Property Management FAQ's
Answers to your common questions
How many properties does Premier Property Management manage?
We manage approximately 300 properties. We manage single family homes, condos, town homes and multi-family developments located in the Grand Valley.
What will my property rent for?
The rental market can be influenced by inventory, interest rates and general economic conditions. We conduct a market survey to ensure our rental rates compare to the local market. Keep in mind that rental rates are not an exact science. Homes in premium condition and in premium locations demand premium rent and homes in dis-repair will demand sub-average rent.
Please keep in mind…Tenants and the market are not sensitive to what the owner’s monthly mortgage is.
How long does it take to find a tenant for my property?
A lot depends on the condition of the property and the amount of rent being asked. Generally we rent homes in less than 60 days, however, some have gone as quickly as a day!
How does Premier Property Management market my property?
The marketing of your rental property includes exposure to our website and our rental list that is available 24 hours a day at our office. We are utilizing numerous rental web sites and referrals from local real estate offices. We also place a “For Rent” sign in the yard and/or window of the property.
Who shows my property?
We do. It is part of the service we offer. We have a dedicated staff member (a licensed real estate broker) who sets up appointments to show your home to prospective tenants.
Who checks out the tenants’ qualifications and background?
We do. It is part of the service we offer. We require tenants to complete an application. We conduct checks on general background information (previous landlord, employer, personal references and credit reports); we verify income and also check for any derogatory information relative to police records, arrests, bankruptcies and court ordered evictions. Our experience over many years has taught us that properly screening tenants is one of the most important steps in successfully managing your home. Spend the required amount of time screening and selecting the right tenants and the long-term payoff can be huge!
What are the responsibilities of the property manager?
We are a full service property management company.
- We can make mortgage, property tax, insurance and utility payments from all rent proceeds.
- We will show, evaluate prospective tenants, and sign the lease with new tenants.
- We will collect rent.
- Take all calls from tenants.
- Arrange for repairs (of course, you always have the ultimate responsibility for the maintenance and repair of the property). You can choose to do the work yourself or allow us to oversee all repairs. You can approve any repairs and capital improvements over an agreed upon amount.
- We will ensure repairs are done properly.
- We will send appropriate notices to tenant for late or nonpayment of rent, violations of the rules, etc.
- Coordinate and oversee evictions.
- Inspect property.
- Provide you with accounting of all money received and disbursed monthly, as well as keep a client trust account for deposit money. (State law regulates property managers as much as it does real estate agents.)
What expense would be tax deductible? Is the interest paid on the mortgage (or any part thereof) still deductible?
We recommend you consult your accountant prior to tax time. We would be happy to answer any questions your accountant may have.
What about when a tenant has not paid the rent? If we need to do an eviction?
Even a good tenant can have financial problems. In the state of Colorado, eviction occurs when the court enters an order for the tenant to vacate the property. As in most states, it is never legal for a Colorado landlord to evict a tenant without a court order.
We know procedures to properly evict a tenant.