As your top property management company in Colorado Springs, we are always running into new landlords and see the good, bad and ugly. If you are planning to do it yourself, here are some tips to keep in mind when starting out.
Make it easy for your tenants: Providing a reference binder and a key box to avoid lock-outs is very appealing to residents. It is a huge benefit when they can access information without having to get in contact with you directly. Lock-out scenarios can also be avoided when they can access a spare key quickly.
Save for a rainy day: Planning ahead with a reserve account of cash can make dealing with repairs and maintenance much easier. Things are bound to break and wear out, so being prepared with cash on hand or a line of credit will make you much more successful as a landlord.
Make security a priority: Rekeying locks when residents move out, adding window locks and providing excellent night lighting will make your properties very desirable. Safety is a huge concern for many renters and giving them this peace of mind will put you ahead of the competition.
Follow your entire screening process: We all know when you find the tenant that you HAVE to get to rent your property. Everything feels great, you get along and you are ready to just get them moved in already. Well, your screening process is there for a reason. Don’t rush the process by skipping employment, reference or credit checks. You never know what you’ll uncover from your rigorous screening process and you’ll be glad you took your time to avoid any potential headaches.
Use customized forms: Using non-generic forms and lease agreements will make it so you are always in control of what is your lease agreements. Make sure you update them frequently if you move, change policies or the state law changes.
ARE YOU OVERWHELMED WITH THE DUTIES OF A LANDLORD?
Prepare for bumps in the road: You will encounter problems as you become a landlord, so be prepared! Look at each opportunity as a learning experience so you can continue to learn and grow as a landlord.
Use your head, not your heart: Protect your business by knowing your local eviction guidelines before you need to use them. There will always be situations where you want to help people out, but you also need to treat the scenario as if it’s a business.
Run it like a business:Maintain a business-like mindset when it comes to your investment. Using a landlord checklist will keep you organized and on track.
Never stop learning:Taking classes and reading the latest industry news will keep you well informed. Residents love renting from people who seem like they are up-to-date on industry trends. Being a part of an online network will keep you connected.
Establish great tenant relationships:Prepare well for your first meeting with your tenants and establish expectations early on. Nothing will make a tenant-landlord relationship run smoother than clearly defined expectations from the get-go.
Blue Mountain Real Estate is paving the way for property management in Colorado Springs. If you are a landlord feeling in over your head, give us a call. We would love to help!
*Tips from My Rental Property Coach & Leading Landlord*