that cat smell or cigarette smoke out of a home? You might be surprised.
There’s An Easier Way
Why put yourself through the headache of marketing and managing your new rental property? An experienced property management company can be the best tip or trick in your easy land lording tool book.
Property Management For Less Stress
At Cobalt Creek Property Management we take the stress out of being a first-time landlord. We find the right tenants and excel in customer service, so they want to stay. If problems do arise, we handle them quickly and efficiently.
- Competitive, Local Market Rental Pricing
- Popular Rental Site Listings & Online Applications
- Payment & Problem Reporting Available 24/7
- Our Occupancy Rates Are Off The Charts
- Tenant Complaints? We’re On It.
- We Take Care Of The Paperwork
- Thorough Rental Evaluations
- Thorough Tenant Screening
- We Collect Or We Can Evict
- Fast, Quality Repairs
- Saving You Time & Money
You don’t have to make time to meet applicants or show your properties. We have quality repair people we work with regularly. There’s no need to call around. Paperwork? How can we help? Your Owner’s Portal documents are available to you whenever you need them, night or day.
You save time, money, and peace of mind with our property management services.
Increasing Profits. Decreasing Worries.
Not sure if you’re charging the correct rent or if it’s time to raise the rent? We know the local market and can evaluate your property thoroughly. We can even suggest repairs or improvements that will save you money in the long run.
Are you worried about occupancy? We market your property on high-traffic rental sites and make filling out the application online convenient and easy. We also work hard to make sure good renters become long term tenants.
When you choose us, you are choosing to protect your property without being a slave to your landlord worries any longer.
Landlord Tip #1 – Great, Local Property Management
Contact us at Cobalt Creek Property Management today to make renting out your Denver area real estate practically effortless. We make being a first-time landlord a breeze.
