What is required for a new owner to start the process for Catlin Properties to rent/lease a property for you? Please see our Property Owner page for more information.
Here are the steps:
- We sign a management agreement prior to us renting/leasing a house for you. This document creates agency between us much like between an owner and a real estate agent. Essentially you are giving us the legal authority to rent your house, collect and distribute funds on your behalf and it spells out responsibility for both parties.
- You will need to provide information about the house, room descriptions, heating type etc.
- You will need to contemplate whether you want to allow pets in your house and if so, what type and size.
- You will be asked for a minimum account balance check (escrow) of $300.00; this will be the beginning of your minimum account balance that we will always maintain for you in your owner account. In the event, your account falls below the minimum we will either call you for more funds or take it out of your next month’s rent.
- If the property needs repairs or has outstanding bills that we will be paying on your behalf, we will request more money in this initial phase.
What if I decide I want to sell my occupied rental property?
When an owner of an occupied property decides to sell, it can be a very stressful situation unless handled properly. A few items that will help make the situation go smoother and help facilitate a sale are as follows:
- Communication is key. Occasionally the owner will communicate directly with their real estate broker and leave the Property Manager out of the loop. The agent then puts a sign in the yard without any notice – to either the tenant or property manager. Imagine the tenant’s reaction upon coming home to find a for sale sign in their yard. Almost without exception, the tenant calls in anger, for not telling them that the Owner had decided to sell. It is difficult for them to understand that we really had no idea of what was taking place. It places our credibility in jeopardy.
- Either the listing agent or the Owner needs to check, with Catlin Properties, to see if the tenant is under a current lease. The law is unwavering on this subject.If the tenant is under an active lease that property is theirs to live in regardless of who owns it!
- Without necessarily trying, the Listing Agent has now pitted themselves against the tenant. We end up in the enviable position of referee. In this age of technology, the tenant quickly figures out that they have right to a 24-hour Real Estate entry posted notice, and they demand that we adhere to this. We simply have no choice because it’s the law plain and simple. No matter how much angst all parties are experiencing!
- A much better way is to communicate with the tenant and get their approval to allow showings with a 24-hour notice but via phone, not physical posting. It must be understood that this is the tenant’s option – not anyone else’s. In the event the tenants don’t agree to this type of notice, then it’s back to posting.
- It is never our intention to hold up anyone’s sale of their real estate. We view real property as a fluid asset and given our volume, it’s a fact of life that some of it will be sold. Properties come and go on a continual basis.
- The actual process of posting is the responsibility of the realtor. They call us, and we prepare the posting, they come and pick it up and post it. If it is required that we post it, we will charge our Client a $25.00 posting fee. This is an unnecessary expense to the owner. Your realtor should be made aware of this requirement.