Renting Out Your Condo! The Rental Process for Landlords

Renting Out Your Condo!

The Rental Process for Landlords

1.Landlords will call us at different stages of the lease process. Some landlords will call when the vacancy is ready to be leased out and they have already renovated, painted and cleaned the rental property.

2. Other landlords sometimes will tell us when they have received their 30 day notice from their tenant.

3. Landlords also call us when they have just purchased a property and want to lease it out. Others call when the tenant has already moved out. They may have not done any repairs yet.

4. Anytime is good to contact us and we will be glad to start working on it as soon as you are notified that the tenant is leaving! We can get started on marketing the unit and finding a qualified tenant.

5. First, we can meet you at the property for a consultation.

6. We can help you figure out what is the market rent for your property.

7. We can also help you to see if you need to change anything to the unit or if it just needs to be deep cleaned or miscellaneous items or clutter to be removed.

8. We can suggest to you what is needed so that your rental property will look appealing to renters.

9. We show properties to many renters and can give you advice on what is most important to them and what they look for.

10.  The landlord will sign an exclusive listing agreement with us, allowing us to market your vacancy. We will take photos and start marketing your property.

11. What is an exclusive agreement? Once you hire us, you will not hire another real estate agent to lease out the property at the same time. 

12. Now, our team will aggressively market your property, will showcase the property and give tours to potential tenants, will schedule showings and will suggest the property to many of our renter clients. We will get application packages from the prospective tenants and present them to you, the landlord.

13.   We offer the following services during the rental application process:

  • We will verify income and employment.
  • We use a service provider to run the credit report.
  • It is a comprehensive report which includes a background check.
  • We will then provide a copy of the prospective tenant’s credit report to you.
  • We will call the applicant’s previous landlords. If additional documents are needed such as more documents needed for verifying income, we will collect that from the prospective tenant.
  • We make sure to do a complete tenant screening and a thorough evaluation of all applicants.
  • We will then review the application with you. It is best to review our evaluation and the tenant’s application as soon as possible as time is of the essence when tenants are looking for a place to lease. Sometimes if a landlord doesn’t respond soon enough, the prospective tenant may just take another unit.

14. Once you approve the applicant, we will prepare the lease paperwork. If the applicants are not qualified, we will continue to show the property and market it until we have found a renter whose qualifications you approve. The new tenant will sign the lease and disclosures. Then we will get the cashier’s check for the move in funds made out to you from the tenant. We will do a move in inspection of the unit and hand over the keys to the tenant. We will assist your new tenants in documenting the property condition at the move in by filling out a move in inspection form and taking photos for your records.

The commission fee is a percentage of the total rent for the lease term. We will share this with other agents if they also bring in tenants that get accepted by the landlord.

We work hard to find you quality tenants and we hope to help you lease out your property soon!