Property owners who work with property management companies are at a distinct advantage, as they have someone working on their behalf to keep their properties in excellent condition and occupied by quality tenants. While a property management company can help with almost every aspect of your property, there are some things that property owners remain responsible for.
What Do Property Owners Have Responsibility For?
- Major Repairs: Serious and expensive repairs, like those made to the roof, foundation, siding or heating system, are the responsibility of the property owners. When you rent out any property, it is your job to ensure it is safe and livable for the tenants. Whether it’s the plumbing not working properly or an issue with the gas, the owner must make the repairs in a timely fashion.
- Property Improvements: Improvements are things that are not necessary, but that you might want to upgrade between tenants or across your properties to charge more for rent. Adding in new major appliances, upgrading the flooring or adding a fence can all add value to the property, but they are not the financial responsibility of the tenant or the property management company.
- Normal Wear and Tear: Wear and tear is a natural consequence of anyone living in a property. Even if someone takes exceptional care of a space, there will be small issues that must be repaired before someone else can take possession of the apartment or home. As long as a property has an expected amount of wear and tear to places like the carpet or small scuffing on the cabinets, the cost to repair or replace should not be deducted from the security deposit.
- Guiding Tenant Screening: A property management company can handle tenant screening on behalf of property owners, but they should have some guidance. If you don’t want pets or have other regulations that your tenants must follow, your property management company should always know. Don’t forget that you cannot discriminate based on any protected classes described in Fair Housing laws.
All County Denver Metro Property Management Helps Property Owners Like You
All County Denver Metro Property Management offers all property owners competent and honest property management services. From rental market evaluation to tenant placement, we can assist with all of your needs. Our team of real estate professionals looks forward to hearing from you about how we can make your investment a stress-free asset and keep your tenants happy. Call us at (720) 575-6100 for a free quote.