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Best Practices for Lakewood Rental Property Deposit Accounting

Susan Melton - Thursday, May 11, 2017


At Assured Management, we have been successfully managing homes for rent in Lakewood, Colorado since 1987. Our mission is to provide quality property management services to rental property owners and their tenants while managing single family homes in Littleton and the west side of the Denver metro area. Today, I’m sharing tips and best practices on rental deposit accounting. 


Property Management Lakewood: Collecting Security Deposits 


Landlords know that collecting additional funds from new Lakewood tenants to be held up front is a good idea. Your lease or rental agreement with the tenant should specify how much you’re collecting, what may be charged at move out, and how the deposit will be returned to the tenant. The most important tip I can give you is to read up on Colorado law regarding the collecting, holding, and dispersing of deposits. It can cost you dearly if you don’t understand the law, and you mishandle a tenant’s deposit. Remember, the deposit belongs to the tenant and any charges to it must be legally documented and accounted for. In Colorado, a full accounting of the deposit must be provided to the tenant within 30 days of that tenant moving out of your Lakewood rental property. It’s a good idea to do this even if there are no charges. 

Renting Lakewood Property: Documentation 


Another important tip is to keep your receipts. Keep a copy of all the expenses you incurred while making the Lakewood property ready for new tenants. Any expenses from repairing tenant-caused damage after move out will be relevant. Photos and videos that reflect the condition of the home before tenants moved in and after tenants moved out can be invaluable. The management team at Assured handles every deposit accounting as if it was being presented as evidence in a court case.  

Property Management Lakewood: Wear and Tear 


Don’t charge for normal wear and tear. It can be upsetting to see the condition of your rental property after a tenant has vacated. Sometimes, it’s difficult to determine what is damage and what is normal wear and tear. Be sure not to charge for damage caused by a tenant using the property for its intended purpose.  

We can handle the entire security deposit accounting process for you. If you have any questions, please access our knowledge and experience, and contact us at Assured Management. We’d love to tell you more about Lakewood property management, and answer any questions you have.

Tips on How to Prepare Your Lakewood Rental Property for New Tenants

Susan Melton - Wednesday, May 03, 2017


At Assured Management, we have been successfully managing homes for rent in Lakewood, Colorado since 1987. Our mission is to provide quality property management services to rental property owners and their tenants while managing single family homes in Golden, Wheat Ridge, and the west side of the Denver metro area. We’re talking about how to prepare your rental home for new Lakewood tenants.  


Renting Lakewood Property: What to Do

 
Landlords can have many questions when it’s time to prepare a rental property and get it ready for new tenants. The kitchen and bathroom may be older, and they might think about remodeling those rooms. If pets are going to be allowed, it might seem sensible to leave a carpet that is smelly and stained. Landlords often ask if they should remove drapes and install blinds. Most of the time, total remodeling is not necessary.  

Property Management Lakewood: Cleaning and Updating 


It’s always a good idea to repaint or touch up the walls so the property will look its best and show well while vacant. You want to make it easier for prospective tenants to visualize living in the home. Have the carpets cleaned professionally. If the carpet is damaged, stained, or smelly, it should be replaced. For window coverings, you want neutral, functioning blinds on all windows. Updated appliances are also good in the kitchen. Have the home professionally cleaned. No one wants to move in and clean up a mess that someone else left behind.  

Lakewood Rental Property: Safety and Compliance 


All exterior doors need functioning deadbolt locks and all windows should open, close, and lock freely. Colorado law requires working carbon monoxide and smoke detectors. Fire extinguishers may be required, so check with your city or county. If your property is in an HOA, there may be additional requirements. 

The management team at Assured Management has experience dealing with all the details of tenant move in and making your property ready. We’ll walk through and create detailed records of the move in condition. We know how to simplify a potentially stressful situation. Once your tenant has moved in, our maintenance team will set up a schedule of preventative maintenance so minor problems do not become expensive emergency calls later. We can help owners plan for future upgrades like deck refinishing, heating and cooling maintenance, and shrub and tree trimming. 

If you’d like to hear more about Lakewood property management, we’d be happy to talk to you more and answer any questions you may have. Please contact us at Assured Management.

Why Work with Assured Management in Lakewood, CO

Susan Melton - Wednesday, April 26, 2017


Assured Management is a personalized residential property management company successfully managing homes for rent in Lakewood, Colorado since 1987. Our mission is to provide quality property management services to both owners and their tenants for single family homes on the west side of the Denver metro area. Today, we’re telling you why you should hire us to manage your Lakewood property.

Property Management Lakewood: Time and Resources

Most people know that owning a Lakewood rental property can be a solid investment. It can also be a hassle. Imagine trying to juggle your career while also dealing with tenants who may be late paying the rent or who urgently need something repaired. Many years ago I met a man who owned a nice duplex and decided to self-manage it. George was determined to succeed, but he was a devoted family man with a career and a tax practice that he ran on nights and weekends. He knew the benefits of owning rental property and wanted to maximize his return on investment by managing and repairing the property on his own. We chatted on and off over time about rent collection, leases, and attorneys with eviction experience. A few years later I ran into him and asked him about the duplex. He said he sold that property because he was spending all of his free time fixing the property, collecting rent, listening to his Lakewood tenants complain, and cleaning up messes after they moved out. That’s not how he wanted to live his life. If George had hired the team at Assured Management, he could have enjoyed the benefits of owning a property without spending all his time doing it. Property values have increased dramatically since then.

Property Management Experience

We specialize in property management. It’s what we do. Every day, we handle rent collection, tenant move in, tenant move out, application processing, security deposit accounting, and less common issues like evictions and property damage. By staying up to date on the latest technology, we’re able to provide a website that allows access to tools that benefit both owners and tenants. You’ll get online rent payments and deposits as well as an online maintenance call center. You can find photos and detailed property condition reports so you can budget and plan for maintenance. With our preventative maintenance program, we take care of little problems before they become big issues. Expensive maintenance surprises have almost been eliminated.

Renting Lakewood Property: Market Knowledge

We know market trends and outlooks and can provide rental rate advice when it’s time to put together a lease renewal package or market a vacant property. Our leasing agents are licensed real estate brokers and members of the National Association of Residential Property Managers (NARPM) and the National Association of Realtors (NAR). These organizations offer education and networking to keep us up to date on laws and legislation pertaining to investment property.

Please let us use our knowledge and experience to professionally and successfully manage your home. You can contact us at Assured Management with any questions you have about our services or Lakewood property management.

Welcome to our new responsive website!

Web Admin - Friday, July 31, 2015

Welcome to the new Assured Management, Inc. CRMC®  Website! 

Our new website is fully responsive and uses the latest technology, allowing you to have a better browsing experience on any device no matter if it is a desktop, tablet or cellphone!

Why is this a big deal? Well, it allows you to have access to our site anywhere, at any time. Tenants - you will be able to easily find and apply for your next rental home, as well as submit maintenance requests online! For our owners, you will have access to your statements 24/7.

We hope you find the site useful and easy to use!


ASSURED MANAGEMENT INC., CRMC®
1244 S. Wadsworth Blvd.
Lakewood, CO 80232

Phone: (303) 985-4670
Fax: (303) 763-8982

Office hours:
Monday-Friday 9 am to noon and 1 pm to 4 pm.

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