A year in the life of your rental property

Tiea Vincent - Friday, June 26, 2020

My name is Tiea Vincent and I'm the broker and owner of Roundtable Property Management. 

Oftentimes when new homeowners call me, they ask me, what is the process? What goes on? They've never had a property for rent before and they really just don't know anything about the process. So today we're gonna discuss what a year in the life of your rental property looks like. 

Rental Advertising

The first thing that we do is we get ready for advertising. You and I will discuss the comps for the home and come up with a good rental market price and then we will get professional photos and 360 videos taken of your home. We advertise on over 300 different Web sites and then we begin the showing process. Once we start showing the home and we find an applicant ready to apply. 

Tenant Screening

We will screen their applications looking at their credit, their criminal, their rental verification and their income verification. Once we have an approved application, we will collect their deposit that will take the home off the market and hold it for them until they're ready to move in. We will not hold the home more than 30 days off the market for the tenant. 

Leasing & Deposit

Once we have that deposit, then we're going to make sure the home is ready to move in. So we're gonna make sure that it's clean, that carpets have been cleaned. The locks have been changed in any handy man items have been taking care of prior to move in. Once they're ready to move in and all the leases have been signed, we're gonna do a moving inspection to document the condition of your home prior to the tenant moving in so we have a compare and contrast when they move out. 

Move-In 

Once the tenant moves in, we're going to send you an owner portal log-in information. Here you can log in and you can see copies of your tenant's lease copies of the moving inspection, your owner statements showing money coming in your account and money going out of your account. If there's money going out, it will tell you what it was for and it will have a copy of the invoice. Oftentimes with our handyman, we require that they submit photos as well. So you'll not only see that we sent the handyman, you'll see his invoice and you'll also see copies of pictures of what he did. 

Rent Collection & Owner Payments

Now that the tenants in there, we start collecting the rent on the first of every month and we turn that over to our homeowners via ACH between the 8th and the 12th of each month. When this payment happens, you will get an email alert letting you know that an owner payment has happened as well as an e-mail alert, letting you know that a new owner statement has been uploaded to your owner portal. During this tenancy we're also going to be coordinating any maintenance, so anything that happens in the property that the tenant needs address, they're going to be calling us or they're going to go into their own tenant portal to request maintenance. 

Routine Inspections

We're also going to be doing Drive-By inspections. We do these every six to eight weeks and they're quite important because we want to make sure that the tenant is taking care of the outside of the house. Oftentimes at the outside is not being taken care of that's an indicator that we may need to go inside to take a look as well. We're checking things like if the lawn is taking care of, is there mail piling up or the gutters full, are the tree limbs touching the roof or overhanging the roof, are the trash cans outside, is the mailbox OK? The list goes on and on, but we're checking these things to make sure the tenants are maintaining them. 

Then six months come and it's time to do an interior inspection. We will go inside the property at around 6 months and we're checking the appliances, we're checking that h-vac system to make sure they're replacing the filters. We're checking underneath the ceilings to make sure that there are no leaks. Oftentimes the tenants don't even know the leak is there because they're not under there seeing checking things or they've forgotten to replace the AC filter. Then we continue with our Drive-By inspections and then it comes renewal time. 

Renewal or Move-Out

About 60 days prior to the time they were ready for renewal we will send you a letter asking what you would like to do. At that time, you can say, I want my tenants to move out, I'm going to sell the home, I'm going to move back in, I want you to renew. After we send you that letter that we will then send the tenants a renewal letter offering them to stay or go at the current rent or the raised rent. Once they respond to us, we have two different courses of action. The first one would be if they decide they want to renew, they'll send the form back to will order a new lease from our attorneys and we'll perform a renewal inspection. Just because the tenant wants to renew and has paid their rent on time and is not calling a maintenance request doesn't mean that we necessarily want to renew. We want to take a look at the home to make sure that they're not causing any damage before we allow them to stay. 

If they decide that they want to move out, we will start that move out process. Once they move out and return keys to us, we will perform a move out inspection and prepare the home to re-rent. At this time, we're going to send our carpet cleaners, our cleaners, the locksmith, all the people we would have sent in in the beginning to get the home rent ready again. We'll start advertising and start the process all over again. In the rare occasion that the tenant doesn't want to move out but doesn't want to renew. 

We do have a clause in the lease that allows them to go month to month. We're still going to do a renewal inspection because we still want to make sure we want them in the home, but at that point, their rent goes up $100 a month for the convenience of being outside of lease terms. 

If you have any questions about this process or anything else that goes on during that year, feel free to reach out to me and we can go over it.