Frequently Asked Questions from Owners
Are you thinking about turning your property into a rental home? You’ve come to the right place. We know you probably have a lot of questions. Here are some of the most Frequently Asked Questions (FAQs) we are asked by Property Owners.
If you still have questions about how to rent your property in Colorado Springs when you’re done reading this, call All Seasons at: (719) 632-3363, and we’ll do our best to answer your questions! Also, there are more Owner Resources available on our website at: http://all-seasons.com/owners.
Q: Are you licensed?
A: Yes. Our company is licensed through the Department of Regulatory Agencies in Colorado. We have 4 licensed Real Estate Agents in our Property Management Division and 3 licensed Real Estate Agents in our Sales Division.
Q: Do you sell real estate, too?
A: Yes, our sales team is top-notch, and often assist our clients with selling their investment property when the time comes. Often times the Resident will even purchase, making it a win-win for everyone. Our lead Sales Agent, Suzi Adamson, would be glad to assist you. Her website is: http://suzisellscolo.com.
Q: Can I reach you after hours?
A: We have a 24/7/365 emergency line for true emergency matters. Otherwise, your assigned Property Manager is best reached using email or phone. However, they may not respond until the next business day.
Q: What type of properties do you manage?
A: We manage Single Family Homes, Townhomes, Condos, and Duplexes.
Q: How soon can you start managing my property?
A: With very few exceptions, we can typically have your property officially under our management (and marketed, if applicable) within 3 business days of receiving the signed Management Agreement paperwork and applicable funds. Prior to the Management Agreement paperwork being drafted, we would need to have our Online Questionnaire completed and a site visit conducted. That process can typically be done within 4 or 5 business days, if expedited on your end.
Q: Do I get to see the lease or sign it?
A: Our Lease is available for review upon request. It is signed by the Managing Broker.
Q: How long of a lease do you sign?
A: Our Leases are typically 12 months initially, but can vary in the slower times of year--especially if we’re trying to get the property to have a more ideal time of year for potential vacancy. If the initial lease term goes well and our walkthroughs have given indication that the Resident is taking proper care of the property, we will typically offer a 12 month lease extension at that time. Of course, the rent rate and lease extension details are all communicated with the homeowner ahead of the offer being made to the Resident. We generally do not do anything longer than a 12 month lease to begin with, in an effort to ensure the Resident will be a good fit with our company and the home before extending for any longer period of time.
Q: How much security deposit do you charge the tenant?
A: We charge security deposit that is the same amount as one month’s rent. With exception of the cost to rekey, it is fully refundable, provided the Resident performs all move-out requirements for cleaning, carpet cleaning, etc., and there is no damage or past due balances. If the party has a pet (that the homeowner allows), we require them to pay an additional security deposit that ranges from $300 - $1000, depending on the age of the pet and whether or not the flooring is new.
Q: Who holds the tenant security deposit?
A: All Seasons, LLC, CRMC holds and disperses the security deposit. We also handle the security deposit accounting as part of our normal duties.
Q: How is rent collection handled?
A: Rent is due on the 1st of each month and is considered to be late after the 5th. If rent has not been paid as of the 6th, or nearest following business day, our office will physically post a Demand for Rent or Possession notice to the property. The Resident then has 3 business days to make payment or vacate (while still remaining liable for lease breaking penalties). If the payment hasn’t been made, nor possession of the property surrendered, our office will typically then turn the Resident over to our attorney to begin the eviction process.
Q: How and when do I get my checks?
A: Rent proceeds are typically electronically deposited into your bank account. This takes place between the 8th and the 12th of each month, depending on how the business days for that particular month layout.
Q: Can you put the money directly into my account?
A: Yes. We offer (and prefer) to make deposits of your rental proceeds using Electronic ACH.
Q: What type of reports do I get and how often
A: We send a monthly statement when rent proceeds are deposited between the 8th and 12th of each month. Upon request, we are happy to provide copies of Interior and Exterior Assessment Reports.
Q: Am I required to make my property available to Section 8?
A: Not at this time. Some states have passed legislation that makes Source of Income a protected class, that in turn would require you to accept Residents on Section 8. Colorado has not passed this legislation to date, and so we are not required to accept Residents on the Section 8 program.
Still have questions about renting your home in Colorado Springs? Call All Seasons today at: (719) 632-3363, and we’ll make sure your questions are answered! And don’t forget to visit: http://all-seasons.com/owners for more great information.