Owner Services
What to do to get started with Key Locations Property Management...
What else do we need from you in order to begin managing your property?
What else needs to be done to the property to prepare it for lease?
Sample Lease Management Agreement
What to do to get started with Key Locations Property Management
You may call or email us for information on getting started. We will need to speak with you to discuss your property, our fees and your needs. Much of the initial information we need can be found on the internet by searching public records and maps/satellite photos etc... During our call, we will set an appointment to inspect your property before we can sign you up for services. This will allow us to verify condition and to be able to address any habitability or marketing condition issues.
The next step will be completing and signing the Exclusive Leasing & Management Agreement with all property owners. State law requires we have this agreement signed and in place prior to our taking over leasing and management of your property.
If the property is in rent ready condition we can get your property listed, photos taken, listed on the internet, sign and lockbox placed and on the market the same day we visit the property.
If you are an out of state owner we can handle all of this without you having to make a special trip to the property. We would like to meet all of our owners personally but that is not always practical for the owner. As long as we have access to the property, we can handle the rest from here.
What else do we need from you in order to begin managing your property?
We will need to walk through your property and create a list of all of its best features for marketing purposes. We will also need all of the following items:
• Name and contact information for the Homeowners Association and HOA Management Company
• Copy of the covenants & bylaws for your HOA
• Keys to all doors
• Garage Door Remotes
• Keys and access information for any community amenities to be included (pool, clubhouse, mailbox etc...)
• Utility company information for all utilities related to your property
• Property insurance company contact info. If this is the first time you'll be leasing your property you may need to convert your policy to an investor's policy)
We require a capital contribution of $350.00 to $500.00, depending on the size and condition of the property, in order to establish your account with us. These funds will be used for approved expenses such as the final make ready process including rekeying the locks, a final interior cleaning, final yard service, utilities while vacant and any other authorized make ready expense. State law does not allow us to commingle owner's funds so we must have this small reserve in advance in order to remain in compliance. Beginning the first month, and at the start of each month thereafter, you will receive a complete written accounting statement tracking all income and expenses as well as your balance in the reserve account for each property that we manage for you.
Due to the current economic environment we will also need you to verify with us that all mortgages, property taxes and homeowners association fees on your property are current and paid.
What else needs to be done to the property to prepare it for lease?
Like attracts like. Properties in good condition attract good tenants. Properties in poor condition attract poor quality tenants. With the current market and competing properties we need the property in rent ready condition the day it is put on the market. Not doing so can cause concerns with potential residents. They may worry that the property will not be in proper condition in time for their move in, or worse, they may choose to rent a competing property that is in better condition. We like to have all of our properties in the best possible condition to rent. Agents or prospective tenants that see one of our listings in poor condition may decide not to view any of our listings assuming they may all be in the same poor condition. We want them to know that when they rent from us the property will be in good clean condition and properly maintained.
The process of leasing a house is quite different from selling one. While marketing for lease can take 10 to 60 days or more on average, the actual time from application to lease signing and move in is usually MUCH quicker. Property sales can take 3 to 8 weeks or more to close once an contract is in place. It usually only takes us 1 to 3 business days to qualify a resident. Tenants typically don’t begin their search in earnest until 2-3 weeks in advance of the date they want to move in. Additionally, most potential residents won’t make a final property choice property, sign a lease and put down a deposit until 2-10 days away from the date they want to move in.
Ideally, you will want to have the room colors and decorating of the house in a mostly neutral color scheme. If you have customized the property to fit your tastes and you do not neutralize it, then you will be narrowing the market of potential residents only to those with decorating tastes similar to yours. In order to find the best possible resident in the shortest time and best rental price possible you would want to appeal to the largest group of prospective tenants, and the last thing you want to do is to let a couple gallons of paint or needed maintenance issue stand in the way. When you choose to lease your principal residence you are now making the mindset change from owner to investor and your home is now your product. You need to be able to make decisions based on practical business sense and not personal feelings or emotion. That will give you the greatest bottom line net on your property. Remember, vacancy rate is the single largest expense in leasing your property. Anything you can do to reduce your vacancy rate is usually your best option in the long term.
In addition, several other items may need to be addressed; they can include, but are not limited to the following:
- Removing all of your possessions and personal property
- Making sure that all the usual appliances are present and working properly for their age
- We do recommend that you have a refrigerator, stove/range, dishwasher and if possible a built in microwave
- We also recommend leaving a washer and dryer but this is optional
- All electrical, plumbing, alarm systems in the house need to be in normal working condition
- We do recommend garage door openers, gas logs in fireplaces (where applicable), and blinds on all windows for many reasons to do with marketing and risk management
- A complete & thorough interior and exterior cleaning of the property is mandatory
- Curing any odors from pets or other sources is mandatory
- All lawn maintenance must be completed and the yard made as simple as possible for residents to maintain
- You should keep gas, water and electric services on until the house is leased
