New Owner FAQ

New Owner FAQ

[accordion_item title="How long will it take to rent my property?" parent_id="my-accordion"]The length of time a property is on the market depends on multiple factors. The number one factor is the price. A property priced too high above the average rent for the area can stay on the market significantly longer than if it had been priced appropriately at the start. Other factors include location, condition, and cleanliness. While we cannot guarantee how fast we can rent your property, our goal is to rent it in 30 days or less. However, in 2015, our median time to rent a property was 15 days![/accordion_item] [accordion_item title="How do you charge your fees?" parent_id="my-accordion"]Our fees are based on a percentage of the collected rent and are only charged when rent is paid. There are no up front fees and we do not charge for advertising. Simply put, if you’re not making money, we’re not being paid.[/accordion_item] [accordion_item title="Where will you advertise my property?" parent_id="my-accordion"]We primarily utilize internet based advertising. Studies conducted by the National Association of REALTORSĀ® have shown that prospects that come from internet advertising generally make more money and are better qualified than those coming from print based media. Internet advertising also enables us to reach prospects living out of the area looking to move to Denver. Your property will be listed on a minimum of 10 different websites to ensure maximum exposure. Which websites varies over time based on the response we’re receiving via those sites. We also place a sign on the property (unless prohibited by community covenants or restrictions) to target those prospects who are out driving around.[/accordion_item] [accordion_item title="Who pays for advertising?" parent_id="my-accordion"]We pay for all costs associated with the advertising in our program. Our philosophy is that we should bear the up front expense of advertisement as our incentive to rent your property. If there is any specific advertising that you want which is not included in our standard advertising program, that would be at your cost. Most of our owners, however, recognize that we are experts in the renting of homes and leave the advertising to us.[/accordion_item] [accordion_item title="Do I get a say in the rental price?" parent_id="my-accordion"]Absolutely! We manage the home; we don’t own it. We recognize that the rent price significantly affects your bottom line and as such, you absolutely have the final say in the rent price. We will conduct a market analysis for you to determine what we believe the average fair market rent is for the area and will highly suggest you market it at or near that price. With that information, you can determine what price you want.[/accordion_item] [accordion_item title="How do showings work?" parent_id="my-accordion"]We conduct all of the showings for you. If you are still living in the property, or you have a current tenant finishing up a lease in the property, we will call ahead to notify occupants of a scheduled showing. If it’s vacant, we will simply show at will. In all cases, we will install a lockbox on the property to house a key. WE NEVER GIVE OUR CODES OUT TO PROSPECTS and they will always be accompanied by one of our associates, or a Real Estate Agent with another firm. Due to our detailed advertising, we rarely have to show a property more than 2-3 times before it rents.[/accordion_item] [accordion_item title="Do you perform background checks on possible renters?" parent_id="my-accordion"]One benefit of renting your home through a management company is we have the ability to do thorough background checks. Our background check includes an evaluation of the applicant’s credit history, criminal record, and eviction history. Any felony conviction in the previous 10 years will automatically disqualify an applicant, as well as any evictions in that previous 5 years.[/accordion_item] [accordion_item title="Who prepares the lease agreement?" parent_id="my-accordion"]We do. We have a very comprehensive, attorney reviewed lease agreement that covers almost every possible situation that can arise in a Landlord/Tenant relationship. Our Management Agreement with you gives us the authority to sign the lease on your behalf eliminating the hassle of having to send paperwork back and forth between multiple parties. We always send you a copy of all leases we execute on your property.[/accordion_item] [accordion_item title="Do I get to hold the security deposit?" parent_id="my-accordion"]No. While we are managing your property, we hold all security deposits in our Escrow Account and in accordance with escrow procedures levied on us by the Colorado Real Estate Commission. This relieves you of having to adhere to the accounting requirements placed on landlords holding security deposits.[/accordion_item] [accordion_item title="When will I get rent each month?" parent_id="my-accordion"]Owner distributions of on-time monthly rental funds are conducted on or before the 10th day of each month. This allows time for tenant rental payments to fully clear in accordance with escrow laws.[/accordion_item] [accordion_item title="Do you inspect my property to ensure the tenants are taking care of it?" parent_id="my-accordion"]Yes. We have four different inspection types. The first is the Move-in Inspection which is conducted prior to the tenant taking occupancy to document the condition of the property. During the term of the tenant’s residency we will conduct frequent Drive-by Exterior Inspections to insure the lawn is being maintained, vehicles are being parked appropriately, and that the overall curb presence of the property is being maintained. The third type is a Full Interior Inspection which we complete at least every 6 months during the course of a yearly lease to ensure the tenants are maintaining the interior of the property and not causing any damage. The last type is the Move-out Inspection which is conducted after the tenant has fully moved all of their belongings out and turned in keys. We document the condition at that time and compare it to the Move-in Inspection to determine if a claim on the security deposit is necessary.[/accordion_item] [accordion_item title="How do repairs get handled?" parent_id="my-accordion"]We relieve you of the hassle of receiving maintenance calls from tenants. If the tenants have a maintenance request, they can either submit them to us online through the Tenant Portal or call our maintenance department which is available to receive calls 24-hours. We will notify and obtain authorization from you first prior to conducting any non-emergency repair exceeding $250. In the event of an emergency (i.e. pipe burst, electrical sparking, etc.), we will immediately dispatch a maintenance professional in order to prevent further damage and notify you as soon as possible. In most cases, the next months rent will provide sufficient funds to cover any repairs and it will not be necessary for you to send funds.[/accordion_item] [accordion_item title="What if the tenants don't pay rent or are damaging my property?" parent_id="my-accordion"]Our tenants are made aware upfront that delinquent rental payments are not tolerated. If rent has not been paid, or the tenant is otherwise not complying with the terms of their lease (such as damage), we serve the appropriate notices of non-compliance and, if necessary, will file eviction against the tenants to force them to move out.[/accordion_item] [accordion_item title="How is the security deposit claimed if there are damages to my home after the tenant moves?" parent_id="my-accordion"]After we complete the Move-out Inspection, we will determine what, if any, cleaning or repairs need to be made that are the tenant’s responsibility. We will then claim the security deposit accordingly. The procedure to claim a tenant’s security deposit is strictly governed by Colorado Statutes and we ensure we follow the procedure to the letter.[/accordion_item] [accordion_item title="Do you provide me with financial statements?" parent_id="my-accordion"]Yes. We provide monthly cash flow statements each month and make them accessible via the secure Owner Portal for download at your convenience. We also will prepare and send you an IRS Form 1099 at the conclusion of the tax year to assist you with the preparation of your income tax return as well as a Year End statement listing all income and expenses for the concluded tax year.[/accordion_item]
Denver Property Management