Here at Keyrenter, we speak to many DIY (Do-it-yourself) landlords who are coming to realize that they’re just not cut out to be a landlord, or that they simply don’t have the time and resources to manage the entire process when it comes to owning an investment property.
Here are some indicators that it’s time to think about hiring a Professional Property Management company to manage your rental property and your tenants.
Constant Bad Tenants
If you’re seeing a pattern in the tenants you’ve been finding, it’s time to hire a Property Manager. Whether some of your tenants have led to evictions, or they’ve all trashed the home – professional Property Managers like Keyrenter offer many guarantees to ensure that their screening process is thorough and detailed. Some DIY landlords think renting the home as quickly as possible is the main goal when it comes to leasing, but fast tenant placement doesn’t always mean quality. Most tenants aren’t looking to move the same day or same week, so it’s important you conduct a thorough screening process including: background check, credit check, criminal check, eviction history, tenant history and much more.
Are you a landlord with zero bookkeeping or accounting experience? Most DIY landlords aren’t. However, in order to take advantage of some of the useful tax deductions, you need to keep your books and ledgers clean for tax season. Property Managers typically use some of the best accounting software available to make sure landlords are getting the most out of their investment property in Denver.
Lack of Communication
One of the biggest complaints tenants tend to have when it comes to their landlord is the lack of communication when they have a question or maintenance need. If you’re a landlord that likes to travel and not be bothered, you’re setting yourself up for a frustrated tenant – and perhaps even breaking the law if there were to be an emergency.
Colorado law includes very specific timelines for repairs to be made:
Once a tenant has informed their landlord of the issue, the landlord has between one and four days to make the repair, depending on the severity of the issue. A landlord has: 24 hours if the condition threatens the life, health or safety of the tenant 96 hours if it’s any other condition mentioned by the warranty of habitability. Another issue DIY landlords encounter with maintenance is hiring poorly vetted or trained contractors to conduct maintenance in the home. Since most Professional Property Managers screen all vendors, owners often get away with simply finding a handyman online without any type of vetting such as making sure they are background checked and insured. This can lead to a hefty bill later down the road if an unqualified vendor were to perform maintenance in the home that could cost you thousands later. Another issue DIY landlords see with maintenance is not knowing where to draw the line between tenant responsibility or neglect, and what the owner is responsible for.
In conclusion, it’s important to understand what you are responsible for if you decide to manage your own properties as well as understanding local and all federal housing laws. Hiring a Property Manager such as Keyrenter can help you navigate the confusing and complexities of owning a property.
Contact Keyrenter today to see how we can help!