If you have owned Denver rental property for any period of time, you know that tenants, both good and bad, eventually move out.
When this time comes, there are five key things you as a Denver property manager need to know.
1. You May Need to Spot Clean (At Your Expense)
Before a tenant moves out, they are expected to clean the property. While some tenants will clean better than others, you as a property manager should always be prepared to spot clean as necessary at your own expense.
Colorado state law does not hold tenants to as high of a standard upon move out cleaning as you ideally want to have when a new tenant moves in. If you want your property to sparkle before a new tenant moves in (and you should), take the time to do some extra cleaning as it will help attract that next great resident.
2. You May Need to Touch Up Paint (At Your Expense)
After living in a property for two to three years, there’s bound to be a few scuffs on the walls, causing the need for paint touch ups once a tenant moves out.
Damages caused to walls can certainly be deducted from a tenant’s deposit, but regular wear and tear from a couch leaning against a wall or a picture that was properly hung are not the tenant’s responsibility.
3. Rekey and Check Safety Items
While rekeying a property between residents is not legally required by Colorado law, we highly recommend you rekey the property for the safey of the incoming residents and the protecion of the proprty.
Why? You do not want a previous tenant duplicating keys or sharing them with others who may now have access to a property in which they no longer reside.
Before a new tenant moves in, Denver property managers are required by law to check that safety items such as carbon monoxide detectors and smoke detectors are working properly and placed where they need to be within the unit.
For more information on safety requirements, watch out video on the Colorado Warranty of Habitability requirements.
4. Return the Security Deposit Within 30 Days
You collected it when the tenant moved in, and it’s your legal responsibility to complete a security deposit disposition statement and mail that along with the return of any funds due to your tenant within 30 days of the tenant moving out of the property.
Even if you are keeping the entire security deposit for damages or rent owed, you as a Denver property manager are required by law to send the tenant a security disposition statement (an itemized list of charges) within 30 days.
You don’t want to forget about this important step. If you do forget, you lose all of your rights to withhold any of the security deposit and can be liable for treble damages due to your now ex-resident.
*You may have up to 60 days to return the security deposit - but only if your lease agreement specifically gives you that amount of time.
Want to learn more about what you as a property manager can and cannot charge in a tenant’s security deposit? Read our informative blog post all about the topic!
5. Don’t Charge for Your Time
If you as a property manager are completing any of the repair or cleaning work on the property, you as a landlord are not legally able to charge for the time it takes you for the repair.
You may charge for the materials, but you may not charge for your time put into repairing the damage or cleaning the property.
Get More Denver Property Management Tips with Grace Property Management
As one of the most experienced Denver property management firms in the business, we know a thing or two about these topics and more!
Check out our latest blog posts:
- How to Self-Manage Your Denver Property: A Crash Course
- How Often Should I Inspect My Denver Rental Property?
- Warranty of Habitability Update for Denver Real Estate Investors
Looking to learn more? You can find more Denver property management blogs and videos on our Learning Center