Did you know that many of our clients are first-time or accidental landlords? This essentially means that circumstances more than intention drove the decision to rent out their property. So whether the choice to rent out your property for the first time stems from an inability to sell, a job relocation, or any other extenuating circumstances, it helps to know what the basic process is when it comes to property management. So consider this your introductory course into Property Management Basics and what exactly the team here at Real Property Management Colorado does for your Lakewood rental property.
Rental Management 101-The Property Management Basics
Navigating the Vacancy Period
The first step in managing a rental property boils down to having someone to rent your home. After all, you can’t manage or collect rent on an empty property. So when it comes time to find new tenants, the initial step that every reliable property manager makes is a market assessment. This includes analyzing current market trends, rental rates, and comparable properties in the area to narrow down the right starting price. Once the rate has been set, the search begins.
Real Property Management Colorado advertises properties across multiple platforms, including Zillow, Trulia, Hotpads, etc. We know where tenants begin their search and ensure your property gets in front of them through our competitive marketing strategies. We take stellar photos that highlight the key features of your property and ensure all of the main attractions are touched on in the marketing description.
Then it comes down to the market. As your property generates interest, our team handles all the potential tenants’ questions, completes showings, and then collects applications. Through this, we find qualified tenants for your home by completing a thorough screening, all while remaining 100% compliant with all local, state, and federal laws.
Once an approved applicant has been found and the deposit secured, the next step involves drafting and getting the lease agreement signed and finalized. Our team uses a solid agreement drafted by Colorado’s top real estate attorneys. And then when the move-in day arrives, we coordinate the collection of the first month’s rent and the hand-off of the keys.
Managing Your Lakewood Rental
Once the tenants move into the property, the real management part begins. Our team is there every step of the way; we handle it all so you don’t have to. Our team of experts each specializes in their own particular area of property management, including leasing, maintenance, and accounting. We handle all the communication, coordination, and completion of repairs, payments, violations, utilities, tax documents, and general questions and challenges that arise. We tackle it all; the good, the bad, and the in-between. And we keep you informed throughout every stage of the process, ensuring you’re not left in the dark when it comes to your biggest asset.
Then as we draw near to the end of the initial lease term, our team tackles the renewal process seamlessly. We reach out to tenants 120 days before the lease expires to ensure adequate time to negotiate a lease renewal. And while it sounds like a long time, the number of tenants planning ahead might surprise you. We work with you and your tenants to negotiate a new lease for the renewal period, ensuring your latest agreement is compliant and up to date with any legal changes that might have taken place during the current term. And in the event the tenants choose not to renew the lease, we work with everyone to process the move-out and ensure a streamlined transition.
Managing the Move-Out Process
Moving is stressful for everyone, so our team does what it can to help alleviate the pain on both sides of the agreement. Once the tenants have moved out, our team completes a thorough inspection to document the condition of the property. We compare it to the condition at move-in and process the security deposit accordingly, keeping you up to date on any maintenance or repairs that are needed to get the property back into a rent-ready condition. And once everything is ready to go, we begin the process all over again!
Understanding the property management basics of how our team operates helps to ease some of the pressure of being a first-time landlord. We understand that all of the ins and outs of managing a rental can feel intimidating, which is why we strive to keep the process as streamlined and efficient as possible. So whether it’s your first time renting out your property or your 100th, our team is here to help to navigate the rental roadmap from start to finish.
First-Time Landlord? We’ve Got You Covered!
Contact us today about our management services!
