Answers to your common questions
Am I required to make my property available to Section 8?
You are not required to offer your property to Section 8. The choice is yours.
Are you licensed?
Yes, we are a licensed real estate brokerage in good standing in the state of Colorado.
Can I reach you after hours?
We answer the phone during business hours, and if it’s an emergency you can let our answering service know this and they will transfer your call directly to us 24 hours a day.
Can you put the money from rent directly into my account?
We will set up direct payments from our bank to yours as soon as we begin the first month of property management. You will receive your owner disbursements via Direct Payment.
Do I get to see the lease or sign it?
Review of the lease is available in a read format for your feedback. Citadel Property Management will sign the lease on your behalf unless we are providing a lease only service.
Do I have to pay you a lease fee to renew or execute a new lease with the same tenant?
No. We only charge you a fee when we have to begin from scratch to find a new tenant. There is no charge to renew or execute a lease with the same tenant.
Do you do inspections of our property?
Yes. We do seasonal interior and exterior inspections to ensure your home is being well cared for and that there are no maintenance issues or any issues that might result in violations of the lease.
Do you sell real estate, too?
Yes, we are a full-service real estate company offering a discounted list rate to our clients who would like us to help them sell their home.
How is rent collection handled?
Tenants pay through bill pay, electronic payment or by check on the 1st of each month with a three-day grace period.
How much security deposit do you charge the tenant?
One month’s rent unless otherwise agreed upon.
How often do I get my monthly income disbursements?
Your direct payments will be disbursed from our bank between the 6th and the 10th of each month depending upon weekends and holidays and available to you the next business day.
How soon can you start managing my property?
Immediately after mutual agreement is signed.
What happens if a tenant decides to sue me for something that happened to them while they lived in my home?
We recommend you seek legal advice for this situation immediately. You, as the owner of the property, should make sure you have adequate liability on your homeowner’s insurance policy and may want to consider putting your investment property into an LLC.
What is the maximum lease term allowable?
We allow you to give us your preference and work toward finding that situation. A typical lease will go from one to two years and then offer an automatic holdover.
What type of properties do you manage?
Residential homes, town homes, condos and duplexes.
What type of reports do I get and how often?
Monthly Owner Income/Expense report, Annual YTD Income/Expenses Report. You will also receive an annual 1099 for taxes.
Who holds the tenant security deposit?
Citadel Property Management will hold the security deposit if we are the property manager.
If we provide a ‘lease only’ service, the owner will hold the security deposit.
Who takes care of a maintenance problem when it happens?
We require our tenants to submit a maintenance request for repairs. If the repair is a habitability issue or mechanical failure of a necessary item, we have a number of vendors who will take care of this.
The expense would be paid from your proceeds.