Having good relationships with your Denver tenants is the key to a successful rental property business. There is no doubt about it.
A good landlord-tenant relationship has a host of benefits. One of them is the reassurance that you’ll get paid at the end of the month. Happy renters are also more likely to renew their lease as well as care for your property.
Here are 6 landlord tips to have a better relationship with your Denver tenants.
Tip #1: Be forthcoming from the beginning.
Tenants don’t like surprises, especially after they have signed the Denver lease or rental agreement. To ensure their move-in and their stay is as smooth as possible, clearly state your expectations from the start.
This may entail doing things like:
- Making sure they have understood the terms of the lease agreement
- Ensuring they understand their responsibilities stated in the lease
- Disclosing any issues that the property has at the beginning and giving useful solutions
- Explaining how repair and maintenance requests work and with whom tenants can expect to deal with
- Introducing the property manager, if applicable
Being forthcoming from the start will help clear out any confusion and misunderstanding and help pave the way for a good relationship.
Tip #2: Communicate well.
As an investment property owner, communicating with your tenants is key to a successful tenancy. The communication needs to be transparent, respectful, and understanding.
The following are some tips to help you with this:
- Don’t hesitate to over communicate. When it comes to communication, more is better than less.
- Keep the lines of communication open. Let your renters know that you are willing to answer a question or discuss a problem.
- Ask the tenant what their preferred method of communication is. For some, it’s a text. For others, it’s a phone call.
- Put it in writing. Verbal agreements may not hold up in court. So, don’t agree to anything without a written agreement.
Tip #3: Ensure you have a thorough tenant screening process in place.
As a Denver landlord, you probably know how important tenant screening is. Among other things, a good tenant screening process helps prevent high rental turnover.
There are a few things you want to do as part of your screening process. One thing you shouldn’t fail to ask your prospective tenant is proof of their income. Ideally, you should ensure that the prospective renter is making no less than three times the rental price.
Another thing you shouldn’t forget to do is to analyze a prospective tenant’s credit score. A score below 620 spells trouble.
When screening a new renter, these are some red flags to look out for include:
- Long gaps in employment
- A low credit score
- Sketchy or suspicious behavior during the interview
- Eagerness to move in immediately
- Bad or missing rental references
- Unwillingness to offer information
Tip #4: Set a fair rent price.
For you to enjoy a good relationship with your Denver tenants, the rent asking price must be fair. That is a price that isn’t too high or too low.
Overcharging your tenants will only breed resentment. On the other hand, undercharging them will only negatively affect you.
To determine the right rent amount, you’ll need to do a comparative market analysis. Basically, the analysis will help you determine what the prevailing rent amount is in your neighborhood.
If you find the analysis daunting, hire a competent local real estate agent to do it for you.
Tip #5: Respect the privacy of your Denver tenant.
Respecting the privacy of your tenant is key. Tenants have a right to the quiet enjoyment of their homes. This means you cannot barge in on them as you like.
As the property manager, you have the right to access the property for various tasks. Examples of such tasks are performing repair and maintenance, property inspection, and in cases of emergency.
When you need to perform any of these tasks, make sure you notify your tenant well in advance. While no statute requires this, most landlords in Denver usually give their tenants a 24 hours’ notice.
It goes without saying that the entry times must be reasonable as well. For example, from 8:00 a.m. to 5:00 p.m. on weekdays, and from 9:00 a.m. to 3:00 p.m. during weekends.
Tip #6: Respond to repair and maintenance issues quickly.
Whether the repair request is minor or major, ensure that your tenants know that you are acting on it. To a tenant, it can feel rather frustrating not knowing when you are going to replace the refrigerator or when you are going to fix the shower door.
Basic repair work and maintenance is something a tenant expects. In fact, non-responsive maintenance is the main reason for poor lease renewal rates.
If you fail to keep up with renters maintenance requests, Colorado landlord-tenant law gives your renter several options. The options include:
- Moving out without responsibility for future rent, even in the middle of a lease.
- Calling the local building inspector, who can usually order you to make the repairs.
- Withholding the entire rent until the problem is fixed.
- Making the necessary repairs and deducting the costs from the next month’s rent.
Maintaining a good landlord-tenant relationship is really important when it comes to dealing with your rental property. By having one in place, you’ll be able to reap the rewards of your investment. Your tenants will also be able to enjoy a stress-free tenancy.