Answers to your frequently asked questions
What Is Your Style Of Management?
Home Realty & Management offers a turnkey style of property management service for home owners and landlords that want the expertise of a property manager to handle the day-to-day duties of taking care of their South Denver home and tenants, without being bothered with the small stuff.
During the advertising and showing phase, we will be in communication every week with a status update.
After the tenant moves in, we let our clients know that “no news is good news” because typically when we’re reaching out to a client it’s because we’re repairing something and that costs money! So our goal is to find a good balance between being proactive and reactive, and having owned rental property we feel we fit this role well. For example, the last thing we want is for a client to find out from their HOA that they have to spend $4,000+ to paint the home. For us, we would consider such a notice to be an epic failure on the part of a property manager. Our routine visits at the home allow us to keep our clients informed about items such as exterior paint, and we will send video or photos letting our clients know that perhaps it’ll be time to paint the exterior trim next year, but we may have two to three years before the body paint is needed. This example shows our balance between the proactive nature of detecting an issue, but coming up with a plan that’s a bit more reactive in that the entire project doesn’t have to be completed right away. Similar to this, our modus operandi is “repair first, then replace” as we find it’s better to repair appliances to save time and money.
Our goal isn’t to pester our clients with the “small stuff under $200” but rather to keep our clients up-to-date with the matters which will have a significant impact on their monthly cash flow. Our clients trust us, and we trust our clients know that we have their best interest in mind day in and day out.
Our fees includes everything we do, so there’s no additional hidden fees, or mark-ups on vendor invoices. We also don’t “nickel and dime” our clients with extras, or try to up-sell our clients on a higher level of service. We work exclusively in the best interest of our clients, and every client gets our very best.
How Are Repairs Handled?
Home Realty & Management relieves you of the hassle of receiving maintenance calls and emails from tenants.
Our modus operandi is repair first, then replace. Most appliances are worth keeping, and it’s often quicker and less expensive to replace a part rather than the whole unit.
We strive for a quick turnaround as maintenance is the Achilles’ heel of the landlord/tenant relationship; happy tenants are more likely to stay in your South Denver rental home longer.
Tenants submit a maintenance request online through their tenant portal. Our goal is to respond to all repair requests the same day, and complete most ordinary repairs within 1 to 2 business days.
Before spending money on a service call, we attempt to troubleshoot and solve the problem. In many instances, we will quiz the tenant about the problem and attempt to solve it over the phone. This is usually accomplished with minor problems such as tripped breakers or GFI outlets (reset breaker), malfunctioning garage openers (check the eye-beams), disposals (reset button), dishwashers (wall switch), HVAC (thermostat not set properly, filter door loose or intake blocked), etc.
When repairs are needed, we will send our trusted vendors with whom established relationships and excellent communication exist. Our trusted vendors will provide quality service in a professional and timely manner. Many of our vendors have been working with us for 10+ years and we trust them to take care of the problem with our best interest in mind.
Once the work order is complete, you will receive an update. This way you will know in advance of your next monthly electronic receipt of rental proceeds.
Am I Involved With The Rental Price?
100% yes. Each client is presented with a detailed rental report consisting of several comparable rental homes. We use this information along with our managed homes to determine the rental range for your South Denver rental home. We don’t want to give away the farm so to speak, so many clients are okay with testing the waters at the higher price point at least for two weeks because we won’t know if we don’t try.
Home Realty & Management will provide a weekly showing update so you’ll be in the loop on how we’re progressing. We will recommend a price move when we feel it may be needed due to market conditions, and any price change is only made with your authorization.
What Is The Move In Process Like?
We conduct photo and video documentation of the home and exterior prior to move-in, and again after the tenants depart. This is our primary tool to document the condition of the home, and to demonstrate potential damage.
Typical move-in/move-out expenses:
- “Make good” items – we will move forward with minor “make good” items that come up between tenancy, e.g. paint touch-up, caulking, etc. that typically cost less than $500. Should improvements above $500 such as carpet and paint be needed, we’ll report in with an estimate for approval.
- Carpet and home cleaning – tenants expect to move into a clean home. We will arrange to have all of the carpets in the home professionally cleaned and deodorized, and the home professionally cleaned as needed. The tenant(s) will pay for the home and carpets to be professionally cleaned when they move out as required by the terms of their lease.
- Re-key – we will have a licensed contractor re-key the home for every new tenant. The tenant(s) and our company will be the only parties to retain a key to the residence; clients will not be provided a key to the residence for liability and safety reasons.
- Smoke alarms/carbon monoxide detectors/Fire extinguisher – we will have a licensed contractor ensure that smoke alarms/carbon monoxide detectors are working and properly installed per code, as well as install a fire extinguisher in the kitchen.
When And How Do I Get Paid?Owner distributions are sent via ACH directly into your bank account on or before the 10th day of each month. This allows time for tenant rental payments to fully clear in accordance with Colorado’s Good Funds Law. We also send a monthly owner statement via email one business day after the proceeds have been dispatched.
What About Pets?
Each client has the right to say “no” to pets, with the exception (under federal laws) of service animals.
Well over 75% of prospective tenants inquire about allowing pets in a South Denver rental home so being open to pets does make your property available to more potential renters.
Additional deposits run $250 per pet. However, if you feel very strongly about this issue, we will agree not to show your property to anyone with a pet. Our recommended guidelines:
- No more than 2 dogs
- No cats. Please check out this video to see why this new client was advised not to rent to cats again.
- Every applicant with pets performs a separate screening of their pets through a third-party company, petscreening.com.
What About Smokers And Marijuana?
Colorado and federal law allows a landlord the right to prohibit the use, possession, and growing of marijuana in any of our rental properties. Home Realty & Management does not allow marijuana in any of our rental properties.
Every Home Realty & Management property also prohibits smoking.
Why Should I Hire A Property Manager?
We understand that our clients are busy with lives outside of dealing with their rental property. Utilizing the services of a professional South Denver property management company relieves you from the burden of unexpected and untimely tenant and repair issues. It also provides you with a tested and true vendor team (via your South Denver property manager) to handle repair and maintenance issues at your rented home.
Having a South Denver metro property manager that lives within 20 minutes of every managed property handling the details of managing your rental home allows you to focus your time and talents on other matters in your life instead of worrying about your rental property. As an individual landlord, it would be hard for you to remain aware of all the laws and nuances of managing tenants and handling repairs. Home Realty & Management handles it all for you turnkey.
How Do I Get Started?
In order for Home Realty & Management to begin the process of managing your property we need the following:
- Executed property management agreement with accompanying W9. This is filled out online.
- Keys to the property, including mail box keys, if applicable.
- Garage door openers.
- Certificate of insurance, with Home Realty & Management as an additional insured.