Property Management Blog

Tenant Screening in 5 Easy Steps – Colorado Springs Landlord Education

System - Monday, June 20, 2016

Tenant screening can be done in 5 easy steps, especially if you’re working with a property manager who has access to technology and resources. We’re sharing our process today, so you can see how a professional screens potential tenants. Always

Prequalify A Tenant

The first step is the prequalification period. We prequalify all interested tenants on the phone or by email. We provide them with our minimum leasing criteria and ask them to confirm that they meet those criteria before we set up a showing. You don’t want to waste your time or the tenant’s time if they don’t meet your minimum standards.

Schedule a Showing

If they meet the criteria, we go ahead and schedule a showing. At the property, we have another opportunity to talk face to face with our prospect and discuss the conditions of our lease. We can share the expectations we have for any tenants who lease a property we manage.

Provide Online Applications

Online applications are an efficient way to gather all the necessary data we need for a thorough screening. Everything is on our website, and we usually get the results that same day.

5 Part Background Check

From that application, we conduct a 5 part screening and background check. We look at the FICO score, and check for a criminal background or a listing on the Registered Sex Offender List. Then, we confirm income and employment. We also confirm previous tenancies with former landlords and check for prior evictions.

45-Day Survey

The last part of this process is to do a survey 45 days after a tenant moves in. We go to the property and meet with the tenant. We take a look at the home, confirm the condition report, and make sure everything looks good. We’ll check to make sure the appliances are working and there aren’t any problems with the plumbing or the electrical system. This is another chance to go over our expectations for how the property is maintained.

This is tenant screening in 5 easy steps. If you have any questions, please contact us at Cornerstone Real Estate Team.

Why You Should Choose a Colorado Springs Property Manager vs. DIY

System - Monday, June 13, 2016

There are huge benefits to working with a professional property management company like Cornerstone rather than managing your investment property on your own. Today, we’re sharing some of the best reasons to work with experts.

Major Time Savings

One of the most common reasons to hire professionals is that your property manager will save you time. The hours in your day are limited, and time is a precious commodity. We will do the advertising and marketing to bring in a great tenant. We will conduct showings for people interested in renting the home, and do screening to ensure we’re placing a quality tenant. Once the tenant moves in, your property manager will be the first point of contact, and handle everything from rent collection and distribution to maintenance and accounting. That’s time you can spend with your family or on your hobbies.

Rigorous Tenant Screening

A professional manager has the resources to conduct a thorough tenant screening. You’ll get a criminal and background check, and your manager will confirm employment and income. It’s important to make sure the tenant hasn’t had any evictions and that the credit checks meet your minimum requirements.

Legal and Regulatory Knowledge

Your property manager will be trained on all regulations at the federal and state level as well as any variances at the local level. There are a lot of fair housing issues to worry about, and a property manager is going to know the local laws on the maximum number of people who can live in the property, and the maximum number of pets they can have.

24-Hour Emergency Contact

Another benefit to using a property manager is that you’ll have someone available to respond to emergencies 24 hours a day, 7 days a week. Calls will be fielded on weekends, holidays, and in the middle of the night. If the problem is determined to be a real emergency, a technician can be dispatched to solve the problem or fix whatever is broken.

Increasing Rental Income

Even while paying the property management fee, you’ll see increased income. Property managers are experts in their field. They spend time tracking the market rents for your type of property in your area. That will provide a good price for your property so you can maximize your income. This keeps you from lagging behind the market and prevents your property from being listed too high and sitting vacant.

Experienced Management Accounting

Professional property managers will send you your income each month with a detailed monthly report showing income and expenses. You’ll get a snapshot of everything that went on with your home. At the end of the year, you can expect an annual report summarizing everything, along with your tax documents.

These are just a few reasons that demonstrate how using a professional property manager is better than doing it yourself. If you’d like to hear more about our services, please contact us at Cornerstone Real Estate Team.

Why Choose Cornerstone Real Estate Team for My Colorado Springs Home

System - Tuesday, June 7, 2016

Cornerstone provides expert property management services for Colorado Springs and surrounding areas including Fountain, Widefield, Manitou Springs, Monument, and Denver. Today, we want to tell you why you should choose us to take care of your investment, whether you have a single family home or a multifamily complex.

Property Management Knowledge and Experience

I started in the property management business in 2008, when I began managing my own rental property. I was soon contacted by a number of friends and family members who were looking for new management because they were unhappy with their current company, or they were bringing a new single family home onto the rental market and needed a manager. The more property management I did and the more I learned, the more I enjoyed it.

Military Background and Service-Oriented

We are a veteran owned and operated business. All of the former military members on our staff have more than 100 years of combined military service. With that, we bring the skills, values, and work ethic we developed and learned in the military. You get an experienced team of people who are focused completely on property management.

Successfully Managing Diverse Properties

We currently manager just over 300 units, including two apartment complexes with 50 units each, 100 investment properties like duplexes and triplexes, and more than 100 single family homes. Our average rental rate is $1,535 per month for a single family home. We do manage a range of properties, so we are experienced taking care of efficiency units that go for $400 a month up to single family luxury homes that rent for over $3,000 per month.

Keeping Your Costs Low

Typically, we are able to lease a single family home before the current tenants leave and end their lease. That results in a faster turnaround time for you, and less rental income that’s lost. Our tenant renewal rate is 55 percent, which means the majority of our renters stay and renew their leases. Keeping a good tenant in place reduces your turnover costs.

All of our property managers are licensed real estate brokers in Colorado. We have a full support staff, and an outstanding network of vendors and contractors.

If you have any questions about the services we can provide, please contact us at Cornerstone Real Estate Team.

Landscape Maintenance and Rental Properties

System - Wednesday, January 13, 2016
While residents want to rent a nice looking home, they often have no interest, time, or knowledge on how to maintain the property. They may agree to landscape maintenance in the rental contract but it can be difficult for a property manager or owner to enforce. The owner can charge the tenant for maintenance or include landscape maintenance but it is not always practical to increase the rent with the full cost, particularly if the landscaping on the property is extensive.

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

Office Hours:
Monday - Thursday: 9am - 5pm
Friday: By Appointment Only
Saturday & Sunday: CLOSED

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