You've just moved into your dream home in one of Denver's vibrant neighborhoods. But now, you're left with your old property - a charming house near Cheesman Park or a cozy bungalow in Baker. Selling it doesn't feel quite right. The Denver rental market is booming, and turning your former home into an income-generating rental seems like a golden opportunity.
Yet, as an accidental landlord, you quickly realize there's more to renting out a property than listing it on Zillow. Tenant screening, lease agreements, maintenance issues - suddenly, you're in the thick of property management without the preparation.
We can help you out. Read on to learn about the top tips for Colorado accidental landlords.
Becoming a Landlord in Denver: Conduct Thorough Tenant Screening
A well-thought-out screening process helps ensure you select reliable Colorado tenants who will care for your property and meet their financial obligations. Create a clear application process that collects essential information, such as:
- Employment history
- Background checks
- Income verification
- Rental history
- Personal references
This foundational data will help you assess the tenant's ability to afford rent and their track record as a renter.
Look for red flags such as multiple evictions, outstanding debts, or inconsistent income. It's also helpful to contact previous landlords to confirm the applicant's rental history and inquire about their behavior as a tenant, such as whether they paid rent on time and adhered to lease terms.
Hire Property Managers
Property managers handle the day-to-day responsibilities of managing a rental, freeing you to focus on other priorities while ensuring your property is well-maintained and profitable. They bring professional expertise to tasks like:
- Tenant screening
- Rent collection
- Lease enforcement
- Maintenance coordination
Reducing the stress and potential pitfalls of managing a rental property yourself. Property managers can maximize your rental income by setting competitive rent prices based on market research and trends. They also ensure timely rent collection and provide detailed financial reporting, giving you a proper look at your property's performance. For landlords who own multiple properties or live out of state, property managers are an invaluable resource for ensuring consistent cash flow and property upkeep.
Communicate
For accidental rental success Denver, you need to communicate. From the outset, establish preferred communication channels -whether it's email, text, or a tenant portal - and let your tenants know how and when they can reach you for questions or concerns.
Delays in addressing concerns can lead to frustration and dissatisfaction, potentially damaging the landlord-tenant relationship. Even if you can't resolve an issue immediately, acknowledge the concern and provide a timeline for when it will be addressed. This level of responsiveness demonstrates your commitment to maintaining a high standard of care for your property and your tenants.
Colorado Accidental Landlords: Use This Denver Rental Property Advice Today
There's a lot that Denver accidental landlords need to consider. With this Denver rental property advice, you won't have to worry about anything.
Are you ready to hire some help managing your Denver rental property? PMI Cedarboldt has over two decades of experience perfectly tailored to help new investors like you out.
Don't be intimidated - call us today.
