Property Management Services FAQ
Answers to Frequently Asked Questions by many of our prospective clients
Why should I use a property management company?
Property management is a very unique profession. It requires interpersonal skills to communicate, negotiate, and execute agreements, accurate accounting and reporting for legal and tax purposes, thorough knowledge of properties and maintenance issues as well as maintaining relationships with quality and affordable vendors to keep the properties well maintained and repaired. In addition, it is vital to understand current market conditions in order to get the maximum rent possible. At The Colorado Springs Group, we take care of these things and more providing you with more spare time.
Why shouldn’t I manage my property myself?
Certain owners choose to manage their property themselves and some of them are very successful. With the time involved in collecting rents, arranging repairs, leasing units and handling emergencies, most owners have found that their time is more valuable spent elsewhere. Our property management company will have your best interest in mind and make you money on your investment. Other important considerations are the legal aspects of property management, we are well versed in tenant landlord law and stay abreast of the constantly changing Federal and State laws governing them.
Do you work with Military?
Yes we do. We understand what it’s like to own a home when getting PCSed. Sometimes it’s not possible to sell the home depending on the market, and sometimes people like the idea of having an investment property. We make sure your investment doesn’t become a burden, but rather an asset that will help you in the future.
What type of properties do you manage?
We specialize in the management of single family homes built after 1979.
What services do you provide?
Our services include but not limited to:
- Rental market analysis
- Preparation of Vacancies
- Advertising and marketing
- Vacancy showing
- Resident screening and lease preparation
- Rent collection
- Eviction and legal services
- Maintenance services
- Property Inspections
- Bill payment
- Monthly and Year End Accounting
- 24-hour emergency service
How do you determine the rental rate?
Rent amounts are determined by finding the “fair market” rent value of comparable properties in the neighborhood. We do extensive research using internet, the MLS, other management companies and our own expertise to provide the rental rate recommendation to you.
What needs to be done to prepare a property for rent?
The property should be in the best possible condition to attract a quality resident. Paint should be in good shape with marred or dirty areas touched up, carpets or flooring cleaned, needed repairs fixed, light bulbs replaced, carbon monoxide and smoke alarms installed and checked for operation. The home should be “detailed” clean and the yard should be maintained until occupied.
What websites do you use to market the property?
In addition to our own highly visited website, we post properties to over 200 different websites including very popular sites like Realtor, Zillow, Trulia and Hotpads.
When do you show the property?
We try to have open houses on the weekends so prospective residents can meet the property manager when viewing the home. If the property is occupied, we will schedule a time with the current resident.
How long will it take to rent the property?
Unfortunately, we cannot give you an exact time that the property will rent, however on average it takes us 3 days to get a lease signed from the beginning of marketing. We will work diligently to rent the property as quickly as possible while considering our most important objective is to have a quality resident.
Who is responsible for maintaining the yard?
Responsibility of lawn care is generally the resident’s but some owners will include this service, especially if it is a large yard or needs extensive care. We can advise you if we think providing lawn care should be included in the rental rate. While the property is vacant you will want to make sure the lawn is being cared for and it looks good since this is the first impression prospective residents have of your property.
Should I allow Pets?
Statistics indicate that 75% of renters own pets. Restricting pets reduces the number of available qualified residents. We typically market homes as pets negotiable. Certain dog breeds are restricted due to liability and insurance concerns, and certain home owner association bylaws.
What about smokers?
It is common to prohibit smoking inside the property. This does not significantly reduce the marketability of the property. We also prohibit the use of marijuana.
How do you screen prospective tenants?
We understand the importance of finding responsible and reliable residents. We require a detailed application from each adult. We will process the application by completing current and previous tenant verifications, income qualification, background, eviction and credit checks.
How long is the Lease?
Unless otherwise requested by the property owner, our leases are for 1 year. We always suggest having the lease term end in the months of May-September to maximize rent rates and have minimal vacancy. At the end of the initial lease term we either renew or place the next resident… we do not do month to month as the owner is taking on much more risk. We will typically contact you 30-60 days prior to the lease expiration to inquire about offering the residents another lease. We will also recommend any rent increases that we feel are justified.
Who maintains deposits received from tenants?
Security deposits are received from residents and maintained by our company in a trust account until the resident vacates at which time we deduct any amounts owed by the resident and refund the balance in accordance with Colorado State Law.
When do I pay the monthly management fee?
If vacant, the monthly management fee will not start until after we place a resident. The monthly management fee will be taken out of rent each month and the remaining amount disbursed to owners by the 10th business day of each month.
Can you pay my monthly bills?
We can pay monthly recurring bills associated with your rental property at no additional cost except for taxes, HOA dues and mortgage payments. These bills may include utility service, pool care, lawn care, etc.
