Page 11 - The Playbook

we need to provide a fair opportunity for your current tenants to renew their lease and for us
to prepare if the home will go to market for rent again.

What do we need from you, here? Please be communicative and responsive. What should you
expect from us? Exactly the same communicative and responsive nature we request of you, and
to provide you with expert advice on the renewal and new lease rates you should expect for
your home. We’ll start the conversation out with our proposed renewal and new lease rates
and ask if there has been any change in your expectations with regard to establishing new
lease parameters for the new term.

It’s expected that we’ll have all the information we need to offer renewal and go to market by
approximately 120 days prior to the end of your current lease agreement. This allows us an
appropriate amount of time to communicate a RENEWAL DEADLINE to your current tenants.
They’ll have 30 days to consider your renewal offer and communicate to us their plans for an
additional lease term in your home. Hopefully, they decide to stay, renew their lease with
favorable terms and you simply hear from us that a new lease has been signed and will be sent
to you. Turnover of tenants is very expensive – and, frankly savvy tenants know this. They may
try to negotiate on the renewal rate, particularly if there is an increase. And, so you may hear
counter-offers from your tenant. We’ll give you the best advice we can based on the likelihood
of finding a new tenant at a higher rate, the cost of turnover, and the reasonableness of the
tenants offer. We want you to listen to us, but the final decision on renewal offers and
negotiating with your tenant rests squarely with you. So, don’t be shy and remember that we
work for you. If we are passionate or seem pushy on the rate it’s because we have your best
business interests in mind. Ultimately, we will do the best to implement the plan that you agree
to.
If your tenant decides they do not want to renew their lease agreement, then it’s time to GO TO
MARKET – typically 90 days prior to your current lease termination date, but we’ll go as soon
as we’ve established the tenant’s intentions not to renew. Sometimes that’s earlier than 90
days – sometimes our tenants need a little longer to decide and (with your
permission/understanding) we’ll allow them some grace. Ideally, we want to be going to
market as close to 90 days prior to the lease end date as possible. For those of you who are
new owners to our portfolio – this is where we’ll pick up the leasing process to find a first
tenant for your home.

What does it mean to go to market? These days that mostly means internet-based marketing –
our software helps us to be very efficient and disburses our listings to many different
platforms that prospective tenants use to find rental homes. We can provide you a list of the
sites we typically hit – but it includes the ones you want. We don’t use Craigslist and we
typically will not immediately post a property in the local MLS. We have different reasons for
this – but mostly, we find it is not always in your best interest to be listed on these sites.

We’ll actively show and market your property to prospective tenants; it’s important to be
nimble during this time period and we’ll need to react to feedback we receive. And, remember
that no traffic at all is oftentimes some of the best feedback we can get – it means we need to
adjust. Our entire team meets weekly to discuss our marketing strategy for each individual
property we have available. Your point of contact will be the Marketing & Leasing manager, but
you’ll get the effort of every member of our team sharing and brainstorming strategy to get