1. You get in touch with LEAP because you need a trusted property management firm.
2. We meet with you at your property.
3. We evaluate your property and discuss each of the benefits you can receive as a LEAP client.
4. You let your sales associate know when you’re ready to proceed, and we’ll digitally execute the agreement.
5. You receive a “Welcome to LEAP email” that introduces you to your property manager and the team.
6. Your property will almost always be actively listed within three business days of receiving your “welcome email.”
7. We’ll collaborate with you to ensure the listing on MLS and our website is accurate.
8. With an active listing, you will receive a “Showing Report” every Monday.
- Few to 0 showings: the market is not accepting our price and we need to re-evaluate immediately.
- 5-6 showings: prospects are interested. If you are not receiving an application or feedback, we request comments about the property from showing agents in order to address any concerns prospects are having.
- Many showings and applicants: the property is in excellent condition and rent is priced accordingly.
9. We will inform you of all rental applications for the property. Application will take 2-3 business days to process.
10. You will have the opportunity to review and approve each successful application.
11. Once you approve an application, we send the Residential Lease to the prospective tenants.
12. The prospective tenants have 48 hours to sign the lease and submit the security deposit. At this point your property comes off the market because it is legally leased.
13. If the tenants don’t sign the lease within 48-hours we continue showing the property
14. Your property manager will work with you to ensure the property is “Move-In Ready.”
15. Once it’s move-in ready, your property manager will complete a “BMI” which thoroughly documents the current condition of the property.
16. Your property manager will coordinate with the tenants on the day of their move to ensure everything goes as planned.
17. The tenants have five days from establishing occupancy to complete the “Inventory and Condition Form.” You will receive a copy of the inventory sheet and a link to the BMI photos to review for accuracy.
18. If your tenant’s move-in date is between the 8th and the 31st of the month you will receive your first disbursement the following month. For example, if your tenant moves in on March 8th then you will receive your disbursement on April 10th.
19. First disbursement: You will receive the difference of your rental income minus expenses.
- Expenses include: 50% leasing fee, 8% management fee (pro-rated), and $250 repair reserve (this is considered an expense but it’s your money held in a trust account).
20. Second Disbursement: Since the tenant paid a full first month’s rent, they are only charged a pro-rated amount for the days they actually occupied the property for the second disbursement.
- Example: the tenants move in on March 15th. Upon move in they were responsible for a full$1800 monthly rent. On April 1st they’ll be responsible for $960.
- For this second dismemberment expect the difference of your rental income minus the 8% monthly management fee and any repairs that you approved.
21. A six-month inspection ensures that the tenants are taking great care of the property, and the inspection includes 20+ photos for your review.
22. If a violation is discovered during this inspection, the tenant is in breach of contract, and we enforce terms until the violation is rectified.
23. 60 days prior to the lease expiration, we’ll contact your tenants and talk to them about their intentions to renew or move out.
24. If your tenants wish to renew, we will send you a report with a revised CMA, the number of late payments by the tenant, and the number of repairs requested by the tenant in order to determine if you want to renew to these tenants and under what terms.
25. If the tenant renews, return to Phase 5. If not, continue to Phase 7.
26. If your tenant decides to move out, we require them to notify us in writing 45 days prior to their lease expiration. This gives us sufficient time to prepare the property and find a new tenant exactly 30 days prior to the tenant’s expiration date.
27. We’ll collaborate with you again to ensure the listing on MLS and our website is accurate.
28. Once the property is listed, the process starts over from Step 8. Step 29 will happen as soon as the first tenants moves out.
29. The move-out inspection documents the condition of your property and determines if the tenants need to be charged for any damage. We review the inventory and condition report that the tenants submitted at the time of their initial move-in to help make this determination.
30. We’ll obtain bids for the work needed to bring your property back to its move-in condition. We’ll address the tenant repair immediately, as the cost of these repairs will come from the tenant’s security deposit.
31. After we oversee all repairs, we’ll send the tenants an Itemization of Security Deposit Report. At this point unless the tenant argues his charges, our relationship with the tenant is over.
32. If the tenant argues their charges the property manager will contact the tenant to address the situation. Our inspections allow us to show proof of the property condition and substantiate the charges occurred.
33. Once the After Move-Out Inspection has been completed, and the Itemization of Security Deposit Report has been sent, we then return to Phase 3.
