Managing your rental property on your own is no small task, especially if you are new to the activity and inexperienced when it comes to the potential pitfalls and important decisions. Professional property managers learn the trade for years before they can say that they are experts, so here are some tips from residential Denver property managers to make the management of your property easier for you:
- Research to set the right rent – one of the most common pitfalls of amateur rental management is setting the rent too high or too low. A rent that is too small will attract all sorts of people, not necessarily only your target group, while a rent that is too high will drive off good candidates. You can figure out the right amount either by turning to a property management company or through in-depth research.
- Screen the tenants – tenant screening is an essential part of the renting process. Without it, there is no way to know whether the candidate in front of you will be able to pay the rent on time and will take care of your property. The best way to handle the task is, again, by handing it over to professionals who know how to review documents and how to ensure that your tenants are reliable.
- Handling repairs and maintenance – another common problem encountered by landlords is losing track of maintenance schedules and postponing repairs. The task is best handled by professionals who use software solutions to see the bigger picture and who also work with tested contractors to ensure maintenance and repairs of good quality.