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.
When the tenant calls in a maintenance request, we go out to assess the problem. So long as the issue is under $750 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 are due and payable on the 1st of each month. Following 2022 Governmental changes, if a tenant does not pay, a late fee of $50 or 5% of the balance, whichever is higher, will be assessed and a notice of demand will be served. We will make payment arrangement for tenants on a case-by-case basis and as a last resort we will begin legal action.
Accounting closes all books for a residential single-family 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. For multi-family complexes, commercial, and HOA we have different closing dates.
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 criminal background check.
Placing qualified residents in your property is one of our most important goals as your property management company.
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 require that all tenants acquire Renters Insurance to cover their personal belongings. Our lease signing video is very specific in explaining the renters risk if coverage is not obtained.
Once the Calendar Month Notice to Vacate is delivered to our office, we begin plans to market your property.
Yes. We offer a tenant placement only service. Please call us for details.
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, as outlined in the lease. 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.
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 charge a $300 pet deposit and a monthly pet rent of $35 per pet. 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.
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 Property Management provides a full range of property management services for real estate investors and owners covering: