Louisville CO Real Estate - Rob Kelly RE/MAX

Seasoned Investor

When should I expect my monthly report and checks?

The closing cycle of our monthly bookkeeping happens on the 25th of each month. If the 25th falls on a weekend or holiday, checks and statements will be mailed on the nearest business day prior to 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 happens if tenants break their lease?

When the tenant breaks his or her lease before the lease period is over, they are responsible for all expenses incurred to re-lease the property. The expenses include the rent amount for any remaining unpaid time before the expiration of the lease, Real Estate commissions for a new lease, all advertising costs, and any other costs directly relating to the re-leasing of the property.

What happens when the tenant doesn't pay rent on time?

If rent is not received in our office by the 5th of the month the tenant is called immediately and a follow-up letter is sent the same day. If we still do not receive the rent we will serve the tenant with a three-day notice to pay or quit. In the event rent is still not paid, legal action will begin.

How are utilities handled?

Tenants are responsible for all utility charges, unless otherwise agreed upon in advance and in writing. They must also change all billing information to their name and mailing address as of the move-in date stated on the Lease.

How much do you collect from the tenant prior to moving in?

When a tenant is approved, we require one month’s rent and a security deposit equal to one and a half times the monthly rent. If pets are allowed, an additional deposit (to be determined by owner and property manager) would be required at the time of move in.

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