When you own a rental property and you are considering property management, chances are you have many questions. What do property management companies do? What are the responsibilities of a property manager?
Colorado Realty and Property Management, Inc. makes it easy to get the information you need. View our list of frequently asked landlord questions below to find the answers to your inquiries. You can also contact us for more information and even get a free rental estimate.
Colorado Realty and Property Management, Inc. is a full-service property management company focused on helping homeowners become successful landlords.
We effectively manage your rental property through:
- Analyses of rental rates and trends
- Property advertising and marketing
- Applicant screening and selection
- Lease execution
- Coordination of maintenance and repairs
- Management of Move-in and Move-outs
- Rent collection
- Financial management and bookkeeping
- Property Assessments
- Tenant management and lease enforcement
- Lease renewals
- Knowledge of and Compliance with local laws
- For more details about our property management services, view our full-service property management page.
We specialize in Single-Family homes, Condos, Townhomes, Duplexes, Triplexes, Fourplexes and small residential buildings.
We do not manage large apartment buildings, commercial properties, or do HOA management. We aren’t interested in managing homes with chronic repair issues or conditions that might adversely affect the health or safety of a tenant.
Yes. Our Property Managers, Broker and Real Estate Agents are licensed real estate agents and REALTORS®. Our administrative and maintenance staff are not required to be licensed.
Yes, we are members of the following:
- National Association of Residential Property Managers (NARPM)
- Denver Chapter of the National Association of Residential Property Managers
- Broomfield Chamber of Commerce
- Boulder Area Residential Housing Association (BARHA)
- Leading Property Managers Association
- Better Business Bureau
- National Association of Realtors
Renting homes is highly dependent on marketing. We acquire tenants through internet web searches, sign placement, walk-in business, and referrals from satisfied clients.
- WORD OF MOUTH / REFERRALS – We regularly receive referrals from our current and past tenants, friends of our tenants, and from other Broker’s agents.
- INTERNET LISTINGS – We have developed a comprehensive web presence, which provides information on rental homes that are currently available.
- CORRECT PRICING – Even the best properties will not lease quickly if overpriced. We analyze the market to be certain your property is priced according to current market conditions.
- THOROUGH PREPARATION – The most desirable properties, even when priced well, will not lease quickly if they are not in top condition. Properties must show well and have “curb appeal”. We make sure your property is presented in a clean and attractive condition so that it will catch the attention of a good, qualified tenant.
- COORDINATE IN PERSON SHOWINGS – When the property is vacant, we place a codebox lockbox on the property that allows it to be shown 7 days a week, 8am-8pm daily.
- PROFESSIONAL PHOTOS -- Professional photographs on every listing and update the photographs when needed or changes have been made to the property.
Normally, there are several factors that can make a property difficult to rent – undesirable neighborhood, the property doesn’t show well, pets are not allowed or the rent is not competitive. If one of the last two problems appears to be a factor in marketing your property, we will make suggestions to correct them. We do our utmost to keep all properties rented, not only for your benefit but also because our income is based on a percentage of the rental income.
We look at an applicant’s past behavior and assume their future behavior will be the same or similar. An applicant must demonstrate a history of being a good, responsible tenants as well as meeting our screening requirements, as outlined below.
Credit Score: All applicants must have a TransUnion Vantage score (individual or group average) of 620 above to qualify. A TransUnion Vantage score of 619-550 (individual or group average) will require additional deposit and a risk administration fee.
Income: All applicants must earn a (combined gross income) minimum of 3 times the monthly rent.
Criminal: Criminal, Sex Offense, and Terrorist Database Check: We will check these databases for all occupants over 18. We do not rent to any person required to register as a sex offender. Criminal backgrounds involving violent crimes, prostitution, domestic violence, arson and/or involving the possession of weapons or illegal substances are all grounds for denial of an application.
Bankruptcy: Bankruptcy may be grounds for denial.
Rental History: A clean rental history free of evictions or outstanding balances.
Multiple Applications: In the case of multiple applications we do not operate on a first come/first serve basis. We run credit on all fully submitted applications and the final decision is based upon a point system mainly derived on Credit Score. In the event that there was a more qualified applicant Colorado Realty and Property Management, Inc. will hold their application for 90 days should the applicant decided to move the application to another listing in Colorado Realty and Property Management, Inc.'s portfolio.
Pets: Pets are allowed at the owner’s discretion, no dogs of an aggressive breed (list can be found below) and a $250 additional deposit is required per pet plus pet administrative fees upfront and monthly. Only two pets allowed per property. All approved applicants are required to acknowledge our pet policies regardless of if they have a pet or not through a third party service, petscreening.com.
