As An Owner Of A Rental Home In Denver How Often Do You Communicate With Me
Hey, everybody. My name’s Matthew Whitaker. I am with gkhouses, and I’m doing Questions Owners Ask Denver Property Managers. And today’s question is a little complicated, so I’m going to read it. “As an owner of a rental home in Denver, how often do you communicate with me?”
We always say, “There are two things you absolutely need to get right as a property manager. The first one is accounting and the second one is communication.
So, how often do we communicate with you? (As An Owner Of A Rental Home In Denver How Often Do You Communicate With Me?)
The first way we communicate with you is through our owner statement.
Our owner statement is going to be emailed to you twice a month. Our owner statements run a true month, which means 1st through the 30th, or 1st through the 31st.
And we’ll email it to you on the first disbursement date – disbursement means when we send you the money – on the first disbursement date is the second Friday of the month.
Interim Statement (As An Owner Of A Rental Home In Denver How Often Do You Communicate With Me?)
We’ll send you what we call an “interim statement” along with your money. And then, we’ll send you a trued-up owner statement at the end of the month.
So, we send you an interim statement and then a full owner statement at the end of the month.
Point being, we want your accounting to be as easy as possible, but if we’re sending you money, we want to send you an interim statement to kind of know why we’re sending you the money.
The tenant paid if there was a repair bill. And so, those statements ought to match on a monthly basis.
The Next Thing (As An Owner Of A Rental Home In Denver How Often Do You Communicate With Me?)
The next thing we communicate with you is when maintenance goes over $500.
So, anything under $500 we’re just gonna take care of it. Don’t want to bother you with that.
But if it goes above $500, typically this falls into our bid work category. And we want to make sure that you’re okay with us spending the money to get this fixed.
The only caveat to that is that there’s a major repair…excuse me, an emergency repair. If there an emergency repair then we might go ahead and do it, even if it’s above $500.
But that’s, you know, few and far between. Basically, we’re gonna contact you any time a repair, or we think a repair could exceed $500.
The Last One (As An Owner Of A Rental Home In Denver How Often Do You Communicate With Me?)
The last one piece where there’s a ton of communication is around the turn.
So, any time an owner’s house is vacant, there is a ton of communication that needs to happen.
There’s communication when we receive notice from the tenant. There’s communication when we get a move out walk-through.
So, once the tenant moves out, we’re gonna walk through the house, communicate that information with you through what we call “happy inspect report.”
Then there’s communication on the work completed. (As An Owner Of A Rental Home In Denver How Often Do You Communicate With Me?)
So, once we send you the report, we want to hear back from you, “Hey, do you want us to handle this work? Knock it out, and get it back on the market?”
At the work completion, when we complete that, we’re going to update you and tell you, “Hey, we’ve got this house on the market.
We’re marketing it.” Then there’s communication at the signing of the lease.
Like, “Hey, we’ve found that tenant, ready to sign that lease.” And then there’s communication when the tenant moves in.
So again, two things we got to get right: accounting and communication.
Those are three ways that we communicate with you. I hope this is super helpful.
My name’s Matthew Whitaker with gkhouses. Thanks so much for watching.