How Do I Manage My Denver Rental Property?

Now that you have rental property your committed to  manage your tenants, maintain the property and handle all the management issues that come with property ownership. Here is a simple list of procedures you will need to master to manage your property well.

  1. Advertise vacant property for rent.
  2. Show available property for rent and interview prospective tenants.
  3. Screen the best candidates for your rental property by requiring written applications with credit and employment references. Use a good application getting all the details and disclosures necessary to comply with your states laws regarding pulling credit and back ground checks.
  4. Evaluate prospective tenants by investigating their backgrounds, credit histories, personal references and employment histories.
  5. Obtain liability, fire, theft and other insurance on rental property.
  6. Arrange for regular maintenance and necessary repairs of the property.
  7. Assure that tenants comply with rental policies and procedures.
  8. Supervise repairs and maintenance work.
  9. Conduct inspections of the property on a periodic basis.
  10. Establish and maintain an organized system of collecting rental payments and security deposits.

Tips & Warnings

Consider hiring the services of a real estate management company, if you find that rental management is not for you. Management companies usually provide their services for a percentage of monthly rental income.

If you relocate to another town or city, long-distance management of rental property can be difficult and time-consuming. Consider hiring a rental management company to manage your property if you move from the area.