Yes, “Restricted Breed Of Dog” shall mean any American Pit bull Terrier, American Staffordshire Terrier, American Wolf dog, Staffordshire Bull Terrier, American Bulldog (Old Country Bulldog), Dogo Argentino, Canary Dog (Canary Island Dog, Presa Canario, Perro De Presa Canario), Presa Mallorquin (Perro de Presa Mallorquin, Ca De Bou), Timber Shepherd, Chow-Chow, Rottweiler, Doberman Pinscher, Akita, Tosa Inu (Tosa Fighting Dog, Japanese Fighting Dog, Japanese Mastiff), Cane Corso (Cane Di Macellaio, Sicilian Branchiero), Fila Brasileiro or any dog displaying the majority of physical traits of any one (1) or more of the above breeds. This list is subject to change.
No properties will be rented “sight unseen”. If a prospect applies for a property without viewing it first, their application will be denied and the application fee retained. A friend or family member can see the property on their behalf if they are unable to view it themselves.
The accuracy of the property advertisements and their current availability can only be verified by visiting ColoradoRPM.com. All other outside sources should be deemed unreliable.
All photos are of the actual properties unless noted but are only representative of the size and space of the interior. Applicants must view the property in person to determine if the size and space of the property is acceptable to their needs and wants.
All leases are in writing and normally cover a period of one year. Longer or shorter leases are approved after discussion with the property owner. During slower rental periods, we accept leases for less than one year, or more than one year, in order to have the lease expire during a more active rental period. On occasion we may elect to place a tenant on a month to month to accommodate a sale of the property by the owner or moving the property into a more active rental period like the summer months.
During the lease term, we may have occasions to enter the property for repair or maintenance reasons and will use that opportunity to examine the property.
In addition, we will generally schedule a property assessment walk-through to see how the tenants are maintaining the property. We make sure the air filter is being changed, that the smoke and CO alarms have batteries and that there are no unreported problems at the property.
We will also schedule a visual assessment walk through prior to offering a renewal on a lease. This protects both you and your property. The right for us to make routine assessments of the property is part of the tenants lease agreement.
We give them an opportunity to correct the situation, and usually they will. If a problem persists, we will make a decision based on that specific situation.
Rent is due on the 1st of the month and late on the 2nd.If payment has not been made by the 2nd day of the month, we send the tenant an email letting them know that we haven’t received the rent. If we get no response from the tenant by the 3rd, then we post a 10 day demand for rent or possession of the property.
We will update you with progress reports as we handle situations outside routine maintenance or if there has been an emergency. You’ll hear from us when you need to hear from us. Of course you are welcome to call at any time and get an update, or visit our office and chat with our team.
Our general rule of thumb is this; if something has happened, or is about to happen, that will disrupt your ordinary monthly cash proceeds by more than the $300 amount in your reserve account; we will let you know about it. We will call to let you know what has happened and the expected financial impact on the following month’s statement.
If something may cause a potential interruption in your ordinary cash flow (loss of tenant or major repair), we will let you know about it right away. Otherwise non-emergency items will be notated in your monthly statements.
Tenants may submit requests through their tenant portal. For emergencies, they may call our emergency line. Once we have determined whether or not the issue is considered an emergency and needs to be handled after hours, we will dispatch the appropriate vendor to control and handle the emergency. Tenant safety is absolutely the top priority.
After receiving a routine repair request, we will contact the tenant and ask them questions in order to help us determine the exact nature of the problem before sending a service technician. We make sure it is not something the tenant can fix themselves (ex: reset button on the disposal, tripped breaker etc.) before your money is spent on a service call. After determining that it is a legitimate problem, we will send the appropriate service vendor to make the repair. We tell our tenants that we are able to handle most repair requests within 1 to 3 working days. Comfort items such as air conditioning, no hot water or heat, receive highest priority and are usually attended to the same or next business day.
Yes, we require a $300 reserve for in-state property Owners and $500 reserve for out of the country Owners per property in your account so that there are always funds to pay the vendors for minor repairs. For multi unit properties, the maintenance reserve is established on a case by case basis.
This is the greatest fear of most new owners. We promise in writing not to do that. Ordinary maintenance and repairs of less than $300 are paid out of your account, and you will see this in your monthly statement.
