According to Salary.com, landlords in Colorado Springs, CO, earn an average annual income of $53,085. The highest earners even make up to $61,983!
If you rent out property in Colorado Springs yourself, but what you make isn't anywhere near that range, it's time to review your real estate asset management practices. They may be lacking in some areas that could otherwise maximize rental income and boost property profits.
Our investment property management experts at PMI Pikes Peak have shared their top real estate strategies to help put more money in your pocket, so read on.
1. Scheduling Regular Property Maintenance
Proactive maintenance is a cornerstone of effective property management because it can help retain your property's safety and habitability. Keeping your property safe and habitable is even more crucial if you are renting it out. Under Colorado Statutes § 38-12-503, you, as a landlord, must abide by the state's warranty of habitability law.
Maintaining your property also helps you:
- Minimize tenant concerns about unhealthy living environments
- Reduce the likelihood of tenants filing complaints against you
- Keep your tenants happy by giving them a safe and healthy place to live
The happier your tenants are, the more likely they'll want to renew their lease. You can save money when they do because it's more cost-effective to keep tenants than replace them.
However, you must also remember your tenants' rights regarding property inspections and maintenance. You must notify them beforehand. They also have the right to be on the property during these schedules (unless they give you a green light to go ahead without them).
2. Investing in an Online Portal
One powerful tool every savvy Colorado Springs real estate owner should have is an online portal because it provides:
- A convenient way for landlords and tenants to communicate
- A secure online payment method for renters
- A way for owners to track payments online
- Insights into property asset optimization
- Safe storage for documents used for accounting and reporting
So, with an online portal, you can quickly notify your tenants about property maintenance. Your renters can also inform you of property issues that require repairs. You can address them promptly, prevent them from worsening, and save money.
3. Implementing a Pet-Friendly Policy
According to Wisevoter, 64.7% of Colorado households own a pet.
So, if your management practices prohibit pets on your property, you're missing out on a large tenant pool. It's time to consider updating your policy and welcoming pets into your property.
Aside from expanding your renter pool, doing so can also help you find better-quality tenants, as pet owners are typically more responsible. You can also charge higher rents by implementing a pet rental fee.
Follow These Real Estate Asset Management Best Practices
Performing regular maintenance, investing in an online portal, and welcoming pets to your rental are some of the best real estate asset management practices that can help boost income. So, consider including them in your management handbook as early as today.
Alternatively, you can partner with our asset management company, PMI Pikes Peak. As a locally owned and operated firm, we understand Colorado Springs's local real estate market and the laws surrounding it. We'll use our knowledge, skills, and state-of-the-art technology to make your properties work harder for you.
So, call us today, and we'll happily discuss the profit difference we can make!
