Real estate management is a challenging and complex. What are the best practices of real estate management that you should know about?
If you manage one investment property or fifty, real estate and property management go hand-in-hand. It can be a headache because there are laws to comply with, liability to be concerned with, unexpected expenses, and hopefully money to be made on the investment properties. You or your management company should use best practices to prevent problems before they arise.
Some of the more common real estate management details that you should consider are:
- Timely snow and ice removal to ensure that “slip and fall” accidents are prevented.
- Regularly scheduled maintenance to see fewer repairs and lower unanticipated costs for those repairs.
- Open and direct communications with tenants and lessees to prevent costly misunderstandings.
- On site security benefits to protect the property and it’s residents
What will work best for your ownership situation?
As a real estate attorney in Colorado, I work with both individual property managers and large property management companies. This includes advising on the proper business entities to hold your real estate investments so that you can minimize exposure to liability, or drafting leases that will comply with Colorado law to protect you and your business, and even developing procedures for properly evicting tenants in a timely manner so that you don’t lose too much money. Our goal is to help you solve problems before they arise.