Investment property owners expose themselves to extreme risk by failing to ensure that application criteria are published and in compliance with all Fair Housing recommendations. It is the number place where Landlords lose money unnecessarily.
In August of 2019, Colorado passed a new bill regarding application fees. As a result of this law, we reduced our application fee to $25 at that time. The bill requires landlords to charge prospects for the actual costs of the application only. As our labor costs vary drastically from one application to another we have elected to charge, as recommended by our attorney, only our hard dollar screening costs of $25. This is the cost to us for running the credit and criminal background checks. Our fee rivals most in the industry as one of the lowest — giving our property owners the advantage during the application process!
We also updated our criteria and processes regarding declined applications to ensure compliance with all aspects of this new law. Our criteria are available HERE as a FREE DOWNLOAD!
Our policies ensure that applications are processed fairly with any information pertaining to protected classes being withheld from the processor, guaranteeing that biases are not inadvertently placed during the review.
If you have any questions about how the recent laws concerning Colorado Landlords may affect you, please reach out! Set your consultation here: https://tinyurl.com/qnq7o2z