Frequently Asked Resident Questions
We run full background checks (including criminal, credit, eviction, landlord, and civil) on all prospective tenants. We follow all applicable laws with application requirements and can work with varying levels of criminal/misdemeanor backgrounds (we do not take violent felons, violent misdemeanors, or assault). We will not take anyone with a prior evictions in the last 2 years or any apartment/landlord collections currently unpaid. With poor credit and/or previous evictions and collections, we may require additional deposits or other measures in order to approve an otherwise qualified applicant.
Also note, we physically call and verify income and employment on each applicant. We require VERIFIABLE income equal to 2 ½ times the monthly rental amount. We call references and previous landlords to check prospective characters.
Rental owners may also change rental qualification parameters based upon market conditions, so long as they are uniformly applied at a property.
We have a corporate account with Appfolio, which syndicates our ads to numerous rental sites. We list our properties on Facebook Marketplace and try to avoid Craigslist due to the amount of scams being put on potential renters. We also utilize our website to advertise all of our open listings with direct links for prospects to view details online at their own convenience and apply online as well. If the property is not on our website here, then it’s not currently available. Additionally, we physically use “For Rent” signs on the properties to receive additional interest and phone calls.
We look at other similar units/areas and conduct market studies to determine rental rates. Often rates are determined through the amount of showings and market rate of our own similar properties in the same areas. Availability, condition, amenities and timing are all factors we consider. We work with ownership to determine what goals they would like to achieve and then set an actionable plan in place to achieve them.
If a renter is in good standing with us, we send a letter to the current tenant 35-45 days in advance of their lease termination date generally with two options: a one-year rate and a month-to-month rate. We currently average about 3% increases unless the market makes a dramatic change in either direction.
Depending on market conditions, we attempt to do 3% increases. In discussing the plans with ownership and management, we develop a plan of action to keep increases in line with the market. We understand the importance of stability and the costs that unit turns incur. It is necessary at times to reconcile the cost of a unit turn with the possibility of driving a good tenant to vacate over a marginal amount.
On new leases, we normally offer only one-year leases when advertising a vacant unit. Lease renewals are generally given two options: one-year or month-to-month terms. Each option has a different price point depending on term and marketability. As in all things, lease renewals often can become a negotiation, but we attempt to maximize return and stability on behalf of ownership. On certain circumstances, we may offer a unit for a shorter term, but an increase in monthly rent would be required.
Turnover greatly depends on the property as we manage many different types of properties. Usually, once we get our management policies in place and get the residents that we have screened into the units, we would anticipate a low turnover rate. We have found a lower turnover rate means our community is run well and tenants are generally happier.
We generally have a very low vacancy rate. All our available rentals are on our website.
We conduct our evictions as follows:
Rents are normally due on the 1st and considered late at midnight on the 1st. Starting on the 2nd day of the month, a $25 admin fee may be assessed and a daily charge of $15 per day begins accruing on any outstanding balance of $50 or more. Depending on communication with a resident, anytime on the 2nd or later, tenants with outstanding rent balances are served with a 10-Day Notice to Pay or Quit, and an additional $50 posting fee is charged to the tenant.
Should the tenant not pay their rent in the 10 day period with all fees and a reasonable compromise not be reached, they are sent to the Eviction Attorney ($250) to begin eviction proceedings. Then we order a writ immediately which schedules the Sheriff to conduct the eviction ($150 but varies by County). Should it come to physical eviction, we usually need to have 3-8 workers at the site to remove all of the tenant’s belongings within 45 minutes. This cost to residents usually runs around $250 – $750, depending on help needed and amount of debris/furniture left behind.
We pride ourselves in great communication and reasonableness and we look to always avoid eviction proceedings. Most often, tenants will move-out when needed and work out a plan to pay their fees and charges in the future. There are big benefits of voluntarily surrendering the units promptly and in good condition.
We use an attorney-drafted lease, which has is vetted by the industry group and periodically updated in accordance with the changes in both legislative and judicial proceedings. We offer electronic lease signings for convenience, quality organizational record-keeping and to stay abreast of technology trends.
Addendums include: Lead-based Paint; Mold; Smoke-free (includes all forms of smoke unilaterally); Marijuana Addendum, Drug/Crime-free; Pest control; Property Rules and Regulations (Customized for the property); Keys and Parking Regulations; Smoke/CO Detector Addendum; Utility Billing (Per vendor); Pet Addendum; Parking Addendum; Move-Out Procedures; Asbestos Disclosure; Plumbing & Drains Addendum; and possibly others based on property
We strive to not disturb our residents unless needed. We try to do bi-annual inspections at the very least and will be active on the properties to see if anything needs done in or around the common areas. For our properties, we send out reminders to our tenants and look to have them report anything that is not working correctly and needs help.
The Crime Free Addendum allows us to address most issues related to police activity. Simply by causing the police presence by either the tenant or their guests, we can initiate eviction if needed. Most times we can handle the situation by communication and a warning letter but repeated or drastic violations are not tolerated. We enforce a strict policy against abuse or violent nature and we will do our best to always keep our properties free of crime or other major disturbances.
We do not take violent felons, and we will consider felons with non violent felonies or misdemeanors with a clean record since.
Tenants must have proof of a disability that warrants a need for a service animal in order for them not to be charged additional fees. A certificate obtained online and does not show proof, is not an acceptable document to avoid management acceptance/denial of an animal and/or additional charges. For more information, you may see the notice provided by the HUD as a reference for good information at: HUD Assistance Animals Notice
On our leases, we charge a non-refundable pet fee (not a deposit) of $250 with an additional pet rent of $25/mo per pet. All pet damage is treated as any other damage and charged to the tenant accordingly. We do not accept some types of aggressive dogs by nature, and do not allow cats in our properties.
We maintain separate accounts for security deposits. Currently we require at least 1 month’s worth of rent as a security deposit and could rise with low credit, collections, evictions, etc.
We issue each vacating tenant a Statement of Disposition of their deposit within 30 of 60 days of their surrender of the premises, in accordance with Colorado law. Of course each letter indicates any charges, balances due or refund amounts.