Owner FAQs

• What type of properties do you manage?

  We specialize in managing quality residential properties including single family homes, condominiums, townhomes, as well as duplex - triplex - fourplex.

• Is my Property Manager Licensed?

  Colorado law requires property managers to be licensed. Any company that offers property management services must also have a licensed Employing Broker. Falcon Property Company Property Managers and Employing Broker are licensed and fully trained to practice property management in Colorado.

• How quickly do owners hear back from an inquiry?

  Each client is assigned a property manager with direct email, text, and a scheduling link. Expect same‑day or next‑business‑day responses.

• How am I notified about my property?

  The majority of our communication to you is via email which is automatically tracked and recorded in our system. That way we know we've notified you of a maintenance issue and also record approvals as needed. Expect to receive marketing/tenant prep plans as well as updates for vacant properties, a heads up every time a resident submits a maintenance request, lease renewal recommendations, notice if a resident is moving out, notification of late rent or violations, as well as follow ups and other notifications of items you need to be aware of whether or not any action is needed. You will also receive notifications via anytime we push payment to you, share an owner statement, lease, inspection, estimate, 1099, and other important documents!

• How is rent collection handled?

  Payment is due on the 1st and late on the 2nd. The majority of our residents pay rent online via our online portal, in fact 98% do! While most residents pay on time, in the instances where rent is not received, we're immediately engaging them, first in a friendly manner, and escalating as necessary up to a Demand letter posted on the door so that we can promptly file for eviction if and as needed. Fortunately that does not happen often.

• When do I receive rent funds?

  Disbursements are pushed on the 10th or the first business day thereafter. Funds are also pushed through on approximately the 20th and as needed in instances of mid month move in's or late rent payments.

• When do I receive monthly financial statements?

  A partial month statement is sent on the 10th or first business day thereafter at the same time we're sending you available funds, with the full monthly financial statement sent within the first week of the following month. Funds are sent to you electronically via ACH!

• What monthly financial reports are provided?

  Owner’s Statement with cash in/out by property and ending balance. 12‑month cash flow statement. Paid invoices. Additional reports are available on request such as income and expense, rent roll, etc.

• How do you handle vendor relations?

  We work with licensed and fully insured vendors. We maintain 2–3 vendors per trade who prioritize our work, offer market‑consistent pricing, and warranty work. We pay promptly and keep funds on hand for multiple payment runs each month.

• Can a vendor I prefer be used?

  If you have a vendor you’d prefer we worked with on your property, not a problem as long as they’re licensed as needed, carry general liability and workers comp insurance as well as sign a standard vendor agreement with us to state terms and conditions. We'll handle it from there!

• What is the pre-approved maintenance limit?

  Our maintenance limit is $500 repairs needed while the property is occupied, meaning that our pre-vetted vendors are pre-approved to complete repairs up to that amount. For improvements, we will seek your approval regardless of cost, for instance if a microwave needs to be replaced, you may have a preference on brand or color. The maintenance limit does not apply to emergencies or tenant prep time & materials type work such as cleaning, touch up paint, etc.. In those instances, time is of the essence and we'll keep you in the loop!

• What funds of mine do you hold in reserve?

  We recommend but don't require a $500 reserve while the property is occupied. When a resident gives notice, we recommend starting with one-month's rent as a reserve. Both allow us to pay vendors quickly which keeps them prioritizing our work. As long as we have a partner in you to provide funds promptly a as requested, we're fairly flexible.

• Do you markup maintenance invoices?

  No. Owners receive copies of actual invoices paid with no markup or maintenance coordination fee.

• Do you inspect the property while occupied?

  Yes, we complete occupied inspections approximately 6 months out from the end of each lease. This gives us data on the condition of the property prior to looking at a lease renewal. The purpose of this assessment is to ensure the property is being well cared for, there are no lease violations, and to look for potential safety or deferred maintenance issues before they become a problem. If the resident gives notices to move out, we also have a running start on the current condition of major items like carpet and paint. All inspections are shared with you via your Owner Portal.

• How do you ensure furnace filters are being changed? Who pays?

