Why choose Bray Property Management?
Education is a top priority at BPM, and we do our best to educate ourselves and our owners as we manage your investment property in compliance with Local, State and Federal Fair Housing Laws. Your money is handled in compliance with Colorado Board of Realtors requirements with timely and proper handling of rental funds and security deposit reconciliations.
We treat your property like it is our own - handling issues quickly and efficiently. We are on call 24/7 via our answering service and on-call personnel for emergency dispatch.
How do we handle Maintenance Issues?
When the tenant calls in a maintenance request, we go out to assess the problem. So long as the issue is under $500 we will proceed as necessary. We determine if it is normal wear and tear or if it is tenant caused. If it is a tenant caused maintenance issue, we will charge the tenant on their statement. You will see the charge on your account the following statement. This will be reimbursed to you once payment has been received from the tenant. Should the tenant have an emergency after hours, we are on call 24/7 via our office phone number to evaluate the situation and respond as necessary.
Rents Due Policy and What Happens If Not Paid:
Rents are due and payable on the 1st of each month. If a tenant has not paid by the 5th a late fee of $50 is charged. If payment is not received by the 10th an additional $30 late fee is charged and we begin our “3 Day Demand for Possession”. In the event rent is still not paid, or payment arrangements have not been made, legal action will begin.
When do I receive my funds?
Accounting closes all books on the 20th of the month and remittance is sent out to our owners no later than the 25th of every month. If the 25th falls on a weekend or holiday, checks and statements will be mailed on the nearest business day after the 25th. If you currently have your funds electronically transferred to your bank (EFT), please note that these transfers can take up to three business days to be processed.
What is your tenant screening process?
We are very diligent with our screening for prospective tenants and abide by all Fair Housing Laws and Colorado Real Estate Commission Laws. Every prospective adult tenant must complete an application. The application information is submitted to a 3rd party to review and is judged based on predetermined criteria in relation to credit score, income to expense ratio, and prior credit history. On this application we pull their credit history and do a background check.
Placing qualified residents in your property is one of our most important goals as your property management company.
Insurance coverage(s) necessary:
Property Liability Insurance - We advise all our property owners to consult directly with their insurance agent to be certain they are carrying adequate insurance for their property needs. We require current proof of insurance to be on record in our office for all properties we manage.
Naming Additional Insured - We also require Bray Property Management to be named as additionally insured. Naming Bray as ‘Additionally Insured’ keeps our insurance companies on the same page so that we are working together on all matters pertaining to your property. It also allows us the ability to work directly with your insurance company if any claim issue arises.
Renters Insurance – We highly recommend that all tenants acquire Renters Insurance to cover their personal belongings. Our lease signing video is very specific explaining the renters risk if coverage is not obtained.
How do you advertise vacancies and who pays advertising costs?:
Once the Calendar Month Notice to Vacate is delivered to our office, we begin plans to market your property.
Can you just find me tenant and I'll manage the property myself?
Yes. We offer a tenant placement only service for one half of one months rent.
How do you take care of my property?
We make it a point to inspect your property annually. Not only do we do annual inspections, but we also conduct exterior drive-by inspections from summer to fall. Our maintenance department also works closely with us in relaying any information about the home when they do the spring and fall seasonal work or during any time they are in the property.
Tenants are responsible for all utility charges, unless otherwise agreed upon in advance and in writing. Tenants must also change all billing information to their name within 3-days of the lease signing. If owner is currently on auto bill pay it will necessary to cancel that service before tenants can transfer.
Should I allow pets? Smokers? College Students?
Pets, smokers or college students are not protected classes. As such owners can allow or disallow at their discretion.
We work with each owner individually on the possibility of accepting pets. Should pets be allowed we do recommend a non-refundable pet fee be charged. Keep in mind that when deciding to allow or disallow, studies show that 75% of households do include pets. If your property is in an HOA, the CCR’s of the project should be reviewed in this decision as the covenants may reference restrictions.
All our properties are considered non-smoking properties, and we include this in every lease. We consider the smoking residue to be damage to the property.
How long will it take to rent my property?
It is impossible to predict exactly how long it will take to find qualified tenants for your property. A number of factors are involved: the size, location and overall condition of the property, the asking price relative to that of comparable properties, and time of year.
Bray Rental and Property Management provides a full range of property management services for real estate investors and owners covering:
Bray Rental and Property Management focuses on making your real estate investment their professional priority.