Blog

What is the most difficult aspect of managing your property? We at the Trinity Team believe it’s the landlord/tenant relationship. As a landlord, we want to start the relationship off on the right foot, and we take pride in our rental property. Generally speaking, new landlords are overly trusting when meeting potential renters. They want to see the best in them, believe in them, and go the extra mile for them. The truth is that the landlord/tenant relationship is the most challenging, yet most critical aspect of successful property management. It’s crucial to follow Colorado state laws and legalities as well as Fair Housing and HUD guidelines. The best way to reduce risk when finding a tenant is to be choosy, but do it legally. Business decisions must be based on facts and not on instinct alone. You may feel connected to an applicant if they were referred to you, and skip the verification process altogether. You may take their word about credit, income verification, past rental experience, current employment, and criminal history. This is a big mistake; objective rental criteria must be developed and applied to everyone equally, regardless of how you feel about them personally. Understandably, it’s faster and more convenient to skip this process and take the tenant at their word. Why do landlords fall into this pit of deception? They simply don’t have the tools, time, or training. When the landlord is inundated with applications all at the same time, they feel a simple conversation is sufficient to move forward in the process. Failing to follow fair and legal rental criteria is a potential liability. Trinity Team has been managing commercial and residential properties since 2008, and we take the screening of potential tenants very seriously. We do have the time, tools, and experience to avoid the red flags you may not recognize. If you’re ready to find a management company that can properly screen your tenants, give us a call!

As we progress with Landlord Mistakes and Self-Managing, today we’ll visit the topic of landlords allowing squatters on their investment property. A squatter is a person who unlawfully occupies an uninhabited building or unused land. They essentially settle on a piece of land without title, right, or payment of rent. The Trinity Team had this happen recently, and it’s not as easy to get a squatter off your property as you might think. This individual parked a dilapidated ambulance on a property we manage. He was living inside and would not vacate the property. In this situation, we had to call the police, who said they couldn’t do anything, to treat it like an eviction. Our manager had to post an eviction notice on the ambulance and then follow the next legal steps to remove him from the property. This could be a tumultuous situation if you are self-managing. You’re exposing yourself to risk when allowing a squatter to remain on your property without your consent and without signing a legal lease. Squatters come in different forms, and a visitor who stays more than two weeks and casually “moves in” is also considered a squatter. This individual should be added to the lease with the owner’s consent. They, too, would go through the vetting process in terms of income verification, credit score, criminal background check, and past landlord verification. You should reap the financial benefits of renting your property. Squatters can be intimidating, but do not allow them! Trinity Team Management is here for you and will help you seamlessly own an investment property without the headaches that are associated with managing one!