Page 12 - The Playbook

your property leased as quickly as possible. There are two things we hate most – vacant
property & property listed on our site for longer than 60 days.

A quick tidbit of advice here – our sweet spot for leasing your home is 45 – 60 days prior to
when the new tenant will move-in. That’s when we find prospective tenants are most apt to
establish their plans and commit to signing a lease agreement. We’re going to be most active
during this period of time and we’re going to be most aggressive after we’ve passed this
expected time period, as it relates to your current tenant’s move out. Our plan is typically to
have the new lease start 7 days after the old lease ends.

Up to this point – we’ve worked really hard and a lot of the heavy lifting from a leasing
perspective is over. Once we find that prospective tenant willing to commit, the rest of the
process is pretty simple and seamless. They’ll go from APPLICATION TO LEASE relatively
quickly. The process is electronic-based through our software. We have established application
criteria and assuming the tenant meets the minimum standard and agrees to pay the rent
amount established at the beginning of this process, they’ll be offered a lease agreement to
sign.

We typically get questions from owners at this point, requesting to view the application and
their credit history, etc…We can share a copy of their application, but we can’t share their
credit history or share particulars of their report – this is because of privacy laws and
regulations related to the Fair Debt Collection Act. We also can’t permit an owner the
opportunity to meet their prospective tenants. Doing so potentially opens our licensees and
brokers to fair housing violations. It also subverts the relationship you have when you employ
a property management company – think Oz behind the curtain. You’ve hired us to provide you
with that buffer and we’ve agreed to take on the liability of managing your property with the
expectation that we’ll be the point of contact for your tenant. It’s important to remember, if the
tenant qualifies, based on pre-determined criteria, then we must lease the home to them.

Once that lease is signed, it will be shared with you. We’ll be in a holding pattern (as far as
leasing is concerned, anyway) until the current tenant’s date of MOVE OUT.

RENEWAL/NEW LEASE --- RENEWAL DEADLINE --- GO TO MARKET ---
APPLICATION TO LEASE --- MOVE OUT

(150 DAYS --- 120 DAYS --- 90 DAYS --- 60 TO 45 DAYS --- 0 DAYS)

TURNOVER & MOVE-IN PROCESS

Turnover can be expensive – normal wear & tear on a property during the course of a lease
agreement takes effort (aka money) to remedy and repair. Incoming tenants have high
expectations of the rental property they are moving into and making the property ready is
important to get that relationship off to a good start. Remember what we said earlier about
happy tenants – that extra effort in the beginning can go a long way. We call it sweat equity and
its worth its weight in gold, but cashing it in isn’t as tangible as paying for not earning it. If a