According to the US Census Bureau, rental properties are mostly owned by individual investors (70.2%). Are you now part of this group? If you want to excel among other accidental landlords in Fort Collins, you need this Colorado landlord guide.
Otherwise, you may make costly mistakes that will affect your earning potential. You could even face legal trouble or serious fines.
Before that happens, apply these rental property strategies. Attract and retain tenants, maximize your profitability, and remain competitive!
Research Colorado Landlord-Tenant Rights
Avoid potential legal trouble by researching Colorado's landlord-tenant laws. These housing regulations cover:
- Rental rules
- Required landlord disclosures
- Rental application and tenant screening laws
- Security deposit laws
- Late fees
- Tenant rights to withhold rent or repair and deduct
- Termination and eviction rules
- Rules about landlords' access to property
Keep track of new local, state, and federal laws to remain compliant. If you need legal help, consult a property management company. Rely on their industry experience and local expertise to avoid lawsuits or fines.
Complete a Rental Analysis
During this research stage, explore the Fort Collins real estate market. Recognize trends and opportunities to gain a competitive advantage.
For example, your property manager may recommend you upgrade an outdated rental property. Choose cost-effective upgrades that will make the property beautiful and functional.
After making these upgrades, complete a rental analysis. Compare your listing to others in the area to set a competitive rental rate. You can outsource this task to a property management company to determine competitive yet appealing prices.
Leverage Digital Marketing
Use digital marketing to expand your reach and attract local renters to your online listing. An effective property listing should include:
- A compelling headline
- A description of the property
- High-quality photos and video tours
- A call to action
- Your contact information
- The rental rate
Use search engine optimization to appear online as Fort Collins renters search for available listings. For help applying these rental property strategies online, consult an experienced team. You can outsource your marketing strategy to save time and money.
Screen Potential Renters
Develop an efficient tenant screening process to avoid renters who may pay late or damage the property. A thorough screening process should include:
- Criminal background checks
- Credit checks
- Eviction histories
- Rental histories
- References
Once you find quality renters, develop a tenant retention strategy. Keeping great renters can boost your occupancy rate and ROI.
Request Fort Collins Rental Advice
Instead of applying these property management tips alone, ask for help. An experienced property manager can assist with:
- Property marketing
- Tenant screening
- Maintenance and inspections
- Accounting and rent collection
- Evictions
Rely on their real estate investing tips to maximize your profitability. With their Fort Collins rental advice, you can boost your occupancy rate and earnings.
Compete Amongst Accidental Landlords
Competing with other accidental landlords in Fort Collins can become stressful. Instead of doing it alone, partner with a property management company. Rely on their industry expertise to ensure your success.
We can maximize your earning potential. At PMI Northern Colorado, we use state-of-the-art technology that allows owners to track how their investments perform in real time.
Trust our commitment to accuracy, integrity, and communication as we add value to your investments. Contact us now for a free rental analysis.