  We provide furnace filters to residents at the beginning of each lease and send 6 reminders throughout their lease. This is done via our Resident Benefit Package payable by residents. Included in the package is the offer to change the filter for them as well as to provide unlimited additional filters. We check to see if the filter is clean in person during the occupied inspection and also recommend an HVAC clean and check once per year as well.

• What is a Resident Benefit Package?

  Residents are commonly enrolled in Resident Benefit Packages at their expense, and are generally intended to manage furnace filter replacement needs at the property. What sets Falcon's apart is that we administer our package in house, and as we don't pay a 3rd party to do so, we're able to provide significantly more value than residents are offered elsewhere. Falcon's Resident Benefit Package serves several strategic purposes. We need to balance respecting a resident's legal right to quiet enjoyment with protecting your asset. Through this package, we provide residents with unlimited furnace filters, batteries, standard light bulbs, as well as offer to change all three. We regularly remind them of their responsibility to change filters along with other seasonal reminders as well. We also offer accidental damage coverage of $350 per year, waive common fees, and many more benefits for $35 per unit per month. This supports our approach of showing residents respect, not nickel and diming them, while still have enforceable "teeth" in our lease in case of non compliance. The other purpose of the package is to partially offsets Falcon's internal lease administration and operation costs, thus keeping your fee structure as competitive as possible.

  See more details here!

• The resident is moving out. What comes next?

  Once we receive notification from a resident that they intend to move out, we confirm all residents do as well and notify you accordingly. The residents are then sent move out instructions along with follow ups on next steps. If we know improvements will be needed at the property, we tee those up with you to be able to hit the ground running once the resident vacates.

• How soon do you get to properties that have been handed off?

  We’re ready to hit the ground running immediately! Once the resident confirms they have surrendered the property, we will complete a move out Inspection. If the property is in marketable condition, and hasn't already been marketed (driven by market conditions and our knowledge of the condition of the property), all of our efforts go to getting the property on the market and opening showings as quickly as possible. If the property is not yet in marketable condition, all efforts go to getting it there as quickly as we can. In either even, we share the move out inspection with you, a copy of the intended punch list of work needed, seek estimates for any improvements needed for your review and update you along the way! One we have a signed lease, the last person in the property will complete a Move In Inspection documenting the condition the property is being provided, shared with both you and the resident.

• How is the property marketed?

  We actively list properties on more than 50 rental listing sites, including Zillow, Trulia, Hotpads, Realtor.com, Homes.com! On each of those sites, we encourage prospects to log onto Falcon Property Company's website for the most up to date information, an easy to navigate HD virtual tour, ability to schedule a self-guided tour 7 days a week, schedule in-person showings during business hours, as well as to submit an application. Every inquiry received from the various syndication sites receives an email and text with information on how to schedule a showing as well as a 24 hour follow up. After showings, prospects are similarly followed up with a prompt for feedback, property information including how to apply. We supplement these follow ups by being available to respond to any questions promptly Monday-Friday.

• Pet recommendation

  Colorado is very dog friendly, for that reason we find it best to allow dogs with whatever reasonable restrictions, you the owner are ok with. This puts us in the best position to attack and keep quality residents.

• How are HOA violations handled?

  We ask that Falcon be added as a 3rd party property manager so the HOA notifies us promptly in the instance of any issues. The way our lease is written states that residents are responsible to follow all HOA rules and are subject all penalties if they don't. In the instance there is a violation, we will let the resident know and give them a shorter time frame than the HOA to address, so that we have an opportunity to inspect as needed and send out a vendor at their expense if the violation is not mitigated.

• How do you handle lease renewals?

  We start the process early than typical, approximately 110-120 out from the end of the lease. We do this to give ourselves time to review market rent, condition of the property from the last inspection, if there have been any issues with the resident, etc.. We then prompt you with our plan. Once confirmed, we send out the lease renewal as early as possible to give the resident time to consider and hopefully renew!

• How long are lease terms?

  Our standard lease is 12 months. There are specific circumstances where we recommend different terms generally between 10-14 months.

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