Property owners can easily get overwhelmed with all the responsibilities. Trusting reputable professionals to handle the day-to-day tasks will allow you to do more of what matters to you most.
Let’s look at some of the possible tasks and responsibilities property managers can take off your plate, so you can do what you do best.
Property Task List
There is no such thing as a beginning or an end, clock-in or clock-out, to rental property management. The property must always be attractive, livable, and in rent-ready condition. Property management can — and often is — a full-time job.
List the Property
Listing properties is probably one of the most challenging and essential tasks in the rental world. Suppose you’re managing the property you own… you’ll want to subscribe to effective rental listing services, use social media tools, write compelling property descriptions, and build an active client list.
Manage Maintenance Requests
Whether it’s your heater going out in the middle of winter or a broken lock on a door, more minor things can add up to a massive headache for property owners. Build solid relationships with several skilled personnel, like certified plumbers, electricians, and contractors. You will want to have a secondary go-to person in case the first one is busy.
Do Regular Inspections
Rental property inspections may include a monthly, quarterly, and/or move-out inspection. During these inspections, you will want to look at the overall condition, any excessive damage, smoke detectors, AC filters, and water leaks under sinks. You want to know that your tenants are taking care of your unit. Do not go through their personal belongings. Doing so would be a violation of tenants’ rights in Colorado.
Make the Property Rent Ready
Nobody likes turnover, but it does happen. The unit needs to be inspected and made ready for the new tenants. This checklist includes changing the locks, getting the utilities turned on (or off), enforcing move-out dates, and refunding deposits. This is also a good time to make any necessary repairs or do some improvements to the property.
Tenant Management Responsibilities
One of the primary responsibilities for property owners includes tenant-related issues. If tenants aren’t paying rent on time, getting them to pay the security deposit and keep the property in good condition will fall to you. If your tenant isn’t following rules or has left the unit damaged, they may need prompt eviction, which is also up to property owners to do. Many responsibilities come with this job, which is why many landlords choose to outsource this task.
Find and Screen Applicants
Property owners often struggle with finding tenants for their units. To make matters worse, without proper financial and background checks, you might not know what to look for in a tenant. A good tenant screening technique is to include a check on their credit history, finances, prior evictions, and landlord and employment references. A good income qualifier is 2-3x their monthly rent payment.
Another typical responsibility property owners struggle with is rent collection. This may be a nightmare for some landlords since it involves keeping track of late payments if you own a multifamily unit and pursuing those tenants who don’t pay their rent on time. Chasing down tenants for rent can be stressful, even for the seasoned landlord.
Prepare the Lease Agreement
Enforcing lease terms with tenants in Colorado requires a lease agreement with policies, restrictions, and consequences. Leases are binding, legal contracts. You should seek legal advice when preparing a contract, but know that at a minimum, your lease should include the following:
- Lease term
- Rent amount
- Fees for late rent
- Security deposit
- Pet fees/deposit and restrictions
- Tenant and landlord responsibilities
- Expectations and responsibility of repairs and maintenance
- How to terminate the lease
If a tenant ever becomes delinquent or decides to move out without notice, a property manager can step in and perform an eviction. This task would be incredibly stressful for a property owner without the proper knowledge to handle this situation, so it is helpful when landlords have access to eviction specialists who can manage this process on their behalf.
Finding and keeping the perfect tenants is one of the most critical responsibilities for property owners. It may seem like an easy task, but it can be the costliest and most time-consuming if done incorrectly. A property manager will have a system to find qualified tenants and complete all the required legal paperwork to get them approved and ready to move in.
Other Tasks Related to a Rental Business
Property management is a profession that has many responsibilities. While the above list of tasks is standard, there are other responsibilities to consider for optimal success. The following are other everyday services that reputable property management companies can take off an owner’s plate:
Evaluate Market Data
Expert property managers in Denver have access to market pricing for property in your area, which they can use to assess the value of your property. They understand how to evaluate a property so an owner can capitalize on their investment.
Master property managers are marketing specialists. They know how to advertise your property with professional photos and videos. They know what will attract renters in your area so that you can have maximum exposure. They use proven marketing strategies to rent your property quickly.
Monthly Financial Reports
Property managers can provide you with a comprehensive monthly report of all income and expenses, so you always have a clear understanding of your property’s financial status. Trusting your Denver property manager to do accurate accounting gives you more time to do the things you want to do. Providing local property tax reporting is another way that a good property manager can save you time and money.
As you can see, there are many tasks and responsibilities that a property manager can take off your plate so that landlords can focus on other things.
Outsourcing Landlord Responsibilities
Now that you understand the many benefits of hiring a property manager, you may be wondering what to look for in a good one. In a nutshell, here is what we recommend:
- First and foremost, the property manager should have extensive experience dealing with rental properties. They should also have an expansive process for finding qualified tenants and know how to handle all the paperwork required to get them approved.
- The property manager should also be good at collecting rent, managing maintenance requests, and evaluating market pricing. Other tasks they should be proficient in include marketing your property, creating a lease agreement (specifically for Colorado), and managing evictions.
- A competent property manager has the expertise to handle all aspects of managing and maintaining your property proficiently.
Property management is a full-time job, but it doesn’t have to be for you. If you’re looking for a stress-free rental property experience, then be sure to consider hiring an expert management company that is local to the Denver metroplex.
The bottom line is that by hiring a property management company, they take care of many time-consuming responsibilities on behalf of the property owner. Wouldn’t it be nice if you didn’t have to worry about anything other than the activities you truly want to do?
Contact us today for a free discovery call and see how you can earn great passive income, build your portfolio and enjoy life on your terms.