Great, you have now picked the ideal tenant and contacted them about the great news. In your approval letter, include the next steps.
Make sure that you receive the security deposit within 48 hr of the approval notice. Without that security, your property is still technically on the market; let the tenant know this and arrange payment to be as easy as possible for them. Some companies are legally required to use a third party for this process who acts impartially in case there is contention when the tenant leaves; you may wish to look into this.
Create a draft lease and ensure all the repairs and cleaning have been completed. Next, prepare the documents kit.
Remember, communication between the tenant and the building manager is essential in ensuring a satisfied tenant. The tenant should be given moving instructions when the lease is signed. These instructions should include the following where applicable;
Booking elevators specifically for moving and moving truck parking need to be provided. Upon moving in, the following documents should be given to the new tenant:
- Tenant information package
- Standard maintenance request form
- Repair price list for any damages along with the specification of what is classified as damages.
Tenant information package mainly a courtesy but serves four functions;
- A demonstration of professionalism and that the management cares about the tenants and the building; starting both parties off on good food.
- It relays important safety information.
- It reduces the number of vexing questions and requests to the Superintendent.
- It manages the expectations of the tenants by letting them know about what they can expect of the building staff and building services.
The tenant information package provided to the tenant clarifies the responsibilities of both the property management and the tenant with respect to the care and maintenance of the apartment and responsibilities for damage.
To protect both parties, it is recommended that an apartment interior inspection report is completed by the property manager and the tenant as soon as the tenant moves in. The form can be used to document the condition of the apartment at the time of occupancy and after the tenant moves out.
