Landlord Frequently Asked Questions
Any question is a good question, these are the most frequent questions we receive. If you have another you’d like to ask, please contact us directly.
How Do I Know If I Need A Property Manager?
A rental property is a big investment. Successful care of your investment will determine whether or not it is profitable. If you are not sure if you should hire a property manager, ask yourself these questions:
- Do you have the time and desire to work with residents?
- Do you have the knowledge base to be able to understand maintenance regarding a home?
- Do you know the exact process in order to set up a legal rental in Colorado?
- How far does your lease protect you? Do you know what specific clauses and addendums you need to best protect yourself and your assets?
- Are you aware of the fair housing laws and how to comply with them?
- Do you know the most effective means to advertise your property to potential tenants?
- Do you have the contractors you need on call 24 hours a day to deal with repairs at a reasonable price?
- Do you have reliable means to determine fair market rent for your property?
- Do you have the means to check credit and rental history to screen potential tenants?
- Do you know what to do if a tenant stops paying rent?
- Do you have the knowledge and ability to file 1099s at the end of the year?
If your answer to the majority of these questions was not “yes,” then you should consider hiring a professional property management team. Atlas can provide a free quote for you. Call our VP of Property Management Nick Mertens today: 303-242-8980.
Why Choose Atlas?
We understand property management on a deeper level than most companies because we own real estate. We currently own and manage our own portfolio of more than $50 million worth of investment properties. We understand the headaches and, more importantly, the rewards of investment properties, and we know from experience that one of the key factors of owning a profitable real estate investment is the quality of your property management team.
Atlas’ property management approach was designed around this understanding. Our team is hard-working, experienced, and committed to earning your trust and respect. Whether you are looking for a management solution for one property or 500 properties, we have a practical, proven management method to help you get the most out of your investment. Please call our VP of Property Management Nick Mertens today to request a complimentary consultation: 303-242-8980.
What Is Your Qualification Process For Tenants Who Apply To Live In My Property (s)?
At Atlas, we take tenant placement very seriously. Our goal is to find responsible, long-term tenants because as owners ourselves we know that vacancy has the greatest impact on the profitability of your investment. For a tenant to qualify, we require the following:
- Positive prior housing reference check
- Sufficient credit score
- Clean background check
- Disclosure form
- No record of prior evictions
- Monthly rent costs that do not exceed 30% of gross income
- Copy of valid driver’s license or state identification card
How Do I Know If The Amount Being Charged For Rent Is Right?
To determine the appropriate rent for your property, we analyze rent comps for similar homes in the neighborhood. Our managers manage hundreds of homes in the area so we have solid rental data for comparison. We make sure rents are set competitively to attract the best tenants and give you the best cash flow for your property.
What If The Tenant Fails To Pay The Rent?
As stated in our standard lease agreement, Atlas has a series of policies for tenants who fail to pay the rent. Our policies range from late fees to eviction, depending on the severity of the situation.
What If I Don't Want To Allow Pets Or Have Other Specific Restrictions?
Your property means your rules. We are happy to accommodate specific restrictions, as long as those restrictions do not interfere with Fair Housing laws and other real estate regulations.
How Often Do You Visit My Property? How Do I Know The Condition Of My Property When Residents Are Living In It?
Our property managers are required to visit each property quarterly and to conduct an annual inspection of every aspect of the house, including but not limited to: checking the plumbing, gutters, foundation, roof, heating and cooling systems, etc. Our managers send you an annual report with photos and descriptions of the condition of your property.
Will My Homeowner's Insurance Cover My Rental Property?
As a landlord, you typically need greater protection in certain areas that homeowners may not. For example, landlords often require greater liability protection against injury claims or property damage. Your Atlas property manager can refer you to one of our trusted insurance brokers from our exclusive list of Preferred Vendors.
Should I Require My Residents To Have Renter's Insurance?
Renter’s insurance may help better protect both you and your residents. Residents’ personal property (e.g., furniture, electronics, clothing, etc.) is typically not covered by a landlord insurance policy. However, belongings like these are usually covered by renter’s insurance. Renter’s insurance policies also typically include liability protection for the renter. Atlas can modify our standard lease agreements if you decide you would like to make renter’s insurance a requirement of your residents.
Are Any Of The Costs From My Rental Property Tax Deductible?
Repairs, taxes, mortgage interest, and insurances are tax deductible, as long as any expenditures are properly documented. Atlas ensures all expenses are documented appropriately and prepares a 1099 for your assets at the end of the year, ready for your tax professional to process. In addition to this, all real estate investments have other tax advantages such as 1031 Exchanges and Depreciation. For more information on the tax benefits of owning real estate, contact us.