Whether you own one or multiple properties in Fort Collins, knowing how to effectively manage them plays a vital role in the success of your investment. Having the right team on your side that knows all the ins and outs of residential real estate management makes a big difference as well. Real Property Management Colorado specializes in rental property management in Fort Collins and across the Front Range. Property management is all we do, so we know a thing or two when it comes to effective management. If you’re looking for reliable residential real estate management in Fort Collins, contact us today. And in the meantime, here are 7 tips to help you succeed.
Pro Tips on Effective Residential Real Estate Management
Know Your Market
From the number of comparable rentals in your area and what they’re renting for to current trends and tenant preferences, the first step to effective residential real estate management is knowing your market. Fort Collins is a fast-growing area, catering to a large population with diverse needs. The hub of northern Colorado, it’s home to Colorado State University, boasts a charming vibe with its historic Old Town, and caters to those who love to explore the outdoors. The average rent for a 3-bedroom home sits just under $2500, while the average for all bedroom/property types is $2100. Make sure to narrow down rentals in your exact local to get a good idea of what similar properties are going for, then set your price accordingly. If you’re not sure where to get started, Real Property Management Colorado offers a FREE rental analysis to set you on the right track.
Create a Maintenance Gameplan
Effective management means proactive maintenance. This means doing more than just addressing repairs as they come up. Setting up a maintenance gameplan involves two key aspects: 1) completing preventative maintenance, and 2) addressing repairs quickly and efficiently. To do so, rental property owners in Fort Collins should establish a proper budget and emergency fund for repairs and upgrades. Planning for repairs, whether expected or unexpected, helps relieve stress and ensure your property remains well-maintained and your tenants stay satisfied and safe.
Consider creating a repair schedule, addressing any preventative or routine maintenance throughout the year. Complete any seasonal maintenance to help your rental’s systems run efficiently and help reduce potential issues later down the road.
Compile a list of reliable vendors for any and every type of job, then find a backup. Knowing who to contact when emergencies strike helps speed up the repair process and alleviate the stress of trying to find a plumber at 2 am.
Address every repair request quickly, from routine to emergency to cosmetic requests, even if the answer is no or not right now. Repairs are stressful for everyone, your tenants included, so keep the lines of communication open and complete any needed repairs quickly.
Brush Up on the Local Laws
Rental property management is a highly regulated industry. Laws govern rentals at nearly every level, from local, to state, to federal regulations. Knowing them is crucial to avoid any potential legal trouble. Make sure you understand them all and seek legal counsel for those you’re not sure of. From Federal Fair Housing to Warranty of Habitability, to application and late fee rules, rent increases or lease terminations, postings, evictions, etc., stay up to date on them all.
If this sounds daunting, know that the team at Real Property Management Colorado is here to help. Our team is well-versed in all of these laws and has the legal resources available to stay up-to-date, compliant, and informed when situations arise. Find out how our property management services could help in this regard by contacting us today.
Craft a Solid Lease
The lease agreement is the backbone of your property management transaction. It outlines and enforces the responsibilities of both parties and ensures that terms are clear and concise. Without a solid lease agreement, landlords have no feet to stand on should things begin to go wrong. For that reason, it’s important to create a thorough and legally compliant document.
Real Property Management Colorado’s lease agreement is drafted and continuously reviewed by one of the top real estate law firms in Colorado. As regulations change or situations arise, our agreement is consistently changing and being updated to ensure thorough protection for our clients and their investments while remaining 100% compliant with all landlord-tenant laws.
Communicate Efficiently
Communication plays a huge role in effective residential real estate management. Knowing how and when to communicate with tenants, vendors, and others associated with the rental transaction allows you to maintain proper boundaries while providing exceptional service. Maintain a professional attitude with all communication, even when things get heated. Use preferred methods, including calls, texts, and emails, whenever possible, but make sure that any important conversations are documented in writing and saved accordingly. Respond to your tenants quickly, even when you don’t have the answer just yet, then follow through.
Utilize Technology
There’s no denying the role technology plays in our day-to-day lives. Why not incorporate it into managing your rental, too? From online payments to digital lease signings, there are many tools available to effectively manage your Fort Collins rental property. Adding in smart home features can also improve your tenant’s satisfaction and help increase your rental’s value. Consider all that you have available to you and utilize what makes the most sense.
Our team knows this well and uses technology to the best of our ability. From electronic lockboxes to online tenant and owner portals to cutting-edge communication and management software, we’re always improving our processes with technology to best serve our clients and residents and streamline the property management process.
Manage Your Time Wisely
Owning a rental property may be considered a passive way to earn income, but it involves a full-time commitment. Every stage in the process requires time and attention, and can easily become a full-time job. That’s why time management is important when managing a rental property. From coordinating showings or managing maintenance to completing inspections and answering tenant requests, managing a rental is no small feat.
Luckily, there are plenty of resources available to help free up your time and manage your property, us included! Real Property Management Colorado frees up your valuable time by handling everything with your rental for you. Your time is your own. Why not focus on what matters most and earn an income from your rental property without the stress of managing it 24/7/365?
Whether you choose to self-manage or hire a property manager like Real Property Management Colorado, having the right tools and knowledge makes a big difference. Effective residential real estate management starts with having reliable resources to turn to. Stay up to date with trends, laws, and other information within the Colorado rental property sphere. And remember that our team is always here when you need us!
