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.
Do you work with tenants who are experiencing hardship with regard to rent payments and/or collections?
We do, with disclosure and approval of the owner of the property. In all cases, we follow the lease. At times, if the tenant is able and willing, we can work out a payment plan that allows a tenant to get caught up on overdue or late rent payments. If the tenant does not meet the requirements of the payment plan, we begin immediate action on the eviction process. In some cases we are able to ask the tenant to leave peacefully, which saves eviction/court fees and time. Please know it is harder to work with tenants through payment plans. The “easier” way is to file an eviction for non-payment and allow the process to continue. We know quickly if a tenant intends to abide by the payment plan or not.
Does my property manager hold a current Colorado Real Estate license?
Yes, our property managers are all licensed, as required in Colorado.
Does the company have general liability and Errors & Omission insurance coverage?
Does the company participate in the Multiple Listing Service through the local board of Realtors?
We do. We don’t mind paying a commission to another Realtor to lease one of our properties.
Does the company require all vendors working on my property have worker’s compensation insurance?
Yes, we do. We do not utilize vendors unless they provide us with a copy of their insurance.
Does the company, or do employees and/or independent contractors accept favors (kickbacks) from vendors?
We do not. Accepting special services from vendors who perform regular services on properties under our management is a huge conflict of interest, and not good business practice. Owners benefit from our continued relationship with a select group of vendors with competitive pricing, but we at Cornerstone do not.
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.