Listing/ Lease Up Process:
Once the property owner is ready to move forward with the rental process, the owner questionnaire is sent to the owner to be completed. This information is essential for us to execute the listing documents and get the property set up in our system. Once the listing documents have been reviewed and completed, we place a lockbox on the door and schedule the professional photography. The listing is posted in MLS which reaches all MLS members and is posted in our PM software system which syndicates to additional rental sites that are not syndicated through MLS. And yes, the property is listed on Zillow as well. In addition to the online advertising, we have property manager relationships outside of the company where we share information about rental prospects and the rental properties we have available. We work to help each other find qualified candidates for our vacancies in a timely manner. My team and I monitor prospect activity closely, answer the prospect calls as they come in, and schedule property showings promptly. Legacy Property Management is a member of exclusive realtor agent groups that extends the exposure of available properties as well.
Scheduling Property Showings:
We use a system called Tenant Turner to assist us with pre-qualifying our interested prospective tenants and scheduling property tours. We have self-showing tour options in place as well.
Qualifying the Applicants:
We process the credit and background checks, and verify their employment and rental history. (I've included our "Rental Qualifying Criteria" for you to view as well.) Once all is complete, we send the property owner a summary of our findings for their final approval. Once approved, the applicant is emailed the approval letter. The approval letter states that they have within 24 hours to pay the security deposit and sign the lease in order to secure the property. The property stays active on the market until this is complete. Prior to issuing the keys to the tenants for occupancy, they are required to pay their first month's rent, provide proof of renters insurance with at least $300,000.00 in liability coverage, verification of utility transfer, and identity verification.
New Tenant Lease and Move-in Process:
Once we have found you a new tenant, or before depending on the circumstances), we schedule the move in inspection with our inspection partners. They provide us with a comprehensive inspection, including pictures, that we keep on file and share with the property owners. We execute the lease for the owners to review and sign first, then the lease will go to the tenant to sign, then to management to sign. This is done via DocuSign and all parties will receive a copy when the lease documents are fully endorsed. Once all is complete, rent is received, renters insurance is verified, and transfer of the utilities is confirmed, then keys are issued to the tenant.
Ease of Online Portal:
Our property management software system provides the opportunity for the tenants to set up their online portal to pay online, communicate online, and place work orders online. The property owners will set up their portal as well. Once the owners set up their online portal, they have access to view their account online at any time! The owner's banking information is shared with our property management team and is entered in our system. The owner disbursements are processed by the property management team by the 15th of each month, allowing for the tenant payments to clear, and the owners see the rent proceeds deposited into their accounts by the 20th of each month.
Smart Maintenance Workflow:
Our property management team highly values efficiency and open communication with tenants for work requests. We have integrated with the Appfolio Smart Maintenance Program, bolstering our service efficiency and quality. Tenants benefit from a direct phone number for easy 24/7 communication, ensuring swift resolution of any concerns as well as they will encourage tenants to utilize our user-friendly online platform for submitting requests. Upon receiving a request, the tenant is contacted promptly to gather detailed information, aiming to troubleshoot the issue internally before involving contractors. Owners are kept informed, as we ensure transparency by forwarding work orders to licensed and insured contractors only. Contractors coordinate directly with tenants for repair appointments, emphasizing a respectful approach to scheduling around the tenants schedule. To maintain properties seamlessly, we allocate $500 to a maintenance reserve fund from each owner, securely held in a trust account. For repairs exceeding $300, contractors seek approval from us, which in turn involves the owner, enhancing financial prudence. Additionally, we collaborate with Home Warranty companies designated by owners, leveraging our expertise to navigate the varying service quality among providers for optimal results.fidence they need to thrive in the rental market.
RENEWAL PROCESS:
Approximately 90-120 days prior to the end of the lease term, we reach out to the property owners to see if they are interested in renewing the lease with their tenants. If the owner decides they would like to renew, we determine the new rental rate and schedule an inspection appointment with the tenant. If the tenant is eligible for renewal, the renewal offer is generated, reviewed and signed by the owner, and then sent to the tenant. If the tenant or the landlord decides they do not wish to renew the lease, there is a written 60 notice requirement to vacate.