Hey, everybody. My name’s Matthew Whitaker. I am with evernest, 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?”
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.
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.
The 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 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 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.”
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 evernest. Thanks so much for watching.
Matthew is the CEO of Evernest. He is a student of the book Good to Great and is passionate about building the best property management company on the planet (and maybe even the universe if Elon Musk will hurry up). You can usually find Matthew at the baseball field with his son, at a dance recital with his daughter, or at his favorite restaurant with his wife, when he’s not in the office. And if you can’t find him in any of those places, it probably means he’s traveling.