Are you looking for ways to maximize returns on your Denver investment property?
Whether you own one unit or a multi-unit establishment, you've made a good decision to invest in Denver, CO. About 50 percent of residents in this city are renters, and the rental vacancy rate hovers around five percent.
The secret to making the most of your investment is proper property management. You must know how to get the best tenants and keep them satisfied, as well as know how to take care of your property.
As a beginner, you need guidance on how to go about managing your investment. Read on for a few expert tips.
Establish a Tenant Screening Checklist
You just bought your first rental property in Denver and can't wait for it to be occupied. The excitement is understandable, but don't let it get in the way of proper tenant screening.
It's not prudent to accept just about any rental applicant. You need to ensure that they're "qualified" to be your tenant.
Most landlords perform background checks to learn about the tenant's criminal and financial history. Having a tenant screening process ensures you don't get tenants who'll fail to pay rent on time or damage your rental.
In addition to criminal and financial background checks, your screening process should include the applicant's rental history. If an applicant has an eviction in their history, for example, that's a big red flag.
Don't Skimp on Routine Property Maintenance
As a new landlord, it's understandable if property maintenance isn't currently on your to-do list. If your property is a new build, it will surely take a bit of time before things start succumbing to the forces of wear and tear, right?
Well, it's true that a residential building shouldn't need maintenance soon after it's put to use. However, a lot will depend on the quality of the build and how the tenant uses it.
As such, routine property maintenance should be in your plans right from the first day. Schedule regular inspections, even when the property is occupied. This is how you'll catch small problems and fix them before they turn into big, costly repairs.
Hire a Property Manager
You might be looking forward to your duties as a landlord. Most beginner landlords do.
However, soon enough you'll realize that it isn't an easy job. From attending to tenants' complaints to coordinating various service providers and handling property finances, being a landlord is a full-time job.
There's a solution, though. At a small fee, a full-service Denver property management company like Laureate, Ltd. can take over all your responsibilities, automatically easing your stress.
Manage Your Denver Investment Property the Right Way
Your primary goal is to maximize the returns on your Denver investment property. That's not going to happen if you don't know how to manage it like a professional. Learning the basics of rental property management is a good place to start, but to be on the safe side, hire a professional manager.
Contact us and let our experienced property managers step in.
