If you've recently become a first-time real estate investor by purchasing a rental property in Parker, CO, congratulations; you've made a savvy investment choice! After all, Colorado is among the top ten U.S. states with the highest average landlord salaries. The Centennial State ranks ninth, with landlords generating a staggering $91,777 yearly, according to ZipRecruiter.com.
However, to earn that much (or more), you must familiarize yourself with landlord responsibilities and smart rental strategies for your real estate investment. But worry not, as PMI Parker, our full-service property management firm in Parker, CO, has shared tips to help maximize rental property success.
Keep reading for insights on what to do now that you have your first rental property!
Comply With Housing Regulations
Being a landlord comes with legal responsibilities, including complying with federal, state, and local housing laws. Adhering to these regulations can help you avoid severe penalties and hefty fines.
Familiarize yourself with rules and laws concerning:
- Tenant rights and responsibilities, such as the federal Fair Housing Act (FHA) and the Colorado Anti-Discrimination Act (CADA)
- Building, health, and safety codes, including those under Parker, CO, Municipal Code
- Deposits and lease agreements, such as Colorado's Residential Tenants Health And Safety Act
Staying compliant ensures smoother operations while safeguarding your income and investment.
Consider Allowing Pets
According to Humane World for Animals, 72% of renters have pets. With nearly three in four renters having furry family members, welcoming them into your rental property makes complete sense. Doing so can benefit all parties involved:
- You can expand your tenant pool
- You can increase your rental income (e.g., you can charge an additional "pet rent")
- Tenants don't have to give up their pets
- Tenants will likely stay longer in your property (they know how challenging it can be to find pet-friendly rentals)
Partner With PMI Parker
PMI Parker is a full-service property management company in Parker, CO. We can provide invaluable support and make managing your Parker real estate investments manageable. With our comprehensive suite of management solutions, we can handle all your leasing needs on your behalf, including but not limited to the following:
- Providing accurate rental analyses
- Marketing your property
- Screening tenants
- Collecting rent on your behalf
- Working with highly experienced, well-vetted contractors and vendors
- Overseeing the maintenance and repairs of your rental property
- Providing accounting and financial reporting services
- Giving you and your residents access to a feature-rich, innovative online portal
- Enforcing the lease and managing tenants
- Assisting with the eviction process
With us on your team, you can obtain expert insights into the local Parker, CO, rental market and avoid or reduce landlord stress.
Succeed as a Real Estate Investor
Familiarizing yourself with all applicable rental housing laws, welcoming pets, and partnering with the right full-service property management firm in Parker, CO, can help you succeed as a real estate investor.
PMI Parker, independently run and locally owned by a team of highly educated and experienced real estate professionals, is also a proud member of PMI, a larger national franchisor. For over twenty years, PMI has improved the property management sector. With their support, plus our team's local expertise and knowledge, we'll make managing your property manageable and profitable!
Call us today to learn more about what we do and request your complimentary property analysis.
