Welcome or Register

Rental Owner FAQs

 

Answers to your common questions

Can I say that I do not want any pets or smokers in the house? How about children?

Pet owners are not a protected class. However, by eliminating them you are probably eliminating 60% of the people in the market for a rental house. Being open to pets does make your property available to more potential renters. Colorado Dream Properties requires additional Pet Fees for each pet of $400.  

All of our properties prohibit smoking (and marijuana BTW,) in the interest of protecting your investment, as well as the health of the neighborhood.

Children come under the protected class of "familial status" and it is not possible to discriminate in this way. 

 

Do you collect first and last month’s rent?

The most common move-in costs are:  

  1. The Security Deposit
  2. The first month's rent.

The security deposit is refundable and is generally equal to approximately one month's rent and held in a Trust Account as mandated by law.

 

How am I protected if the tenant damages the property?

A security deposit is taken at move-in in an effort to minimize the risk of tenant damage. Tenants who pass our screening criteria generally do not create any damages over the amount of the security deposit. Our screening process checks criminal, credit and eviction records as well as current and previous employment and former landlords/owners.  Should the tenants vacate the property owing more than is covered by the security deposit, the tenant will be billed. If the tenant does not pay, the account will be turned over to a collection agency. 

 

How will you find tenants for my house? How long will it take?

Your property will be advertised on our website, as well as several other local and national third party websites (including Zillow, HotPads.com and Craigslist). A Property Information Sheet will be prepared for your property with all the necessary information and pictures. This information is given to anyone who sees the property, and is provided to interested parties.

We are in frequent contact with many real estate agents in the area who may have interested clients as well. 

Vacancies generally last about two to four weeks from the time of availability.  However, Colorado Dream Properties takes great pride in its “hands on” approach to Marketing and locating a responsible tenant in a timely manner, often within a few short weeks from the time a property comes to market for rent. A property is considered available as soon as we receive notice from the existing tenant and permission from the owner to re-rent.

 

What happens if the tenant does not pay rent on time?

Currently, rent is due on the 1st of every month, and late by 5pm on the 3rd calendar day of each month. A vast majority of tenants pay their rent by this time. If not paid, Colorado Dream Properties will attempt to contact the tenant before initiating the eviction process, which start with posting of the 3-day Pay or Quit notice.  If rent has not been paid by the end of the notice period, Colorado Dream Properties will notify the owner and file at the courthouse for a FED (eviction) hearing, which will typically be within ten days. 

 

What happens if the tenant leaves before the end of the lease?

The tenant is responsible for the rent for the term of the lease. If they are forced or choose to leave prior to the termination date, they will be charged for the rent until the property is re-rented to acceptable persons under the same terms and conditions of the original lease. 

 

What needs to be done to my house before it is ready for rent?

The better the condition of a home, the better quality tenant that it will attract. Your home must be left in a professionally cleaned condition. The carpets must be freshly cleaned and all debris and personal belonging removed from the house. It is not always necessary to perform a full re-paint to a residence, but you should consider painting any room that has dirty or marred walls. A neutral color is best. Colorado Dream Properties will be happy to discuss any necessary repairs or painting with you. Neutral window coverings such as blinds should be left, but not curtains that match a particular bedspread or couch. Tenants moving into a rental property do expect some sort of window coverings to be provided for privacy and safety.

The tenants are always required to maintain the yard in the condition it is provided to them during the term of the lease. Therefore, the yard should be freshly mowed, weeded, trimmed and the leaves and debris removed.  

You may also choose to use a lawn service to maintain your lawn if you so desire.  This charge can be passed on to the tenant and can benefit you when it comes to remarketing the property for rent as the lawn stays in good shape throughout the year. 

 

When do I get my money each month?

The rental funds must have cleared their banks before Colorado Dream Properties can begin disbursing funds and statements provided to owners.  Your contract will have a detailed date that your rents will be disbursed to you each month.  The statement will summarize all activity on the account for that month. 

 

Who does the repairs on the properties you manage? Can I use my own contractors?

Colorado Dream Properties utilizes outside contractors we have known and trusted for years. Many of our contractors and vendors have a long-standing relationship with our company and are available 24 hours a day for emergencies. We also only use contractors that are reasonably priced!  Owners are billed for the amount invoiced with NO MARKUP FEES.

 

Will I get called in the middle of the night with emergencies?

Colorado Dream Properties will handle all emergency and non-emergency repairs.