Becoming a landlord often requires you to learn on the job. Today, we’re giving a lesson on 5 things that a rental property owner needs to know about property management in Colorado Springs.
Landlord Tenant Law
The laws will vary for each municipality, and also depend on the state in which you are located. In our area, landlords need to know the legal requirements in Colorado Springs and Pueblo. We understand the federal and state laws, and we also need to follow the laws in El Paso County and Pueblo County. You need this information so you can be sure your leases and agreements are legally binding, and so you can protect yourself against any legal repercussions.
There are several protected classes at the federal, state, local, and county level. You need to know these to make sure you aren’t discriminating against any of these classes in your advertising or leasing policies. Federal protected classes apply to everyone regardless of location, and the state protected classes will apply to everyone in Colorado.
In Colorado Springs and Pueblo, habitability laws are fairly new and just coming into play. For a while, it was a very landlord-friendly situation, but then some landlords took advantage of that, and now there are habitability standards in place, which your property must meet. Make sure you are in compliance. You don’t want to run into trouble because you didn’t know what was required.
You’ll need to know the rules of eviction, especially when it comes to posting notices and meeting deadlines. If you have to evict a tenant, you want to follow the steps accurately so that the process goes as smoothly as possible. We always suggest hiring an attorney. If you’re not a professional property manager, you can do it on your own. As managers, we must hire attorneys because a law license is required when you’re handling an eviction on behalf of someone else. An attorney will keep your timeframes and your process correct and efficient.
When placing tenants, you need to check criminal backgrounds, rental history, job history, and all the other things that factor into selecting a good tenant. You need the right software or access to companies that can help you. Property managers do this thoroughly on behalf of landlords because we know you have a lot on the line. Tenants only stand to lose their security deposit, but as a landlord you have an asset worth several hundreds of thousands of dollars. You want to screen well so the right tenants are put in place.
These are five of the basic things that tell you how to be a successful landlord. If you have any questions about what we discussed or anything pertaining to property management in Colorado Springs, please contact us at Muldoon Associates Property Management.