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What Do I Do if My Tenant Stops Paying Rent? Lakewood Eviction Process Explained

Susan Melton - Thursday, July 5, 2018

What is your greatest fear as a landlord? 


It might be that your tenant will stop paying rent. 

When you screen carefully and enforce your lease terms and rent collection policies, you won’t run into this problem very often. But, bad financial things can happen to good tenants, and you may find yourself trying to collect overdue rent from a tenant. 

You need a plan.

Establish Strong Rent Collection Policies

Most Lakewood leases require that rent is paid on the first of the month, and there’s usually a grace period. Your lease must indicate when rent is to be paid, and when it’s considered late. At Assured Management, rent is late if it isn’t paid on the fifth of the month. Our tenants know that the eviction process then starts on the sixth.

Post a Three Day Notice to Pay or Quit

The eviction process starts with a proper notice. You’ll need to serve or post a Three day Notice. We do this on the sixth of the month, as soon as rent is officially late. Tenants will usually pay their rent in full by the end of those three days because they don’t want to incur extra costs, and they don’t want the eviction to go any further.

Work with a Legal Expert

If rent is not paid after the three day period has passed, we strongly recommend that you turn the case over to an attorney who understands landlord and tenant law and has handled evictions before. It’s very easy to make a mistake when you’re beginning the court process, and those mistakes will be expensive and time consuming. 

Even after your attorney files the eviction in court, your tenant can still pay what is owed and stop the eviction. We allow this when the tenant pays the late rent, the late fee, and any attorney and court fees.

Proceeding with Eviction

When you don’t hear anything from the tenant, you’ll need to follow through with the eviction. A tenant who isn’t paying rent isn’t following the terms of the rental agreement, so you have the legal right to vacate that lease and remove the tenant from your property. 

But, you have to do it legally. You cannot change the locks or cut off the power. Let your attorney go to court with the necessary documentation. Once you have your eviction, meet the sheriff at the property so you can remove the tenant’s belongings, and you’ll get your property back. 

If you’re in a situation where your tenant isn’t paying rent and you’re not sure what to do, contact us at Assured Management, Inc. We would be happy to help you.



3 Tips to Maximize Return on My Lakewood Investment Property

System - Wednesday, June 27, 2018

Maximizing the return on your investment property requires you to do two things: 

  • Earn as much rental income as possible; and, 
  • Increase the value of your asset.

This can be challenging, especially when you don’t have control over things like market conditions and tenant behavior. 

But, if you focus on the things you do control, you can effectively increase the profitability of your rental property.

Take Care of Preventative Maintenance

Ignoring or putting off minor repairs will only lead to larger maintenance problems and more expensive fixes. It will also upset your tenants, which means they won’t renew the lease, and you’ll be left with an expensive turnover and unnecessary vacancy days. 

When you’re intentional with a proactive, preventative maintenance strategy, you preserve the condition of your property and show your tenants that you care about the home. When a repair request is submitted, take care of it. Schedule regular system checks and service so you can be sure your heating, air conditioning, plumbing, and electrical equipment are functional, safe, and efficient. 

Unexpected emergencies are sure to happen. But, you can prevent the expensive deterioration of your investment by taking care of small repairs right away, and keeping an eye on how your property’s components are aging and functioning.

Regular Property Inspections and Evaluations

Inspecting your property will also help you increase the return you earn on your investment. 

Why? 

Because you’ll get an idea of how well your tenants are taking care of it. You’ll also have the opportunity to notice and address any maintenance items that have not been reported but need attention. 

It’s critical to inspect your property thoroughly before a tenant moves in. Take pictures, make notes, and document the condition of the home completely. You’ll want to do a similar inspection after a tenant moves out so you can compare the condition and charge the security deposit accordingly. 

We recommend you inspect the interior of the property at least once throughout the tenancy. Schedule a time with the tenant to walk through the property. Take pictures and notes, and if you notice a lease violation, get it rectified immediately. If there’s some deferred maintenance that needs to be taken care of, schedule your vendors right away.

Make Smart Updates and Upgrades

You need to be smart about the improvements you make to your property. Don’t invest thousands of dollars to remodel your kitchen if spending a few hundred dollars on better hardware and new floors will do the job. 

Tenants are looking for a modern, comfortable place to live. They will pay attention to the kitchen and the master bathroom. Make sure the paint is fresh, the floors are clean, and the landscaping is neat and low-maintenance. A property manager can offer advice about your specific market and what you should do to attract quality tenants and higher rents. 

These are just a few of the ways you can increase your ROI. If you’d like to hear more, please contact us at Assured Management, Inc. We’re here to help you earn more and spend less.



Tips and Best Practices for Rental Property Inspections in Littleton, CO

System - Monday, November 20, 2017

At Assured Management, we are 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 rental property owners and their tenants while managing single family homes in Lakewood and the west side of the Denver metro area. Today, we’re talking about tips and best practices for rental property inspections.

Inspect with a Maintenance Survey

An official rental property inspection should be done by a qualified property inspector. However, a properly done maintenance survey is less expensive and will give property owners some valuable information. This tool will help you prioritize maintenance planning and future updates. You can also monitor the tenant’s care of the home and address any lease violations.

