Determine ahead of time your “rental rates” (establish high and low rates)
Create an unique rental ad that stands out.
Take pictures with a great camera (not just with your phone).
Create flyers with unit information and your contact information.
Market your unit online (Craigslist, Postlets, vFlyer, local area websites).
Market your unit offline (“For Rent” signs, etc.).
Schedule showings or open houses
Complete phone screen questionnaire (prescreen BEFORE showing unit).
Complete showing of unit.
Follow up with interested parties.
Have prospective tenants complete Rental Application & Application Fee
Process a criminal, credit, and background check.
Reach out to previous landlord to ask questions about prospective tenant.
If landlord will not answer questions over the phone, send a landlord verification form for them to fill out and fax back to you.
Make decision based on your rental standards (be consistent).
If accepted, reach out to new tenant to schedule move in date/lease signing meeting.
If declined, send a standard letter declining them. File the application and denial letter in a safe place in case they ever apply again (which does happen!).
The lease: signed & initialed on each page (always a good idea to have two people reviewing this document to ensure nothing has been missed)
A copy of Driver’s Licenses of all occupants of the unit
Security Deposit or Move in Fee
First month’s rent
Signing of the “Utility Transfer Agreement” (tenant agrees to move over the utilities before move-in)
Initialing a “Lead Based Paint Notification” & providing a “Lead Based Paint Booklet” to tenant
Initialing “Move Out Charges” document
Filling out a “Tenant Emergency Contact Information” document
Signing a “Pet Agreement” if applicable & collect yearly Pet Fee
Providing “Property Management Team” contact information
Signing W-9 form (form that is sent to bank along with security deposit)
Handing over keys
Enter all tenant information into your rental management system
Make a copy of all Lease Signing Documents and mail to tenant within a week, so they have a copy of everything they initialed and signed
Create a tenant file in the office
Create a Tenant Appreciation Program
Create a work order for every property maintenance and repairs
Conduct preventative maintenance each quarter
Create a collection of rent & eviction process
Create a tenant renewal process
Document all tenant communication
Create template letters for example, lock out, lost keys, noise violations, tenant renewals (90, 60, 30 days), etc.
Fill out a thorough Move Out Inspection, and then create a “scope of work” on what will be needed to turn around the unit. Take pictures during the walk through.
After assessing repairs, determine what normal “wear and tear” is and what will be charged to the tenant and subtracted from their Security Deposit.
Mail security deposit check and letter to forwarding address within 30 days of move out.
Once the “scope of work” and work orders have been created, set a schedule and get your team (in house or sub-contractors) quickly turning around the property.
Once complete, have someone clean the unit and do a “final walk-through.”
Once “tenant ready,” we take pictures to use for marketing purposes, put baking soda in refrigerator, and put an air freshener in the main room.
Now you are back to the “Attracting Tenants” part of this process!
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