Answers to your common questions
How long has your property management company been in business?
Our company has been proudly serving the Front Range since 1986. In choosing a property management company, you want to make sure you go with a company that specializes in property management and has a long, proven track record. Choosing a company with strong ties to the community and local expertise will always be most beneficial for your investment.
Are you licensed?
Every member of the Phoenix Realty and Property Management, Inc. team is a licensed real estate broker and REALTOR®. The State of Colorado requires that all Property Managers maintain a valid real estate broker’s license in good standing with the Department of Regulatory Agencies (DORA) to practice property management.
What type of properties do you manage?
Phoenix Realty and Property Management, Inc. manages rental properties that include single-family homes, townhomes, condos, duplexes, triplexes, and fourplexes. If you are unsure if we manage your type of property, give us a call!
What associations do you belong to?
Phoenix Realty and Property Management, Inc. belongs to the following organizations:
- National Association of Residential Property Managers (NARPM)
- Denver Chapter of the National Association of Residential Property Managers
- National Association of REALTORS® (NAR)
- Colorado Association of REALTORS® (CAR)
- Boulder Area REALTOR® Association (BARA)
- Lafayette Chamber of Commerce
- Broomfield Chamber of Commerce
- Boulder Chamber of Commerce
- Better Business Bureau
How are applicants screened?
Applicants are screened through a variety of different modalities. First and foremost, a hard pull on an applicant’s credit is initiated by a qualified Phoenix Realty and Property Management, Inc. employee. The applicant’s credit score and credit history is analyzed against a strict criteria. The applicants are then run through a national criminal database, as well as a national evictions database. Additionally, applicants then have their income verified, as well as a positive rental history or proof of homeownership. For more specific criteria relating to how applicants are screened, please contact our office today!
How long of a lease do you sign?
Most lease terms normally last twelve months. Longer or shorter leases may be offered in an attempt to allow the lease term to expire in the spring and summer months, when rental activity is at its highest. This is typical of a lease that commences in a slower time of year.
Can you put the money directly into my account?
Phoenix Realty and Property Management, Inc. deposits all available rental funds into Owner accounts via direct deposit by the 15th of every month.
How do I know you won’t spend my money on large repairs without my approval?
This is the greatest fear and a legitimate concern for most owners. Per our Management Agreement, we contractually promise not to authorize repairs in excess of $500 without your approval. Ordinary maintenance and repairs of less than $300 are paid out of your account, and you will see this in your monthly statement.
If we think a repair might exceed $300, we often do our best to contact you to discuss the nature of the repairs; however, if we are unable to reach you, we may initiate repair work even if it is higher than $300, but less than $500. Additionally, as stated in the management agreement, we may authorize a repair for over $500, only if one of the following cases is present:
- The health or safety of a tenant is an issue;
- The property will incur damage if immediate action is not taken;
- In instances where there is only one option to consider;
- We would only be acting in your (the owners) best interest.
Who holds the tenant security deposit?
All security deposits are held in our deposit trust account until the end of the tenancy. At the end of the tenancy, Phoenix Realty and Property Management, Inc. will inspect the property and determine the applicability of any security deposit funds, itemizing any withdraws and returning to the tenant within the bounds of Colorado law.
Am I required to make my property available to Section 8?
Per Colorado Law, you are NOT required to make your property available to Section 8. As a company policy, Phoenix Realty and Property Management, Inc. does not accept Section 8 tenants.
Can I use a Home Warranty Company for repairs, is that ok?
We prefer that the owners do not use a Home Warranty Company to make repairs at their rental property. We have had lots of problems with home warranties.
You don’t have control over who does the work and neither do we. The home warranty provider contracts with local service companies to perform the actual inspections and repairs. You don’t get to choose, and scheduling repairs can sometimes be very difficult. Sometimes the service technician may also try to sell you unneeded services, as well as require payment at time of service, which is not a responsibility that should be placed on your tenant.
So what is a homeowner to do?
Many consumer advocates would say it’s better to “self-insure” — setting aside a reasonable sum each year to cover routine maintenance and finding reliable local contractors to do the work. However, if your appliances are relatively new and carry a manufacturer’s warranty, we will do our best to honor the warranty, but not at the expense of providing reasonable and reliable service to the tenant. Remember, happy tenants mean less tenant turnover and lower costs!
How soon can you start managing my property?
We can start the process immediately. Contact us so we can find out more about you and your property and see if we would be a good match for your wants and expectations.
Do you sell real estate too?
We most certainly do! As previously mentioned, all of our employees are licensed real estate brokers and REALTORS®. If you are interested in buying or selling a property, please let us know!