Many landlords in Denver have the same question – How do I become a great landlord?
There’s no question about it, being a good landlord can be difficult. It requires consistency, being organized, having great relationships with your tenants, responding to issues promptly, and among other things, being knowledgeable about important laws.
Being a great landlord will bring on many benefits and is sure to make your life as a property owner much easier.
With our experience in property management, we were able to come up with ways to be a good landlord in Denver, Colorado:
1. Make a solid lease.
Having a detailed lease agreement will ensure that common conflicts and arguments are avoided. There will be fewer misunderstandings. It’ll be clearer when it comes to your house rules when the lease is in writing. Outline responsibilities and the kind of behavior you expect from them. This will prevent future disagreements in your Denver property.
2. Be knowledgeable about the law.
Get to know the laws in Denver regarding rentals, rights, obligations, and grounds for evictions.
Obtain a printed copy of the laws in case a situation arises, and you need it. This will help you stay away from costly lawsuits.
3. Have your repairs done quickly.
Having repairs done swiftly is a great way to satisfy your tenants and be a good landlord. Tenants will appreciate the quick response and feel valued. Earning the respect of your tenants is vital in fostering a good relationship.
4. Have an open communication relationship.
Tenants appreciate when you are accessible to them. It’s important to be as available as possible to them. When they move in, provide them with your contact information.
An email address would also be highly useful for written documentation in case you need to refer to a previous conversation. When tenants can approach you and talk to you readily, you’ll be able to provide the best customer service.
5. Honor the tenant’s privacy.
Put yourself in your tenants’ shoes.
Would you want to be frequently visited for inspections late at night?
As a landlord, you need to be conscious that you’re not passing your boundaries just because you’re the owner of the rental property in Denver. According to the entry laws in Colorado, a landlord must give at least 24 hours’ notice before entering the property (aside from when it’s for non-emergency maintenance and repairs, emergencies, and showings to prospective tenants).
6. Keep an open ear towards your tenants.
Listen to any issues, concerns, or complaints your tenants may have. Although it may not be your responsibility to resolve the issue they’re having, it still shows that you’re a caring landlord when you respond quickly.
If, however, it’s your responsibility, address the problems swiftly to prevent further escalation, even if the issue is a conflict between two tenants. Listen to both sides and be a mediator to any disputes.
7. Be empathetic.
Sometimes, there may be fortuitous events that hinder a tenant from paying rent on time. Exercise a little patience, consider situations especially if there had been no problems in the past with the particular tenant. Tenants who know they have an understanding landlord during difficult times will have a higher chance of renewing their lease in the future.
8. Be professional.
You need to find a balance between friendly and being professional. Dress formally especially at the beginning to create a good impression during meetings. If a landlord looks respectable, the tenants are more likely to be respectful as well.
Avoid being over-friendly but don’t be too serious either. Create a good business relationship so when serious matters arise, you can follow through the procedures without any issues.
9. Keep electronic records.
Nowadays, it’s important to have electronic copies both for you and your tenants. Being organized makes sorting through agreements easier to do. Leasing, receipts, and other financial documents are important when tracing identities and rent collection.
10. Offer online service systems.
The internet offers a countless number of conveniences for landlords. Make the rental collection process seamless by offering electronic options such as online bank deposits/transfers.
This way, you can check real-time when they’ve made the deposit and it’s credited to your business account. You can also offer electronic lease signing to make it easier for them to browse through the copy anytime. This way, renting your Denver property is a convenient and time-saving process.
11. Follow what’s stated in the lease.
If situations arise, always refer to the guidelines printed in the lease agreement. It’s not recommended to make up the rules as you go as it can lead to misunderstandings and overall chaos. If there are some issues that aren’t covered on the lease, research the best possible solutions. You can then consider adding it to the agreement in the future.
12. Help the tenant adjust to the new neighborhood.
If your tenants aren’t familiar with Denver, Colorado you can provide them with a list of the most popular places in the area. Preparing this list shows that you care about them and truly want them to enjoy staying at your property.
This list should include fun activities, local grocery marts, laundry shops, pharmacies, and other facilities in the area. You can hand this out on the first day they move in your Denver property.
Being a good landlord in Denver requires being helpful and keeping a respectable distance. It requires a high degree of organization since owning a property is a huge responsibility and investment. A good customer-centric approach is also needed. Generally, it means to make your tenants’ lives easier with more convenient systems and easy-to-follow procedures. If you accomplish this, you’ll stand out as an excellent Denver landlord.