During the course of a normal week, we hear from property owners who are self-managing and not enjoying the management of their tenants. Whether they are thin on time or they are having trouble with maintenance, there are several reasons why property owners dislike property management.
The number one reason why property owners are not enjoying property management revolves around the tenants’ failure to live up to their end of the bargain. From late rents to subpar care of the property, some tenants are not as responsible as others. And, if we ever talk to an owner that has gone through an eviction, they understand the costs associated with such.
An eviction can be the most costly process to a rental property/investment owner. Evictions typically have a loss of rent, possibly for months. When evictions are processed, tenants will not care for the property and sometimes leave it damaged. Then you have the court and legal fees of processing the eviction. An eviction can cost owners thousands of dollars in lost revenue. However, there is a way to significantly reduce your risk of eviction.
Screening your tenants before signing the lease is one of the most critical steps in the tenant locating process. The cost to screen your tenants is pennies compared to the cost of an eviction. You want to check everything from criminal to credit and a few other restricted databases. If you do not do your due diligence in the screening process, you can put yourself at risk of future loss.
At Real Property Management of the Rockies, we understand the importance of tenant screening and can assist with locating all of the critical databases to screen against. If you need property management services in Northern Colorado, we would love to become your trusted property management partner. We serve Fort Collins, Loveland, Timnath, Wellington, Berthoud, Windsor, Johnstown, and the surrounding Northern Colorado areas.