It seems simple enough.
Don’t discriminate when renting your Aurora investment property.
What more do you need to know?
The answer is more, a lot more.
There are many laws on the books that can affect the ability of your Aurora investment property to turn a profit.
That’s when you want a competent property manager on your side to make sure all the laws of the land are being followed. The last thing you want is a lawsuit dragging the profits out of your investment process.
This blog takes a look at some of the laws that directly affect your Aurora rental campaign. (And for a full understanding of these laws, call Aurora’s recognized property management leader.)
An Obvious Federal Law Affecting your Aurora Rental Property
The most important law a qualified property manager will know is the Fair Housing Act. This is the law that covers discrimination issues, and violations of those laws cause some of the most costly fines the investment property arena.
Although it seems simple to just not discriminate, there are nuances to the law that property manager can help you navigate.
For instance, it’s important to know what repairs need to be addressed right away or face a housing violation. In this case, repairing the necessary amenities like the hot water, electricity and other obvious stuff. It is not so important to repair items like hot tubs in quite with as much haste.
A qualified property manager is especially helpful prioritizing repairs and sorting you through the grey areas when it’s not clear what’s very important and what’s should be placed lower on the to-do list.
Not-so Obvious Federal Laws Affecting your Aurora Rental Property
The Sherman Antitrust Act affects rental property, in a small way at least. You could run into trouble with this act if you fix the price of more than one of your Aurora investment properties.
The law is set up to promote competition in the marketplace and it doesn’t take much to get you into court to prove that you aren’t fixing prices. A qualified property manager can make sure you keep your hands clean.
The Uniform Residential and Tenant Act governs a number of situations that are common in the tenant-landlord relationship, but often get overlooked.
For instance, this act governs how long a landlord can keep a security deposit and provides guidelines on the rights a former tenant has to re-enter a property.
Though it appears the property owner is in control in a lot of these tenant-landlord situations, this law gives back some power to the tenant. It’s a good idea to have property manager on your side to make sure potential violations do not land you in court.
Have you found this blog post helpful?
Be sure to share it with other investment property owners in the Denver Metro area. Or, give Property Alliance a call and feel free to ask our experts the questions on your mind.