Owner FAQs

Answers to your common questions

Am I required to make my property available to Section 8?
No, you are not required to make your property available to Section 8 tenants. 

Are you licensed?
Yes. Each of our property managers is licensed, as required by the Colorado Real Estate Commission. 

Can I reach you after hours?
Yes. You can reach each of our property managers after normal business hours, if required. 

Can you put the money directly into my account?
Yes. We send owner draws each month by EFT, directly from our bank to yours. 

Do I get to see the lease or sign it?
We sign the lease, as your agent. We can provide you a copy of the signed lease. 

Do you sell real estate too?
Yes. While we focus on property management, we can, and do, sell real estate (primarily investment properties). Please contact us for more information. 

How and when do I get my checks?
We pay by EFT, not by check. Your owner draw is sent on the 15th of each month, following closeout and reconciliation of all income and expenses for that month. 

How is rent collection handled?
Tenants pay rent to Cornerstone; there are several options for them, but our preferred method is for tenants to pay rent online. 

How long of a lease do you sign?
We typically do not sign leases for less than 12 months. We will sign longer leases with owner approval. 

How much security deposit do you charge the tenant?
The security deposit is typically equal to one month’s rent. 

How soon can you start managing my property?
We can start today! Please contact us for more information and to get started! 

What type of properties do you manage?
We manage a variety of properties: single family homes, condos, townhomes, and multi-family units (duplexes, four-plexes, and apartment complexes). 

What type of reports do I get and how often?
We provide you with a monthly owner’s statement, a year-end statement (listing all income and expenses), and a Form 1099 for tax purposes. You can also access to your property account through our management software, so you can pull additional reports, check on payments, review expenses, etc, as you wish during the month/year.

Who holds the tenant security deposit?
Cornerstone typically holds the security deposit. 

For more information about Colorado Springs Property Management, please visit our educational blog.

Cornerstone Real Estate Team
685 Citadel Drive East, #325
Colorado Springs, CO 80909

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Cornerstone Real Estate Team, Real Estate Services, Colorado Springs, CO