RentPro Blog

How To Get Your Real Estate License

Mark Zehner - Wednesday, June 24, 2020

How To Get Your Real Estate License

Getting involved in real estate is not as hard as some may think it is. It takes a lot less time and money than other educational routes so for some it is a great alternative to traditional schooling. Of course rules vary by state, but here is a general guideline of how to get your real estate license.

The first step to getting your license is schooling. In the state of Colorado, you need 168 hours of class time in order to get your license. On average, this means it will take a working adult roughly 4 to 6 months to get their license.

The next step is to then pass the final exam. A passing score depends on the state, but for Colorado, you must pass this test of 100 in-state questions and 100 out-of-state questions with a 75% or better. 

From there, you need to pass the Colorado Real Estate Broker License exam. This consists of two parts: a 120 minute, 80 question test that consists of national questions and then a 110 minute, 74 question state-specific portion. 

Then, you need to pass a background check. This consists of submitting your fingerprints to the Colorado Bureau of Investigation where records from the CBI and FBI will be used to see if you have a clean history.

After that, you will need to get errors and omissions (E&O) insurance. This insurance is very important because without it, you can not receive an active real estate license.

Lastly, you need to complete your application and receive your broker license.

Having your real estate license is a great thing to have. It opens many doors for you and gives you great connections. When you have your real estate license, you can get access to better deals, networking opportunities, and other forms of commissions. It is a great way to make money as a main job or a side business as well as giving you plenty of options to work with so if you are thinking about getting your license, start now!

A Beginner’s Guide to Real Estate Investment

Mark Zehner - Wednesday, June 17, 2020

What is real estate investment? 

Real estate investment is any purchase of property that you intend to make a profit off of and not use for personal matters. 

There are many ways people can make money off of a property besides just renting it. You can make money off of land in a variety of ways including renting the space for someone to use as storage, flipping and reselling the property, and even going as far as to rent the land to a company to put solar panels on. You have many different options to think about when you have excess property and there are several options that can bring in some big bucks. 

I have a property that I am ready to make a profit off of, how do I start?

Making sure you have the funds is one of the most important starting places when you are trying to make a profit off of your property. Things can get very expensive very quickly in real estate and going into debt to finance this business is not ideal and should be avoided as best as you can. If there is something you can do without hiring someone else to do it for you such as painting or landscaping, do it on your own. Doing little things on your own and cutting out middlemen can save a lot of money when you are first starting out.  

How do I attract renters?

There are a lot of things that can attract renters to a property and there are at least as many things that can deter people, as well. Establishing your target renter is crucial to maximizing your profits as well as decreasing your odds of having a problem renter. Once you know who you want to rent to, plan your property in a way that suits the renter. For example: it would be harder to rent a property to a college student when it is a 20 minute drive away from campus than it would be for a young family who works nearby. 

I have a renter, now what?

Make sure they have appropriate funds to maintain rent payments and that they have some form of renter’s insurance in case of any damages. You can do this by requesting things such as pay stubs and getting coverage information from their insurance provider. Also, make sure you have a sound contract or lease for the renter to sign that clearly states the term length, price, and when payments are due. Also, have the contract include rules and expectations such as noise rules, pet limit, and other fees that you may want associated with your property. 

At the end of the day, do not be afraid to Google a question or ask a more experienced owner for their advice - this business is very welcoming and people would be glad to help you. Be smart, maximize your profits, and have fun!

6 Tips to Make Your Home More Eco-Friendly

Brianna McHose - Wednesday, March 4, 2020

Investing in green initiatives is a must here in Colorado. Our beautiful state ranked 10th in the US for eco-friendly behaviors last year and is expected to rank even higher this year. Many establishments in northern Colorado are even LEED certified, which is becoming increasingly attractive to investors and young adults. Going green isn’t just helpful for the environment, but can also save landlords a lot of money. Here’s 6 easy ways to make your property more eco-friendly!

The 2020 Law All Colorado Landlords Must Know

Brianna McHose - Wednesday, February 26, 2020

Staying up to date on the laws affecting rental properties is so important as a landlord. Luckily, here at RentPro we’ve got you covered! So, let’s talk about the newest landlord-tenant Act that’s gone into effect this year. This Act is all about our least favorite critter… Bed bugs! 

Here’s what you need to know. First, if one of your tenants tells you that they suspect bed bugs you need to act quickly. The new law requires the landlord to have an official inspector conduct an inspection within 96 hours of receiving the tenant complaint. Next, the landlord must give written notice to the tenants of the inspector’s findings within two business days of the inspection.

What to do if the inspector does NOT find bed bugs: The landlord still needs to report the lack of findings to their tenant in writing. If the tenant isn’t satisfied with the inspector’s report then it is their (the tenants) responsibility to contact the local health department. No further landlord involvement is necessary unless determined by the health department.

What to do if the inspector DOES find bed bugs: Again, make the tenant aware of these findings through written notice. Next, the landlord has five days to carry out reasonable extermination measures that were determined by the inspector. The landlord will be fully responsible for paying the extermination fees. 

The good news is the landlord is not responsible for covering the cost of any damage that was done to the tenant’s personal property as a result of the bed bugs. Also, the landlord is not responsible for providing alternative lodging for the tenants during the extermination process. 

Bed bugs are definitely no good, but knowing the current laws affecting landlords is great. Make sure you’re following RentPro on social media to stay in the loop with all things property management.