LEASE EXECUTION & RENEWALS
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Transcript
Speaker 1: Hey, everyone, it's Ryan Leonard with Wolfnest property management. Today I wanted to talk to you about the Wolfnest leasing and Wolfnest renewal process and kind of what that looks like. So, the first thing with leasing - our model's a little bit different. We actually have a dedicated applications team and a dedicated leasing team. What this means is that their only job is to process applications and to process the lease agreements and get them signed. Benefit of that, rather than having one property manager that handles the, you know, the maintenance, the showings, the marketing, the tenant relations, owner relations, the accounting, notice postings, you name it, and then hopefully doing the applications piece and leasing piece quickly.
With Wolfnest, we have a team that is again solely dedicated to just those two departments, and it really helps expedite the leasing process. That's the last thing you want to have is an interested tenant, or it takes two weeks for them to get through the application process and then move on with the new property. So as far as when a tenant has been approved and we start the leasing process, we're going to handle all of that for you. We're going to have one looking at CC&R's or HOA rules and regulations, making sure that our lease is going to be up to date and provide them everything that they need to abide by those laws. We're also going to be doing any addendums that may be needed like drug or nonsmoking addendums, also pet addendums, you name it. We're going to have it in that lease agreement. You don't have to worry about anything.
We're also going to be collecting the first month's rent, as well as the security deposit before issuing them keys. We'll confirm that the landlord policies have been placed in the tenant's name and really ensure that before giving them keys so that we know that utilities will be paid for by them. We're also going to be doing all the property checks. That's another piece of leasing is doing the rent ready or move-in inspections, so videotape every square inch of that property, photos, even commercially blacklight testing on all the flooring, and that, really that move-in report. We're also going to be creating them a portal. That's a great thing with Wolfnest, tenants can pay online with a debit card, credit card, ACH auto payments. We also will teach them or show them how to submit maintenance requests and anything that they have questions about the property they reach out through that portal.
Now, as far as renewals goes, I think the best thing to look at when you're dealing with renewals is, you know, the four tips and the biggest one first is turnover. Turnover is one of your biggest expenses. We've had a tenant that's been with us almost since day one, almost 10 years. And on a 30-year mortgage, that tenant has pretty much paid, you know, thirty three percent of that owner's mortgage on that property, which is just great. Also, that owner has not had any turnover. There's a lot of cost that goes into a turnover like rent ready maintenance, the vacancy. I mean, that's probably one of your biggest expenses. So, renewal process again, you want to make sure that you're doing it right, and we've definitely nailed that down with Wolfnest.
Treat your tenant well. Honestly, in order for a tenant to continue to renew, you got to treat them well. And that doesn't mean you start being really nice toward the end of that lease agreement. It's being responsive, having that property really in pristine condition when they move in. There's nothing worse than a tenant moving into a property that just isn't ready. Tenants are excited to move into a new property, take pride in it, and having it professionally cleaned everything in working order before they move in is a big thing to make sure that they are happy.
Also, start the process early. We start our renewal process 90 days before the tenant's lease expires. The reason for this is we want to get their intent or what is their plan. And so, if we reach out 90 days and find out that they would like to renew, great, we look at a renewal rate working with the owner and looking at, you know, current market saturation, rental appreciation and come up with a fair number for that tenant to sign that new lease. On the flip side, if they noticed or if they inform us that they will not be renewing, that's where we start that pre-marketing campaign to really minimize vacancy and get a new tenant in as quickly as possible. And the last one is, don't be afraid to increase the rent. Property taxes go up, insurance goes up and the cost of maintenance goes up. Everything goes up, you know, each year and you want to make sure that you are, you know, increasing the rent but in a reasonable way. You know, if you want to keep your tenant, don't increase five hundred dollars a month, be willing to come up with the number and also be willing to kind of have some dialog with them. If we want to do a hundred and fifty dollar a month increase and they can't do that, they want to stay, and maybe it's a hundred and twenty-five, it's probably worth coming halfway with that tenant. And obviously that's something we do with our owner.
