Property Management FAQ
What does your property management company do?
Crystal Pines Property Management is a full service property management company focused on managing single family homes in Colorado Springs, Monument, Fountain, Woodland Park, Peyton, and Elbert, CO.
What are your responsibilities as a property manager?
First and foremost for myself as a property manager I feel that my main responsibility is to promote the interest of my Owners with the utmost good faith, loyalty and fidelity.
What types of properties do you not manage?
We do not manage commercial property, apartment complexes, or agricultural properties.
Do you need to be licensed to manage my property?
To manage homes of others, Property managers must be and are licensed Real Estate Brokers in the state of Colorado
Are you licensed?
I have been a licensed Real Estate Broker in Colorado since 2013.
What do you do to get my property leased?
Once an owners property is in tip top condition, our process for leasing begins with taking marketing pictures which we use in our Appfolio management software.
We then write a description with all the pertinent facts and syndicate the ad out to over 30 websites across the internet. We field incoming calls and pre-qualify prospective tenants over the phone.
If they can tell us that they make at least 3 times the income versus the rent, have a 650 credit score or better, and have a clear background – then we will schedule a showing of the property.
How do you qualify a tenant?
Credit and background checks are done for all prospective tenants before being offered a lease.
What are your application requirements for tenants?
To qualify for one of our properties, tenants need to demonstrate at least 3 times the income versus the rent, have a 650 credit score or better, and a clear background check.
What animal restrictions do you typically have?
We follow an owner’s wishes regarding whether they allow pets in their properties. If they do allow pets, we do not allow agressive breeds of dogs, and we limit pet weight to 60 pounds or less.
What is the duration of your lease?
We typically write one year leases and when we have good tenants that demonstrate reliability and care of the property, we invite them to renew if the property is available again.
How do you make sure the tenant is taking care of my property?
Between my vendors and myself, we are typically in and around a property frequently. In combination, my vendors are in and around the property a minimum of 4 times a year, I conduct a 6 month walk through, and I pass out a tri-fold flyer to surrounding neighbors so they know how to reach us if needed as they are there every day.
What do you do if the tenant is not taking care of my property?
In my experience, because my vendors and I are in a property multiple times during the lease, the most damage to a property is either by pet damage or damage at move out.
Typically those items can be paid for out of a security deposit. Also if rent is between $1400 and $2800 a month, a tenant needs to have a minimum income of $4200 to $8400 a month meaning they have a responsible job that translates into consistent behaviors along with a minimum credit score of 650 which shows discipline in paying their obligations on time.
What do you do if the tenant does not pay the rent?
Rent is due on the first day of the month. If no rent has been paid through our Appfolio system on the 2nd day of the month we send out a notice to the tenant requesting payment.
If no response, then we place a call on the 3rd day of the month.
If still no communication, then we begin eviction proceedings.
That said, the Covid -19 situation has served as a stress test for our processes. We are proud to have a 100% payment of rents on all our properties in our portfolio during this unusual economic event. Our process of qualifying tenants is sound and we execute it on a consistent basis..
How do you take care of maintenance of my property?
We handle all aspects of maintenance of your property so you don’t have to.
Tenants are required to submit maintenance requests via their tenant portal in our Appfolio Software. From there we assign the appropriate vendor to schedule an appointment.
Owners are notified of the service request and tenants are notified of the name and contact information of the vendor assigned to their request. We have spent years cultivating and vetting a list of over 30 vendors for dependability, honesty, being punctual, good customer processes, and good accounting.
Our vendors are trained to be our eyes and ears whenever they are on site.
What if expensive repairs are needed?
When expensive (big) repairs are needed we have experienced vendors that provide their expertise in getting a job done efficiently, and effectively.
Large repairs are looked at through a lens of how long it is expected to last.
Are they doing a temporary fix, a repair that will last a few years, or a permanent repair. Examples of large repairs are flooring, roofs, exterior painting,
What expenses do you cover for my property?
You are fully responsible for paying for all repairs and maintenance on your property. We are here to schedule vendors and help facilitate access to the property
How do you report to me?
You receive a monthly account of all funds coming in and all repairs and fees going out with copies of all invoices via your owners statement.
What is your monthly management fee?
Our monthly management fee is 10% of the monthly rent.
What is your management agreement like?
Our management agreement is a straight forward 4 page document that outlines our respective responsibilities for working together to manage your property.
How do you deal with security deposits?
We handle the accounting for a tenants security deposit.
We take move in condition pictures – generally anywhere from 800 to 1200 shots of the interior to include the inside of appliances and cabinets, door jams, baseboards, windows, lighting, etc along with shots of the exterior lawns.
We then take move out condition pictures. If there are damages other than normal wear and tear, we send tenants before and after pictures for any repairs they are charged for.
Can you also help sell my property?
We are happy to help you sell your property. We work with highly experienced and seasoned Realtors that we can refer you to when the time comes.
How do I know that my property is performing as a Return on my Investment?
We are here to advise you on your real estate performance in all aspects.
As you know, the best financial decisions are made by having all the facts and information in front of you. We have created a data spreadsheet to analyze your property’s performance.
Our analysis provides a 5 year look at cash flow, expenses, depreciation for taxes, and market appreciation from date of purchase along with projected appreciation. On one page you have a snap shot of how your property generates income, what your tax advantages are, and how it has appreciated in value over time.
We also compare your existing loan rate to current market rates. All on a concise 1 page spreadsheet. This powerful tool helps to monitor how you are creating wealth by using other people’s money.
When and if the time comes to sell, the tax laws provide a process for moving your equity from one piece of real estate to another. Don’t pay un-necessary taxes. Please ask us for details.
Need Help With Your Rental Property?
Call now to talk to Amy Scheller about maximizing your rental property income.