Denver has a rental vacancy rate of only 4.8%. This makes it a lucrative housing market for astute investment property owners.
Despite the financial potential, owning a rental property is also a lot of hard work. Some of the more difficult aspects include lease enforcement and ongoing property maintenance.
When you hire a property manager, you relieve yourself of these burdens. Keep reading to find out more about what property management services have to offer.
Property Managers Ensure Lease Enforcement
A lease clarifies the relationship between tenants and landlords. It outlines the expectations of both parties for the duration of the lease.
Lease enforcement is among the most time-consuming and sensitive aspects of property management. It includes things like:
- Rent collection
- Corrective actions for lease infringements
- Eviction proceedings, when necessary
- Lease renewal reminders
- Security deposit refunds
Property management companies compile clear, legally compliant leases. They set up detailed move-in property condition reports to help tenants stay on track.
Some of the most common areas where tenants may let you down include:
- Yard maintenance
- Move-out cleaning
- Ongoing minor repairs
- Late rent payments
- Noise violations
- Long-term guests
- Smoking indoors
A property manager conducts regular inspections. These help ensure tenants keep rental properties in acceptable condition.
Many landlords don't have time for these regular checks. Yet they're vital to ensuring the property retains its value and appeal.
A property manager will remind your tenants about their responsibilities regarding property upkeep.
Property Management Services Maintain Your Home
All types of properties need ongoing maintenance, cleaning, and repairs. Denver law also mandates certain standards of repair and maintenance for rental properties.
When you hire a team of property managers, they take care of it all for you. They undertake routine maintenance according to a set schedule.
They will field calls from tenants around the clock. They will handle all client emergency repair requests promptly and cost-effectively.
Thanks to their industry connections, property managers can secure favorable prices from contractors.
In this way, you're assured that you're living up to your tenant's expectations. This increases the chances of them renewing their leases.
Streamlined Property Management
Outsourcing property management saves you time and money while ensuring accuracy.
Property managers have the experience and tools to perform their day-to-day tasks efficiently. They use the latest technology to manage tenant data, payments, and owner disbursements.
You can view all this information and print the necessary reports via an online owner portal. A single point of contact simplifies the property management process and eliminates redundancies.
Online portals promote timely rent payments and maintenance requests. This contributes to positive landlord-tenant relations and encourages lease renewals.
Get the Help You Need With Your Denver Investment Property
Efficient lease enforcement is the best way to maximize your rental properties. It eliminates unnecessary damages, promotes timely rent collection, and simplifies evictions.
Would you rather not handle these difficult aspects of investment property ownership yourself? Hiring a property manager is the best option for you.
Get in touch for help with managing your Denver investment properties.