So, if you have any questions or would like to hear more about our leasing and lease renewal process, give me a call. That's my email and phone number, love to discuss your property and see if we can be a good. Alright, thank you.
- We prepare the comprehensive lease documents and coordinate the lease signing.
- We collect the first month’s rent and security deposit at the time of signing.
- Re-key and change the codes for the property in between tenants.
- Wolfnest uses an electronic lockbox for self guided tours. With this feature, prospective tenants can schedule a showing when it is most convenient for their schedule rather than the availability of an agent. In order to receive a one time access code a prospective tenant must provide a copy of a valid drivers license, bank issued credit card which we authorize and hold on file. Once the showing is complete, tenants will receive a post walkthrough survey asking what they liked, what they didn't like, would they like to apply.
- Schedule and manage property assessments and walkthroughs before and after a move-in and move-out.
- We complete our Move-In inspection and documentation prior to the tenant moving in. Once our logistics team approves the home for move in we schedule a meeting at our office for the tenant to pick up keys, review property specific information, and answer any questions they may have at that time.
- Provide tenant with new keys and Portal Access
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Ready for Wolfnest to take over managing your property?
Download Information PacketTHE WOLFNEST ADVANTAGE
Like other industries in Utah, you’ll find that most companies will claim to be the best property manager for one reason or another, but the fact is very few will actually provide outstanding service. Not only are we the most responsive and very competitively priced, but no other company will take as much pride in your property and will manage it as if we owned it ourselves.
So, What Makes Wolfnest Unique?
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We properly screen tenants
Our average tenant FICO score is over 700 and our eviction rate is less than 0.5% for 5 years running.
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We collect rent payments on-time
97%+ of our tenants pay on or before the 1st of each month.
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Our property maintenance is affordable
We will never charge for repairs that you don’t need.
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We provide consistent communication
High priority items are handled within 24 business hours.
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Competitive Pricing Structure - $0 Leasing, $0 Lease Renewal, $0 Sign Up Fees!
You won’t see high monthly management fees with Wolfnest. As real estate investors ourselves, we wouldn’t pay high monthly fees for property management services and don’t expect you to either. As a result, our tiered pricing structure was developed with the needs of rental property owners in mind and is designed to save you more money the longer you stay with us.At Wolfnest, we understand that successful real estate investing is a long-term proposition and we want to be your property management company of choice for the long-term. -
100% Satisfaction Guaranteed
With us, your satisfaction is guaranteed. Unlike other management companies that make unrealistic promises just to get you signed up and then continually disappoint you, we allow you to void your agreement if you aren’t completely satisfied. At Wolfnest, we like happy customers and your complete and total satisfaction is our #1 priority. -
strict rent collection procedures
We believe strongly in our leasing program and only place high quality tenants in your rental property. For this reason, 97%+ of our residents pay on time every month. This means that you won’t have to worry about the rent showing up on time. At Wolfnest, we believe in a strict qualification process and only place tenants in your rental that we would place in our own. -
pet guarantee
For any pet that we approve, we guarantee our owners up to $2,000 of damage coverage on top of the security deposit for any screened & authorized pet for interior damage. -
Smart Home Services
Wolfnest clients can sign up for our Smart Home Service Plan. We will upgrade your dated locks with ShowMojo's smart access technology. This combines the convenience of digital with the security of a deadbolt – no internet required!
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As your Salt Lake City Property Manager
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comprehensive vacancy marketing
At Wolfnest, we know what it takes to get renters in your property. We provide an entire marketing campaign in order to find you the best renters.
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enhanced marketing services
In addition to our vacancy marketing, we continue offering marketing services even after a property is filled.
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property leasing
We draw up the contracts and handle all the behind-the-scenes tasks accompanied with leasing.
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TENANT SCREENING
Before we fill any vacancy, we screen every potential applicant to ensure your property will be occupied by the ideal candidate.
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move in/out inspections
Before anyone moves in or out, we inspect each property to ensure that your rental is in good shape.
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and more
Give us a call for more information and to discuss how we can meet your property management needs.
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