Managing rental properties can be a complex business. You need to have good processes not only to remain efficient, but to stay compliant with fair housing rules and various government regulations. Rental Management Guys has developed and documented many processes across our business to improve consistency, efficiency and training. Here is just a small sample of those:
Turnover Tracker
Turnovers are a natural part of the property management business. At any given time, we can be tracking 30-50 units that are turning over or have pending turnovers. we developed both a tracking process and a tool we call the turnover tracker. Here is an abbreviated version of the entire process:
- Once a tenant gives notice, an email confirmation is sent to the owner and tenant confirming the move out date with instructions on how the tenant should clean and prepare the house move out date.
- The property is added to our turnover tracker (shown below).
- Leasing is notified of the pending turnover. They schedule time with the existing tenant to take photos and get the property onto the market.
- Maintenance walks through the property and performs a pre-move out inspection to confirm the scope of the turnover to discuss with owner.
- Each property on turnover tracker is discussed weekly at our turnover meeting with leasing and maintenance to ensure that all teams are working toward same goals.
- 7 days prior to move-out date, outgoing tenants are contacted and move out time and date are reconfirmed.
- Once tenant has vacated, inspection department or property manager performs a move-out inspection with photos for determine the security deposit disposition. All maintenance work orders are updated as needed for turnover,
- Unit is turned over by internal maintenance employees and possibly outside vendors depending upon scope,
- Leasing team coordinates move-in with new tenant and performs move-in inspection with photos for our archive.
Property Preservation Inspections
With many squeaky wheels in the property management business, it is very easy to sometimes forget about the tenant that never calls and always pays their rent on time. We have spoken to owners that have not been in some of their units in years. We found this can result in surprises once you do go into the property. Consequently, shortly after we started Rental Management Guys, we implemented a program we call Property Preservation Inspections. We systematically schedule visits to every unit we manage every 6 months. During that visit, the inspector takes photos of the interior and exterior. He also notes any concerns such as unreported maintenance items, health and safety concerns, or possible lease violations. These inspections are automatically emailed to both the owner and the property manager for review and discussion.
Other processes
We have over 40 other written processes that allow our employees to quickly handle complex actions in a systematic and efficient way such as:
- Rent collection
- Rent increases and lease renewals
- Owner distributions
- Tenant charge backs
- Maintenance process flows
- Entering rent or vendor invoices into Propertyware
- Move-outs, Move-in
- Security deposit distribution/closing tenant accounts
- Preparing Certificate of Rent Paid
