Colorado - Property Mgmt Contracts & Insurance Policies

[Patrick Farley]

All - 

Looking to start a conversation here...

I have a unique offer on my rental home from a company offering luxury cannabis retreats to their clients in legal recreational markets. They operate like a property management company for STR/LTR offerings. I'm considering this offer as it would net me well above market value for rent but need to do my due diligence.

1.  Does anyone in my BP community have a CO residential lease for property mgmt agreements vs standard tenant?

2.  Is there an additional level of insurance I should be requesting from my agent over standard renters?  (The company has their own liability coverage as well)?

Any other considerations? 

[Brett Deas]

Have you talked with your agent about doing this type of thing? Many brokerages here don't allow their agents to do property management because of the hassle it is on the brokerage. But if their brokerage let's them do it then they should have a good lease for you. If not then I have a list of lawyers who can provide you one that is essentially bullet/eviction proof. 

As far as insurance goes (I am by no means an expert) as long as they have the E&O insurance they should be good. If something does happen they only pay a one time fee for having a claim against their insurance but there is no premiums for our insurance, only a subscription so the insurance should be good.