You never intended to be a landlord, but life threw you a curveball, and now you find yourself juggling keys instead of just your morning coffee. Welcome to the world of accidental landlords in Westminster. But how do you navigate this new world?
We're here to help.
Let's go through our top tips for Westminster accidental landlords.
Tenant Screening
Conduct thorough background checks on potential tenants. Look for criminal history, past evictions, and any red flags that may indicate potential issues.
Verify the income of prospective Colorado tenants to ensure they can afford the rent. Typically, tenants should earn at least three times the monthly rent amount.
If you allow pets, inquire about the type, size, and behavior of the applicant's pets. Consider pet interviews or additional pet deposits/fees if necessary. Have possible Westminster tenants fill out a detailed rental application that includes personal information, rental history, employment details, and references.
In the end, trust your instincts and choose tenants who you believe will be responsible, respectful, and reliable in maintaining your property.
Understand Colorado Landlord-Tenant Laws
Familiarize yourself with the Colorado Revised Statutes Title 38, specifically Article 12, which covers landlord-tenant laws. Research any local ordinances in Westminster that may apply to rental properties.
Maintain detailed records of all transactions, communications, repairs, and legal notices related to your rental property. All that paperwork can be invaluable in case of disputes or legal issues.
Follow Colorado's rules regarding landlord entry into rental units. Typically, landlords must provide reasonable notice (24 hours in advance) before entering the property, except in emergencies.
Hire Property Managers
Ensure you have the Westminster property management support you need.
Property managers can handle tenant-related issues, such as rent collection, lease renewals, handling complaints, and dealing with evictions if necessary. They have systems in place to ensure timely rent payments and enforce lease terms.
These professionals market your rental property effectively to attract qualified tenants. They also manage vacancies efficiently, minimizing downtime and loss of rental income.
They handle financial aspects such as rent collection, accounting, budgeting, and financial reporting. They can provide insights into optimizing rental income and expenses.
Invest in Rental Property Inspection
Schedule regular inspections of your rental property, typically annually or biannually. These inspections help identify any maintenance issues or potential problems early on.
Inform tenants in advance about scheduled inspections and explain the purpose of the inspection. Encourage them to report any maintenance issues or concerns they may have.
Use inspections to assess the maintenance needs of the property. Identify any repairs or upgrades that are required to keep the property in good condition and address them promptly.
Ensure that your Colorado rental property meets health and safety standards, including smoke detectors, carbon monoxide detectors, fire extinguishers, and other necessary safety equipment.
Accidental Landlords: Use These Tips Today
There's so much that accidental landlords need to consider. Use this guide, and you'll be able to keep yourself on the path to success.
Are you ready to hire property management help? Team PMI Mile High is here for you. Our franchise has been using state-of-the-art technology to help our clients succeed for a decade.
Contact us today.
