Here are 5 property management tasks that we take seriously. These tasks help avoid unnecessary expenses and improve the cash-flow in your Colorado Springs investment property. If you need help managing your Colorado Springs rental home, call All County today at: (719) 445-7172. We’ve got your back!
Attending to Property Repairs
As landlord, you hope tenants will look after your property and keep it in good condition. But wear and tear does happen over time, especially if you’ve invested in an older property.
When repairs aren’t attended to early, further damage inevitably occurs, creating frustrated tenants and a bigger bill. After all, it’s significantly cheaper to do a regular furnace inspection than it is to replace the furnace and pay for damage caused by pipes freezing.
We’ve developed routine checks on our properties to ensure owner assets are protected. Many of our owners have given us full authority to complete a furnace inspection both annually and when turning over a property. Doing a complete inspection annually has been very beneficial to many of our owners and their properties.
Detailed Tenant Screening
When it comes down to it, we’re letting strangers live in our investment properties. At All County, we take reference checking very seriously. Like our owners, we are in this business to make money. Putting a bad tenant in a property is just as costly to us as posting, managing and evicting a bad tenant, and it drains precious resources from our business.
Finding great tenants is essential to your property being well looked after (reducing maintenance costs), ensuring rent is paid on time with no rent arrears occurring, and finding people who will be easy to work with when it comes to maintenance and property inspections.
We spend the right amount of time on background checks, reference checks and credit checks to ensure prospective tenants have good character, a positive financial history, and no issues with previous landlords.
Systems and Tracking
We have systems and tracking in place to continually identify and monitor rent arrears, keeping track of expenses, tracking the property’s success as a rental, and knowing when you can next adjust the property’s rent. Our systems take care of administration tasks—from checking rents received to recording maintenance costs and documenting inspections.
Knowing how to Draw the Line and Communicate with Tenants
Repairs are expected and necessary in investment properties. However, sometimes people expect more, and demand what most would consider to be luxuries. When the line has been overstepped, a good approach is simply contacting the tenant and politely explaining the situation.
Most tenants are considerate of this perspective; some might even know they’re asking for more than is reasonable. We deal with unrealistic requests from our residents almost daily and our entire team is very polite and respectful when responding to these requests.
Continuing to Monitor and Adjust Rent
In a market where rents are rising, we strive to ensure you get the maximum rent possible. All owners receive a notification 60-75 days prior to lease expiration with a new rent analysis, inspection of the property, and a tenant performance review to help the owner decide if they want to renew, and at what rental rate. This is always the owner’s decision. This occurs annually or at lease renewal, unless they have directed otherwise.
Expenses happen, but there will always be a way to minimize them. Our goal at All County is for our owners to achieve their investment property goals.
By clearly understanding our owners objectives, we can work efficiently to reach them. None of the 5 property management tasks we take seriously are difficult to follow, but they can significantly reduce your expenses, creating better cash-flow and a more successful investment. A constant and disciplined attention to detail ensures the best outcomes.
Are you ready for a property manager to help you with your investment property? Call All County today at: (719) 445-7172 for a company that will take your goals seriously.