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Owner FAQs

Answers to your common questions

How much do you charge?
Management fee: 10% of collected rent, $50 per month to hold property vacant
New Tenant Leasing fee: 50% of one month rent
Optional Annual Maintenance Survey: $150
Optional Annual Lease Renewal Package: $100

What are my upfront costs?
Reserve - $200
New Account Set Up and Make Ready - $400

What is included in the New Account Setup and Make Ready?

Operating Reserve, advertising, black light test, lock rekey, smoke and carbon monoxide detectors compliance check, window lock and light bulb check, professional carpet cleaning, create property condition report and create and follow up needed repair list.


What is the minimum amount of maintenance required to rent my property?
Professionally steam clean the carpets, clean the interior of the home, confirm working smoke detector and carbon monoxide detectors on each level of the home, windows open, lock & have screens, deadbolts on all exterior doors and the locks re-keyed. Any habitability issues will need to be address per Colorado law and the property will need to meet all Federal, State and local regulations. 

What is the Reserve?
The reserve funds are kept in the escrow account as a cushion for unexpected repairs or overages and is either accounted for or returned to you once management ends.

What services are included in the Management fee?
Accounting
o Rent collection
o Invoice payment
o Utility payment (tracking water bill to prevent lien against property)
o Monthly statements
o Verifying and confirming vendor insurance information
Tenant Management
o Create, establish, maintain and terminate tenancies with tenants
o Coordinate and mediate maintenance requests
o Execute and enforce lease agreement
o Collect, account for and disperse security deposit
o Mediate disputes
o Billing, collection and overseeing eviction
Rental Unit Maintenance
o Coordinate lawn & exterior maintenance
o Interior maintenance – coordinating repairs required to maintain habitability.
o Interior remodeling – coordinating minor painting, carpet replacement, vinyl flooring replacement and window covering installation.

What services are included in the New Tenant Leasing fee?
Place and monitor ads on rental property advertising websites
Updated interior and exterior photos
Place sign with brochures
Advertise property via our web site, www.assuredrpm.com
Personally show property
Screen prospective tenants to include references, credit reports, criminal and eviction reports
Draft and sign lease agreement including all required disclosures
Collect security deposit and first month’s rent
Coordinate and confirm completion of property make ready to include: lock rekey, check or replace smoke/CO detector, window locks, light bulbs, professional carpet clean, activate property condition report, create and follow up needed repair list
Begin interior and exterior property condition photo record

What services are included in the Optional Annual Lease Renewal fee?
Reminder notification 60 days before the lease expires
Recommendations regarding rent changes and current rental market
Lease renewal package presented to tenant 30 days prior to lease expiration date
Negotiation of lease length, terms, rental rate and follow-up

What services are included in the Optional Annual Maintenance Survey fee?
Detailed property condition report listing any damage or wear & tear
Photos of the interior and exterior of the property
Preventative maintenance suggestions
Property improvement suggestions

How much should I set aside for property maintenance?
It depends on the age and condition of the investment property but a general rule of thumb is 10-12% of the income should be set aside for maintenance. 

What is the black light test for?

Urine glows in black light. The black light test is very useful when charging for pet contamination.


Can I save a portion of the rental proceeds to pay for future maintenance needs?
 Yes, contact our bookkeeper to set it up.

When will the rent be deposited in my account?
On or about the 15th day of each month, he management fee, new tenant leasing fee and outstanding invoices will be deducted from the first rental payment.

I haven’t paid my mortgage, what happens if my bank forecloses?
Assured Management will not manage rental properties in foreclosure. As soon as we are aware the property is in foreclosure AMI will freeze all owner related funds to the property and will not make any further disbursements to you. You will have 30 days to correct and make all obligations current. Should you fail to stop the foreclosure process AMI will release the tenants from their rental agreement and all future rental payments. Additionally AMI will refund the security deposit to the tenant and deduct from any owner funds on hand all amounts due to the company, vendors or the tenant including but not limited to any refund to the tenant of prorated rents or expenses and all management fees and other fees as described in the management agreement.

I have more questions, who do I contact?

For more information about Lakewood Property Management, please visit our educational blog page.

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.

Copyright © 2017 Assured Management, Inc. CRMC®. All Rights Reserved.
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