Common questions asked by landlords
What questions should I ask a potential property management company?
I would peel back the layer of services past the initial question of “what are your rates?” As with any service from airlines to restaurants you get what you pay for. If something seems to be too good of a deal there are usually hidden charges, which are frustrating after you are already roped in. 8z Rentals is transparent with our fees and we don’t charge any markups. Many property management companies rope in clients with lower fees but make up for these by marking up services like maintenance, routine inspections, setup and turnover fees. We do not make any profit from performing repairs or performing any of our normal management activities. Learn more about our property management services.
Why shouldn’t I just use a generic / online lease agreement?
Your lease agreement is the #1 most important thing in property management.
Attorneys and judges always ask to see the lease and refer to the written terms when settling a dispute. Without a well drafted lease both landlords and residents are at peril as to of how someone else will interpret the issue in dispute. 8z Rentals spends thousands of dollars updating our lease every year to keep up with regulations and legislation. Our lease agreement has been tested and proven. It is fair to both parties which makes it more efficient for everyone to sign. Our lease agreement holds up in the eyes of the court in Colorado. When leases are unevenly written in favor of the landlord, they tend not to hold up as well in court. Such leases make it more difficult for residents to sign without editing. It has taken years to develop our lease and we feel it is one of the best in the industry.
(How do you know) how much rent I can get for my home or condo?
Our professionals sign over 400 leases annually. With experience comes expertise in the local rental markets. They have done their research and know the short- and long-term trends affecting the local rental markets. It boils down to experience. We will give you our expert opinion about your rental property and discuss your rental property goals with you. We want to establish good communication and define your expectations prior to listing your property for rent.
What are your property management (and leasing success fees)?
Our fees are very competitive. We feel that 8z Rentals can outperform most property management agencies on service and performance at a very reasonable price. There are discount rental brokers. If you do go this route, be sure to ask what services are included in their fees, what services are at an additional cost, and what services are not offered. For a long-term reliable property management firm there is nobody who can compete with 8z Rental on the services we provide at a competitive price.
Do I have to use 8z Rentals for both Leasing and Management?
No, we offer both services but it’s up to you which services you want us to handle. Every owner has their own unique situation and we want to tailor our services to your needs.
Can I hold onto the security deposit?
Yes, you may hold the resident’s security Deposit if you wish. We are required by law to maintain a separate trust account for the Resident’s security deposit. This provides a high level of security for resident’s funds which in turn is why most savvy residents require their deposits to be placed into a separate trust account even if you choose to hold it for them. This would protect the resident’s funds in the event of a bankruptcy or seizure of your accounts from a court order or the IRS.
Common questions asked by tenants
What sort of scams should I be aware of when searching online like Craigslist for a rental?
The scams keep getting more sophisticated every year but somehow the basic ones keep working. One of the biggest red flags is if the agent asks for a Western Union money transfer. Most landlords and property management firms are able to accept checks, cash, money orders etc.
Another red flag is a property that’s too good of a deal. Some scammers will create a listing with photos of a real home listed for rent or for sale to make a ghosted listing. In today’s world many of the best tenants only deal with reputable management firms with brick and mortar offices to avoid scams.
If you do choose to rent through an independent owner, it’s best to flip the tables and do a little homework on your landlord prior to handing any funds over to them.