Owners

FAQ, Frequently Asked Questions

Over the years, we have often answered these common questions about Property Management. If you need additional help, contact us at rent@alertrealty.net or call 303-776-5156.

  1. Q: What are the benefits of owning rental property?

    A: Real estate is the key to wealth. Benefits include building equity with rents paying mortgage, appreciation of your assets over time, income sheltering through depreciation, and savings by avoiding repeated sales and purchase costs.

  2. Q: How long will it take to rent my property?

    A: Our marketing and the volume of inquiries generate results. However, the monthly rent, the condition of the property, the seasonality and general condition of the rental market are the largest determining factors. 

  3. Q: How much will my property rent for?

    A: The market determines the competitive rate, based on supply and demand pressures. We are sometimes asked to set the rent based on what the owner “needs.” Unfortunately, this method usually costs more money, delays the lease-up, frustrates both owner and property manager until the rent is reduced to what the market will bear. We are involved with the market all week long, every week, and can make a reasoned, experienced judgment.

  4. Q: How do you find good tenants?

    A: We market the property with newspaper and yard signs, attract applicants through name recognition and referrals, conduct thorough application screening with credit, criminal, income, landlord and reference checks. 

  5. Q: How is maintenance handled?

    A: We have a stable of reliable contractors and an in-house maintenance department that handle make-readies, routine maintenance requests, and emergencies anytime. Additionally, most use our purchase accounts with the local vendors that give discounts which are passed on directly to you. We use the least expensive and most expedient contractor available. 

  6. Q: What do I have to do to make it ready to rent?

    A: It has to be clean, attractive and presentable throughout, repairs completed, usually freshly painted, worn and torn items replaced, most deferred maintenance performed, with working hardware, electrical, plumbing, heating, mechanical and appliances. 

  7. Q: What types of accounting reports do I get?

    A: Every month you will receive a full accounting of the month’s activities. Cash Flows to show income and expenses at a glance, Balance Sheet to show a snapshot of the assets and accounts, a Detail that shows all the account’s activities and a Tenant Detail to show the status of each renter. 

  8. Q: What liability do I have with my rental property?

    A: This may be the most important question on the list and one of the most important reasons to hire a professional property manager. We have time tested systems and forms in place to reduce the risk to the owner to litigation with respect to fair housing, discrimination, public liability, eviction actions, security deposits, tenant screening, maintenance, and so forth. 

  9. Q: What kind of insurance do I need?

    A: Public liability that includes our company as an “also insured” party and protects you to at least the replacement cost of the property (and preferably double or triple that amount). Not all insurance provide this, please ask us if you need assistance in finding a company that does. 

  10. Q: Who actually handles my property?

    A: We all do. We’re a team with delegated tasks. The broker, Bryan, oversees all aspects of the management. He evaluates the applications, leases, rents, vacancies, maintenance, and accounting. Our leasing assistant is the first and main contact for prospects, applicants and renters. The bookkeeper looks after the accounts, pays bill, and generates your reports. Come in and meet us, we are all ready to answer your questions! 

  11. Q: What if the tenant breaks the lease, or otherwise violates it?

    A: Our goal is to spare you from those uncomfortable confrontations, we are fair but firm. They are responsible for the rent until the end of the original term or until re-rented, as well as reasonable advertising and re-renting costs. We make it clear from the start and then make a clear reminder of the obligations and consequences. If the violation is a lesser matter, we correct the situation and get things back on track. 

  12. Q: For how long do we sign an agreement?

    A: The initial agreement is for a year, but it can be terminated afterwards with 60 days of notice. 

  13. Q: How much do you charge?

    A: This is not just about cost of our services, it is the professional management of your property. We do not have a lease up fee, move-out fee, inspection fee, this fee, that fee, which pile up when the property is vacant. Other than actual expenses, we charge you only a commission based on a percentage of the gross rents. We stay motivated because we make money only when you make money. 

  14. Q: Why should I use your company versus another?

    A: We professionally deal with your property with your goal of profitability and security in the rental market. We are tough but fair with your tenants. We have a company built on stability and longevity, we are experienced and proven with tenant selection and relations, legal forms and procedures, repairs and maintenance, accounting, and conscientious service. 

  15. Q: What do I do next?

    A: Contact our office to set up an appointment so that we can answer any of your remaining questions. We have the professional property management experience and integrity to protect your investment and make it work for you.

And now we have some questions of you:
Q: What is your goal / objective for your property? Profit, security, cash flow, appreciation?
Q: What are your expectation of us? If we fulfilled these expectation, would you refer others to us?