Colorado landlords must now comply with new laws that limit income requirements to 200% of the annual rent. This is just one of many laws that you must keep track of when you self-manage your rental property. Thankfully, you have another option, you could work with a full-service property management company.
Enjoy these benefits when you hire a property manager to help you with your rental properties.
1. Better Tenant Selection
There are different types of property management, but a common service is tenant screening and placement. Having an expert perform these services can help you place higher-quality tenants in your rental property.
Property managers also know the law so that you don't accidentally violate the Fair Housing Act. This law ensures landlords do not discriminate against a protected class when choosing a tenant.
- Race
- Color
- National Origin
- Religion
- Sex
- Familial Status
- Disability
Your property manager can make better decisions because they do not have an emotional attachment to your rental property.
2. Reduced Property Vacancy
Working with a property manager can help you reduce the vacancy rates of your properties. This starts with an accurate rental analysis. An experienced property manager will have their thumb on the pulse of the local real estate market.
Using this information, they will create a detailed rental analysis for your property. They will then use this information to create an effective marketing strategy. With more applicants applying, you will have more opportunities to find a quality tenant.
3. Improved Rent Collection
Letting your property manager handle rent collection can improve your payment efforts. Look for a property manager that uses an online tenant portal.
This lets your tenants pay their rent at any time from anywhere. It also increases their payment options for greater flexibility.
The easier you make it for your tenants to pay, the more likely they are to pay on time and in full.
4. Optimized Property Maintenance
As a real estate investor, you should know that performing maintenance on your property is key to protecting your investment. Routine maintenance ensures the property retains its value. It also prevents more expensive repairs by addressing maintenance needs early on.
A property manager has a network of vendors they have relationships with. They can arrange for service to ensure timely repairs get made to your property.
5. Reduced Stress
When you have a team of experienced property managers helping you, your stress levels will come down. They take care of the day-to-day operations so that you can focus on investing in real estate.
If you need guidance, you can reach out to your team. Having these resources brings comfort.
Hire Full-Service Property Management
When you hire a full-service property management company, the many benefits you enjoy combine to help you have a more successful rental property. So reduce your stress level and focus on growing your real estate investment portfolio while your property manager focuses on your current property.
When choosing a property manager, look for one that provides support for all aspects of owning rental property. Laureate LTD. can help with marketing, tenant screening, rent collection, maintenance needs, and eviction.
Experience these benefits and more when you hire Laureate LTD. to manage your rental properties.
