How to Rent Out Real Estate in Colorado Springs

Greg Bacheller

Apr 09 2024

Thinking of converting your home into a rental property? Maybe you have the opportunity to buy an investment property. As one of the top property management companies in Colorado Springs, we’re ready to share our wisdom. Here are a few things to consider when choosing to rent out real estate in Colorado Springs.
 
1. Assess the Local Market
First things first, look at the market. Knowing the local market, including narrowing down the specific location your property resides in, will help determine how well your property will do in the current market.
2. Complete Any Repairs
Offering a well-maintained rental property shows prospective tenants that you care about the home and their needs.
3. Have A Thorough Plan For Finding Tenants
Make sure you have your approval criteria set and ready before collecting applications. Verify that they remain compliant with local, state, and federal laws.
4. Brush Up On The Laws
Property management is a highly regulated industry. There are strict landlord-tenant laws that govern just about every aspect of managing a rental property and at nearly every level of government, too.
5. Talk to Your Insurance Agent
Talk to your insurance agent to ensure you have the right coverage for your rental property, from coverage for tenant damage to lost rent.
6. Budget, Budget, Budget
It’s important to budget for both the routine costs and the unexpected ones.
7. Hire A Reliable Property Manager
Managing a rental takes time, knowledge, and commitment, all of which professional property managers have in droves. After all, it’s their job! Choosing a reliable property manager to handle the day-to-day management for you helps alleviate a lot of the stress that comes with DIY management.
 
When you have all of the right resources and preparations made, owning a rental property becomes significantly less daunting. And while every property and situation is different, it pays to prepare where you can.

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Tenant Holiday Tips To Keep Your Season Merry and Bright

Greg Bacheller

Jan 24 2024

1. Decorate With Care
Be mindful of making any modifications that could cause damage, as these could be deducted from your security deposit at the end of your lease. Consider damage-free décor or hanging things with Command Strips vs nails or hooks.  And when it comes time to hang the lights, keep fire safety tips in mind. Check the wires for any frayed wires or broken bulbs and replace them as needed.
 
2. Safeguard Your Travel Plans
It’s not uncommon for criminals to scope out social media sites for unsuspecting victims posting their holiday travel plans in order to find potential targets. After all, it’s much easier to break into a home when no one’s there to stop you. Think twice about posting your plans online and consider upping the security on your accounts to control who can see what you’re posting.
 
3. Thwart Porch Pirates
Utilize package tracking and scheduled deliveries to ensure your items arrive at a convenient time. This way packages don’t remain out in the open.  Some carriers offer to deliver to pick-up lockers instead, keeping your things safe and secure from sticky fingers. Talk to your landlord about gaining permission to install security cameras or video doorbells.
 
4. Mind the Weather
You never really know what you’re going to get with Colorado weather. One day, temps range in the 60s and the next day it’s snowing. With temperatures fluctuating often, it pays to keep an eye on the forecast. Make sure you and your home are prepared for those sudden drops by keeping your heat above a certain temperature.
 
The holidays truly are a wonderful time of year. Whether you’re staying home or venturing out, make the most of this season and be sure to enjoy it safely!
 
Looking for a New Home For the Holidays?
 
Check out our available rentals at Real Property Management Colorado.

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