If we think a repair might exceed $300 and if we are unable to reach you, we may initiate repair work even if it is higher than $300 as stated in the management agreement; for the following cases:
- the health or safety of a tenant is an issue;
- the property will incur damage if immediate action is not taken,
- In instances where there is only one option to consider.
We would only be acting in your (the owners) best interest.
No, we only use our qualified vendors. We are not able, for liability reasons, to use your friends or relatives to perform work on your home unless they are in fact licensed vendors and they can provide us with the necessary documentation and insurance.
We will be happy to invite them to join our vendor list if they are qualified and insured, and they agree to sign our Vendor agreement. We already have a stable list of very qualified and reasonably priced vendors that we have used for many years. If a company you prefer wants to be added to our vendor list, they can contact us and we will interview them and let them know what is required.
Our professional reputation, with both tenants and owners, is largely, if not entirely, determined by how well we handle maintenance. Therefore, we follow a practice that is most likely to ensure the best possible response and resolution to problems.
Yes, however we prefer that the owners do not use a Home Warranty Company to make repairs at their rental property. We have had lots of problems with home warranties.
You don’t have control over who does the work and neither do we. The home warranty provider contracts with local service companies to perform the actual inspections and repairs. You don’t get to choose, and scheduling repairs can sometimes be very difficult. Sometimes the service technician may also try to sell you unneeded services. Most of the time it takes longer to get things done.
So what is a homeowner to do?
Many consumer advocates would say it’s better to “self-insure” — setting aside a reasonable sum each year to cover routine maintenance and finding reliable local contractors to do the work.
We do not have inhouse maintenance and only work with qualified contractors that meet our requirements including providing us with Liability and Workman’s Comp insurance and proof of license if required.
Absolutely! We can deposit your rent proceeds directly into your bank account by ACH direct deposit. We can only deposit money into your account.
You should receive your statement and rent proceeds no later than the 15th providing the property is occupied and the rent has been paid on time. Rent proceeds disbursements are made by ACH direct deposit into the owners’ accounts and statements are available the same day. We email owners the same day that they receive their deposit that their statement is available through their Owner Portal.
We will pay your lawn service and any other bills or invoices generated as a result of repairs, utilities or other services to your property. We will not pay mortgage or insurance payments on your behalf, however we will pay HOA dues for a one-time fee per year.
Our monthly management fee ranges between 8-10% depending on the number of properties we manage for a particular client. Please contact our office for more details and/or view our pricing page.
Our fees are very competitive, and therefore are non-negotiable. We realize you can probably find a cheaper property manager, but the price should not be the determining factor in deciding whom you hire to manage your property.
The ultimate cost of using a property manager is determined by many things other than the fee we charge, namely, the efficiency and manner in which we handle problems. We feel that our services, our systems, and the experience and expertise we offer are a very great value at the fee structure we have established.
Yes, we are a full service brokerage, and licensed by the Colorado Real Estate Commission to sell as well as manage properties. We sell lots of properties every year! Our agents are well trained in property management procedures and in the sale or purchase of residential investment property. They would be happy to assist you in either the purchase or sale of residential or investment properties. Our property owners receive a discount if they use our agents to represent them in the sale of their properties.
No. We are responsible for our own agreements and use Attorneys to develop and write our Property Management Agreement. It is not likely that two different property management companies will have the same agreement.
Who holds the tenant’s security deposit?
All security deposits are held in our deposit trust account until the end of the tenancy.
How much security deposit do you charge the tenant?
Normally we require an amount equal to one month’s rent. There are situations when we require more.
Do not talk with your tenant. Don’t discuss anything with your tenant. That’s why you hired us. We have systems and procedures in place to document all communications with the tenant. Our entire team is trained on customer service, best practices, and Fair Housing. Frankly, we recommend blocking the tenants numbers.
We will never release your contact information to the tenant.
We can start the process immediately. Contact us so we can find out more about you and your property, and see if we’re going to be a good fit.
Please contact us if you have other questions or wish to discuss letting us handle your property.
No. Multiple listings confuse listing services, as well as potential prospects on both the for sale and for rent side. We do not want there to be a situation where a property is accidentally promised to a tenant and a potential buyer. If legal binding documents are signed by a buyer and new tenant at the same time can become a very big problem.
Property management is our primary function, and we are looking to foster relationships with homeowners looking to become successful landlords.
We do not. Our experience shows us that renting a unit furnished actually decreases the number of potential tenants who will consider the property. There are fewer people looking for furnished units.
And thinking long term, we can’t maintain the furniture like we can the rest of the house. We can paint walls and clean carpets, but the furniture would just get older and less valuable each year.