You’re not renting out your home for a hobby. It’s either an investment or you’re holding for a better time to sell. Either way, collection of rent is the goal, and to Mike Gold with RE/MAX Alliance goals are mandatory. Our job is to collect rents, account for expenses, and remit the balance to you. Colorado state law and other local regulations dictate how this must be accomplished and when funds can be remitted.
However, our North Metro Denver real estate property owners can count on prompt collection of rents and remittance to them as legally permitted and scheduled in our rental management contract. All documentation and accounting records are maintained to keep our owners informed and on top of their financial investment in their rental home.
How Much Rent Should You Charge?
Of course, there are market rents for similar properties that will influence the amount of the rent you can charge in a competitive environment, and Mike Gold and his team will do a Comparison Search to see what other homes similar to yours are charging for rents in the local area. In addition Mike Gold can factor the amount of rent necessary to break even, and the rent you may be able to charge to realize a certain percentage return on investment. To do this he will factor; mortgage payment amount, annual taxes, repairs and maintenance estimates or historic amount, allowance for vacancy periods between tenants, and insurance costs.
Our Late Rent & Default Procedures
Again, what we can do on your behalf and on what time schedule may be determined by Colorado and local city laws, but rest assured that we’re taking the best action at the earliest time that is allowed. Late rent penalties will be enforced and any late charges assessed and collected. Per our rental property management agreement and appropriate laws, we will take action to evict tenants in default on their lease and retain any deposits allowed by law. Our job is to maximize your return on your rental investment and minimize non–payment costs.