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Procedure for Taking Over
Because we have done this badly so many times in the past 20 years, and there are properties that don’t fit our model, we take certain steps to evaluate the owner, the tenant and the property before we take over management of an existing tenant. Here are the steps we will take to make this evaluation.
- Have an initial discussion with the owner to discuss if your house fits our model. We look at aspects such as geographic area, rent, and style. This is generally done with Scott Jacques the marketing manager.
- Have the owner complete a questionnaire so we can evaluate the situation.
- The owner fax’s or scan’s the lease and move in inspection to Scott to review. There are leases we won’t take over simply because there is so much in them that we don’t agree with or won’t expose ourselves to. We need to see the move in inspection so we can properly advise the owner of the prospects of retaining the deposit after move out.
- Pull property tax records and MLS information.
- Evaluation #1 using the current information, should we consider taking on this property? If “yes” go to the next step.
- Have a property manager do a property visit to evaluate the tenant and the physical condition of property <See why>. Cost to the owner is $75 and is non refundable. If we agree to take on the property we will credit this fee against what you owe Crown.
- Evaluation #2 from all this information we will make a final decision about taking on the property.
- If we decide to take on their property ….
- owner executes an assignment of lease over to Crown
Note: If the current lease has expired (or is void) we will require the tenant sign a Crown lease within 30 days of Crown taking over.
- owner goes on line and completes owner/property sign up paperwork
- owner transfers their file to Crown (tenant ledger with outstanding charges, original inspection, keys, original lease, and all house-keeping papers).
- a effective date is determined by the parties as to when Crown takes over.
- owner pays Crown half a months rent <See explanation>.
- Owner sends letter to tenant (on the Effective Date) announcing our management (in middle of month is best) so we can collect next month's rent <See the letter>.
- Crown sends a letter to the tenant the same day <See the letter> outlining our rent payment procedures and welcoming them to Crown. We will include payment envelopes, maintenance policies, move out procedures and inviting them to view our web site for more information for our current residents. Tenant needs to sign a new lease (and all the house keeping documents) at the next renewal date. If the current lease has expired tenant must sign a new Crown lease. This should be done in person by a manager.
Taking on an existing property is much harder than leasing a vacant one. Tenants develop habits and resist dealing with a new property management who will hold their feet to the fire on rent payments and maintenance. When Crown collects the first months rent form the existing tenant we will deduct half a months rent to Crown for the entire process.
Sometimes it is better to wait until the current tenant moves out before turning your property over to Crown. The owner should consider when to let Crown start managing.
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