Rental Inspection Checklist and Maintenance Reports

We work with savvy property owners whose feedback was used to create our maintenance report. This report is a record of the current condition of the rental home as well as the age of vital systems like roofs, water heaters, and furnaces. Preventative maintenance of these systems is key to extending the usefulness of their lives. An experienced property manager surveying a rental property can spot water where it shouldn’t be. Problems can develop under sinks and showers, around toilet bases, and in lawn watering systems from loose or missing shingles, damaged missing, or clogged gutters, or clogged sewer systems. By catching these problems early, you will experience lower repair costs.

Advise and Inspect: Addressing Maintenance Concerns

A rental property is a tenant’s home, and advance notice should be given prior to any inspection or maintenance survey. A professional property manager will not only provide advance notice, but will calmly and politely address any maintenance concerns a tenant may have.


Tenants can damage a rental home willfully or by not knowing what needs to be done to prevent damage. We work closely with tenants to help them learn how to avoid damage to the home. Rental property owners can face loss of income if updates or repairs are done between tenants while the property is vacant. Our owners use the maintenance survey to plan for updates and repairs to be completed while the property is occupied and the rent is being paid each month. This report is also used to set up a preventative maintenance schedule as well as plan for the optimal time to complete important updates or repairs. The maintenance report is most valuable when used to avoid costly emergency repairs.

If you have any questions or you’d like to take advantage of our knowledge and resources, please contact us at Assured Management. We’d be happy to help you with a rental inspection or anything pertaining to Littleton property management.

Tenant Screening: How to Find Good Tenants – Littleton Property Management

System - Tuesday, November 14, 2017

At Assured Management, we are 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 rental property owners and their tenants while managing single family homes in Lakewood and the west side of the Denver metro area. Today, we’re sharing tips and best practices as you screen, research, and try to find the best resident for your investment property.

Tenant Screening and Fair Housing

It is very important that you familiarize yourself with federal and state laws regarding fair housing. As you do your homework, be sure to use official government websites while researching both landlord and tenant rights, laws, and protections.

How to Find Good Tenants: Criminal Background Check and Credit History

The Assured Management team keeps up to date on fair housing laws and regulations by attending fair housing workshops and taking advantage of continuing education. There is no guarantee that after doing all you can to screen a prospective resident that they will be the perfect tenant. However, using tools like credit and criminal history reports, verifying income and background history, you’ll increase the likelihood of finding tenants who can take care of the rental home and afford to live there long term.

Technology and the Application Process

By staying up to date on the new technology, the management team at Assured Management is able to offer online rental applications. We can also easily run credit reports and verify rental history. We can access criminal history and verify reported income.

Additional Screening: Pet in Rental Property

Obtaining pet information before a new tenant moves in is very important. You need to know the pet’s breed, age, and size so you can determine if they are a good fit for your rental home. Check with your insurance agent before allowing dangerous breeds into your investment property. 

If you have any questions, contact us at Assured Management. We’d love to use our Littleton property management knowledge and experience to professionally and efficiently handle any issue, problem, or situation that may occur in your rental home. We look forward to talking to you.








How Legalization of Marijuana Affects Rental Property Owners – Lakewood Management Education

System - Monday, October 2, 2017

 

It seems like everyone knows marijuana is legal in Colorado. Comedians joke about it. Television news reporters mention it, and visiting National Association of Residential Property Managers members know about it. They joke about this at our annual conference.

Colorado Marijuana Laws

Colorado voted to legalize medical marijuana in 2000, and recreational marijuana in 2012. Since then, our state and local governments have done a pretty good job of setting reasonable limits and regulations. They have addressed problems like impaired driving, limiting dispensaries near schools, and restricting pot smoking in public. While rental property owners may allow their properties to be used for marijuana usage, storage, cultivation, and sale, Colorado law also authorizes landlords to prohibit or regulate these activities on their properties if they wish.

Protecting Your Lakewood Property

One big problem for landlords is that under federal law, marijuana is still illegal, and it remains a Class 1 controlled substance. Our policy at Assured Management is to prohibit the use of marijuana in our properties unless the resident qualifies for reasonable accommodation under the federal housing laws. This is straightforward: we have a no smoking policy with our Lakewood tenants in order to minimize property damage and complaints from future residents. Allowing marijuana could contribute to damage from smoke and lead to the usage that evolves into a grow operation, hash oil production, or drug use and trafficking at the property.

Property Management Lakewood

While Assured Management cannot guarantee that illegal or destructive activities will never take place at your property, we do have procedures in place to quickly and efficiently deal with any problems. Our lease agreement is approved by attorneys who specialize in landlord-tenant law and specifically prohibits any criminal activity in the properties we manage. Our team knows what telltale signs to look for when visiting occupied properties, and we will quickly begin the lease violation eviction process if it becomes necessary. Anyone renting Lakewood property from us will understand the terms of the lease and the responsibilities that come with it. 

If you have any questions about this topic or anything pertaining to Lakewood property management, please contact us at Assured Management. Our mission is to provide quality property management services to Lakewood rental property owners and their tenants.

Best Practices for Lakewood Rental Property Deposit Accounting

System - Wednesday, May 10, 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

System - Tuesday, May 2, 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

System - Tuesday, April 25, 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 NationalAssociation 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!

System - Thursday, July 30, 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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