Owner FAQs

Answers to your frequently asked questions

Am I required to make my property available to Section 8?

Yes, Colorado passed legislation protecting "source of income" which includes Section 8, and any and all housing assistance progams.
Are you licensed?

Yes, Colorado requires anyone performing property management duties for anybody other than themselves to hold a Colorado Real Estate License. At MileStone RES, our Property Managers are licensed. They are assisted by licensed and unlicensed MileStone RES team members.
Can I reach you after hours?

MileStone RES uses an after-hours service to assist tenants with emergencies such as fire, water, heat and other potential property-related emergencies.
Can you put the money directly into my account?

Yes, all rental proceeds are deposited directly into your account. Statements are posted to your owner's portal the same day.
Do I get to see the lease or sign it?

You would not sign the lease, and would not get a copy, unless you specifically ask for one. Remember, you are hiring us, so you don't need to worry about your investment.
Do you sell real estate too?

Yes, Managing Broker Rob Lynde has been in the top 10% of Realtors in the Colorado Springs market for a number of years.
How and when do I get my checks?

Rental proceeds are processed on the 10th of each month or the first business day after the 10th. Based on your bank, the funds are normally credited to your account the following day.
How is rent collection handled?

Most Tenants pay their rent online and on time. The tenant receives a notification of rent due on the 1st, a follow-up email if rent is not received in a reasonable amount of time, and then posted for non-payment if Rent is not received. Based on tenant communication and the days of the week the actual day of communication and posting changes monthly.
How long of a lease do you sign?

Most leases are for one year, which aligns with the time frame allowed for a potential rent increase. We will adjust rental terms when possible to make the lease expire in a more favorable rental period.
How much security deposit do you charge the tenant?

The standard security deposit collected is one month's rent, and must be paid prior to move-in.
How soon can you start managing my property?

We can start managing and taking care of your property as soon as we have the signed management agreement and the required paperwork.
What type of properties do you manage?

Most of the properties we manage are single-family homes and townhomes, but we also manage small multi-family buildings.
What type of reports do I get and how often?

Statements are sent out monthly. Then in January of each year, you will receive a 1099 and cash flow report for the previous year's tax filing.
Who holds the tenant security deposit?

MileStone RES holds all Tenant security deposits in escrow accounts, as required by the Colorado Division of Real Estate.