Successfully managing your investment properties requires a business mindset, and without experience, you can quickly lose money, time, and sleep by making understandable mistakes. The best way to prevent these costly errors is to hire an experienced Denver area property manager.
It’s Easy To Mess Up When Going It Alone
Most house rental management mistakes stem from a lack of knowledge, planning, and investment in your rental business. In worst-case scenarios, this can even lead to foreclosed properties and legal troubles.
Common Mistakes New Landlords Make
As you begin your new career as a landlord, don’t let yourself feel rushed or pressured into taking any particular action. It’s equally important to seek help and insight from experts you know and trust, like apartment property managers, realtors, and accountants who specialize in investment properties.
- Neglecting your tenants.
- Underestimating the costs of repairs and ongoing maintenance.
- Relying on handshakes and promises rather than signed documents.
- Delaying evictions.
- Failing to enforce lease terms.
- Asking illegal interview questions.
- Viewing being a landlord as a hobby, not a business.
- Not meeting state and local housing codes.
- Thinking the property will always be rented.
- Failing to run adequate checks on potential tenants.
- Failing to keep written records of interactions with your tenants.
How We Can Help
If you’re not sure where to start as a new landlord or you fear you don’t have the time to do the kind of job you’d like to, consider working with a professional property management company like Cobalt Creek Property Management. Often, all a landlord needs to be successful is a reliable third party to handle the daily nitty-gritty tasks.
- Eviction Services
- Expense Reporting
- Leases & Lease Renewals
- Property Maintenance & Repairs
- Rent Collection
- Tenant Screening
Turning Problems Into Profits
Our team has over thirty years of combined experience in house, apartment, and condo property management. Our mission is to take the most challenging and tedious parts of property management off your plate so you’ll have more time to enjoy life and search for more investment opportunities.
Get Started Today
At Cobalt Creek Property Management, we are your local, experienced Denver property management company. Our priority is to help you avoid common landlord mistakes and get the most out of your rental properties. Get started by contacting us today.