Hello, greetings from Colorado Springs. My name is Lance Kohler. I'm the owner and managing broker of the Cornerstone Real Estate Team. Today, I'd like to film part three in a four-part series of Rental Owner Frequently Asked Questions. These are questions that we at Cornerstone are often asked by rental owners who are interviewing us or considering us for their property management services.
One common question is: What education do you have backing your property management services?
Each of our property managers carries a real estate license for the state of Colorado. This involves 160 hours of education just to obtain the license, followed by continuing education each year. In addition to the licensing requirements, we pursue ongoing education through various organizations, both locally and nationally.
We participate in local groups, such as the Council of Elite Property Managers here in Colorado Springs. Nationally, we are members of the National Association of Residential Property Managers (NARPM). We are active in both the national and local chapters. I currently serve as treasurer for our local chapter, and another member of our team is the president-elect.
On a personal level, I've been in the property management business since 2012, and I've learned a great deal during that time.
Another question we often get is: Are you currently active in the real estate market?
Yes, several members of our team own their own investment properties. We also manage investment properties for several of our team members. Additionally, we have a sales team that is highly skilled in buying and selling investment properties. This means we are actively involved in property management, as well as in buying and selling investment properties. We stay up to date with market trends and can provide valuable advice on managing or selling your investment property.
A third frequently asked question is: How familiar are you with federal, state, and local landlord-tenant laws?
We are very familiar with these laws. This knowledge comes not only from the education and continuing education I mentioned earlier but also from our involvement in local organizations. Through these organizations, we stay informed about state and local laws that affect property management.
Additionally, most of our documents undergo legal review to ensure compliance. We regularly work with two different law firms to maintain the highest legal standards in our property management services.
Lastly, for today’s part three of frequently asked questions: Do you know the proper steps to evict a tenant?
Yes, we do. We have a well-defined process for handling evictions, and we work with a local attorney to ensure the process is handled correctly. It's crucial to follow the proper steps because an error can result in having to restart the entire process, which wastes time.
While we are skilled in handling evictions, I want to emphasize that we don’t do it often. Across more than 500 units, we average less than one eviction per month. So, while we know how to handle evictions the correct way, it's not something we do frequently.
If you’re looking for more information, the best way to contact us is through our website at callcornerstone.com. There, you can find more FAQs and request a free market analysis. You can also reach us at the office by calling 719-243-6400.
Thanks, and have a great day!