Why do I have to pay a Leasing Fee each time my property is turned over?
Why do I have to pay a Leasing Fee each time my property is turned over?
When your property goes on the market to find a new tenant, we put in the same amount of hard work and incur the same expenses, regardless of whether it's the first time we have ever leased the property or if it's simply because your current tenant is moving out and we need to find a replacement. The Leasing Fee covers the following costs associated with tenant turnover and marketing:
- Advertisement: Advertising is the foremost way to secure a new tenant. Your property is advertised on our company website, as well as many other syndicated sites beyond our own. These syndications result in referrals for prospective tenants to our office for inquiry. We also frequently advertise our properties on social media.
- Showings and Applications: These marketing efforts produce inquiries from prospective tenants, which triggers showings and applications to begin. Our dedicated Leasing Coordinator conducts all showings and processes all incoming applications using our proprietary scoring system that complies with all fair housing laws.
- Lease Generation: Once an applicant is chosen, the Leasing Coordinator generates the lease documents and sends them out for execution by the new tenant prior to move-in.
- Maintenance: Your Property Manager coordinates all maintenance items necessary to turn the property over in a clean and safe condition that meets (or exceeds) our company's minimum property standards.
- Move-in Inspection: Your Property Manager conducts and documents a detailed move-in inspection of the property to record the condition before a new tenant takes possession. This inspection provides baseline documentation of the initial condition of the home; likewise, this inspection documentation will be used at move-out to process any charges against the tenant's security deposit. The thorough documentation also provides backup if any maintenance issues or legal disputes arise during the tenancy.
- Collection of Backup Documentation and Monies: The Leasing Coordinator will collect all remaining backup documentation and deposits from the tenant prior to releasing keys for move-in. This process includes (but is not limited to) the collection of: proof of renter's insurance, proof of utility connection/service transfer, security deposits, and initial rent payment.
This specific and thorough process takes place every time your property is turned over in preparation for a new tenant to move in, and it helps ensure a smooth transition for both you and your new tenant(s). Our leasing process has been honed to provide quick turn-around times and reduces vacancy rates to well below the national average; consequently, our effective leasing process helps mitigate income loss due to vacancy, which helps offset the Leasing Fee.
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