When can I expect my monthly funds?
If rent has been paid on time you will typically receive payment by the 10th business day of the month. We will direct deposit funds into a checking or savings account of your choice.
Will I receive monthly statements?
You will receive a monthly owner statement with copies of any bills paid and they will be emailed to you by the 10th business day of the month. In addition, you will be able to create a login to be able to visit your owner portal to view any current or past monthly owner statements, bills paid, resident leases, renewals, and property inspections.
What is the $250.00 owner reserve fee for?
We maintain a $250.00 balance in each owner’s operating account to cover any expenditures such as repair and maintenance, utility bills, or other costs that may occur prior to receiving the next month’s rental payment. These funds are kept in a trust account.
Do you charge a markup on repair or maintenance issues?
We do not. The handling of repair or maintenance issues is included in the monthly management fee and we do not charge any markup or additional fees for bills submitted by vendors.
Who handles the maintenance and repairs for the property?
We use reliable, qualified and cost effective vendors to diagnose the issue and make the necessary repairs. We do not allow property owners to repair their own homes for several reasons. We can’t make exceptions but we will explain the liabilities and what we’ve witnessed in detail.
Who pays for maintenance and repairs for my property?
Our vendors are trained to identify problems caused by normal wear and tear which the property owner pays for versus damage caused by the resident’s abuse, misuse or neglect which the resident would be responsible to pay for.
Will you inspect the property when there is a repair request?
We do go out to the property to determine who to contact and what might have happened. We use reliable, qualified and cost effective vendors to diagnose the issue and make the necessary repairs.
What happens if the rent is late?
The rent is due on the first of each month and late fees assessed if rent has not been paid by 5pm MST on the 3rd of the month. If we have not received payment, we will contact the resident and then update you about the date we expect payment.
What happens if you have to evict my tenant?
If the resident becomes delinquent in rent and we cannot negotiate a payment plan we may advise legal proceedings to begin eviction, although this is rare. All of our evictions are handled through a Colorado based attorney specializing in tenant/landlord law. We provide eviction protection, which means we handle the cost of an eviction should one occur. We are the ones who select and place the resident, we feel it’s our responsibility if the resident defaults.
What happens if the tenant leaves before the end of the lease?
We will begin marketing the property for a new resident and the current resident will be responsible for the rent until the next resident moves in. There is no obligation to relieve the first tenant of liability should they decide to leave early.
How quickly do you contact me when my property comes vacant?
We typically send a letter or email and contact you by phone within 1 business day once we receive the 60 Day Notice to Vacate from the resident. We will recommend the new rental rate and begin marketing the property for a new resident. Once the property becomes vacant we will perform a move-out inspection and then call you to outline the property condition and any recommended repairs due to normal wear and tear. We have great relationships with our residents, and often we can accomplish updates/repairs before the current resident moves out which helps minimize vacancy times.
Who pays for repairs on my vacant property?
After the move-out inspection, we will determine if the past resident is responsible for the cost of any repairs, cleaning or damage above “normal wear and tear” and make those deductions from their security deposit. We want you to know that we consider this an important time in the management cycle, and we will protect your interest.
What if a tenant contacts me?
This rarely happens with our residents, but if it does please contact us immediately. Residents are not to contact owners and we make this clear in the lease. Our job is to take the worry and stress of management away from the property owner. Although we are required to put your name on the lease agreement we will never give a resident your address or telephone number, but occasionally residents contact owners using other means for this information. In such instances it is imperative to direct residents to contact our office for any requests. This provides continuity for residents and allows you time to relax.
Why should I hire The Colorado Springs Group as my property management company?
We understand you own an expensive and important investment. We are committed to maximizing your cash flow, minimizing the vacancy period, protecting your investment and achieving long-term relationships with you and your residents. We provide a higher level, and a more personable level of service while keeping the cost of that service much lower than other management companies.
What if I live out of state, or out of the country?
Roughly half of the owners we work with do not reside in Colorado. The only time this really affects how we do things is when it comes to phone calls or texting and factoring in the time differences. We simply get instructions from you on what works best for communication. If weekends are the best time to discuss things and you prefer to talk, we’ll make it happen. Email is always reliable for communication and remember we have the owner portal that’s available to you 24/7 to check in on the property at your convenience. For transferring funds, we have yet to hit a problem with owners getting their funds in a timely manner, or owners getting funds to us if there is a larger repair.
When can The Colorado Springs Group begin managing my property?
Once you have determined The Colorado Springs Group is the best fit for you and your property we can begin the process and start right away.
How do I get started?
You can contact us by email or phone and our experienced property manager will be happy to discuss our management services with you. Or, you can start by filling out the form on the right and our property manager will be in touch with you soon.