3 Tips for New Landlords

Oct 12, 2015 | Starting Out

Prepare Your Property

Renters (people in general) first look for the basics – professionally cleaned carpets, a clean home, and decent landscaping. However, when the rental market is hot (like the Denver rental market right now), new landlords can make the mistake of not spending enough time and money preparing their property for rent because they assume they can get a tenant without much effort. This may be true; however, there is a big difference between a tenant and a great tenant. Great tenants (you know, the ones who maintain the property, pay on time, and want to stay forever) want a rental property that is clean and well maintained.

Establish a Realistic Rental Price

New landlords assume their rental will rent easily in a matter of days for top dollar. “The one down the street rented for three grand in one hour!” says a new landlord. Vacancy is lost revenue. Pricing your property is crucial for maximum cash flow and keeping great tenants.

Hire a Professional Property Manager

“Why pay a property manager when I can do this myself a save a few bucks.” This is another common mistake new landlord’s make. But, it depends on what your time is worth.  Hiring a professional property manager can give you back your time – your most valuable asset.

Contact HighPoint Property Management

HighPoint provides professional property management and guidance to individuals, investors and real estate agents who are obsessed with high quality residential property management in the Denver Metro Area. We make life easier for owners and tenants.