Denver, CO, has a strong job market, a diverse economy, increasing home values, and a high quality of life that appeals to many people.
This means homes for rent in Denver are in high demand, making this a profitable location for property investment. Yet, succeeding as a landlord involves a lot more than finding a great location to spend your investment dollars.
For the uninitiated or those with time constraints, managing rental properties can quickly seem overwhelming and create stress. Read on to explore our top tips to help ease the load as you navigate the Denver rental market.
Know Local Landlord Laws
In Colorado, the landlord-tenant relationship is governed by laws that affect both parties. It's important to stay up-to-date with this legislation to avoid legal disputes and resolve any issues swiftly.
For starters, landlords need a license to rent out their property in Denver, or they could be fined. If you're in any doubt about how to proceed with renting your Denver investment property, it's best to speak to a real estate lawyer or property manager before advertising it for rent.
Marketing Homes for Rent Effectively
When you buy an investment property, take time to walk through it and identify any problem areas. It's best to iron out any maintenance issues before placing tenants in your home.
This is also a good time to consider appealing upgrades that can attract more tenant applications and enable you to charge higher rent prices.
Once you've got your property in a marketable state, take time to compile an eye-catching listing to announce its availability. These online advertisements must contain professional-looking photographs and a compelling description that highlights the rental unit's best features.
A rental property management expert can help you with this and also advise you about where to advertise your rental.
Screen Tenants Thoroughly
Tenant background checks are vital for ensuring you don't place bad tenants in your rental unit. You must carry out these checks in line with the Fair Housing Act.
This legislation prevents discrimination against people based on their race, gender, disabilities, and more.
Maintaining Your Property's Value and Appeal
Under Colorado law, landlords must keep their properties in a safe and habitable condition. That means you must carry out regular property inspections and attend to repairs promptly.
Apart from legal compliance, regular preventive maintenance also helps save you money. These routine tasks can prevent small issues from developing into more expensive repairs and replacements.
Hire a Property Manager for Peace of Mind
Hiring Denver property management professionals is the easiest and most effective way to ensure your landlord journey is as seamless and successful as possible.
PMI Denver West is a locally owned and operated property management company with decades of experience managing homes for rent in Denver. We offer a comprehensive range of services to help maximize profits while limiting vacancies, and we are committed to providing every customer with best-in-class service.
Browse our blog for more excellent landlord tips, or talk to us about how to make the most of your Colorado homes for rent.
