LANDLORD LIFECYCLE

WHAT TO EXPECT WHEN YOUR HOME IS PROFESSIONALLY MANAGED

On behalf of the entire staff at Chambers Theory we would like to extend you a formal and sincere thank you for the confidence you have placed in our company by allowing us to be your property managers. An important part of our service involves meeting you at your property and helping you assess its rentability. This includes making suggestions on the asking price, what work will need to be done before your tenants take occupancy, and other steps you can take to attract a good tenant. Please schedule a time to meet with our property managers to discuss these issues.

Life Cycle No Background

Marketing Program

The powerful combination of earning the lowest Days On Market (DOM) and boasting that our clients achieve the highest average rents over the past decade is no accident! Tommy brought the Activity-Based Pricing model to our rental marketplace as a strategy that is dynamic and keeps a finger on the pulse of the market to achieve the best results for you. We consult with you to prepare for a professional photography session (of your home) to utilize the best pictures possible and we also customize a successful property management platform for your needs. Once your home and listing are ready to go live on the open rental market, we post it to be seen by over 10,000 licensed realtors in Northern Virginia. This also will push your home automatically on 100’s of other real estate websites such as Zillow, Trulia, HomesDatabase, and we also will create an ad on Craigslist. For an extra fee, we will also post on MilitaryByOwner, upon request.

Prospective Renter Screening

Screening a new tenant could be single handedly the most important part in the management process as the type of tenant you have in your home will directly result in the type of landlord experience you have. To ensure you are able to secure a tenant that takes great care of your home, as if it were their own, and pay full monthly rent on time you must do the due-diligence of screening their background. Our experience has proven that credit is the best indicator of how a tenant will be, good credit translates to responsible caretaker of a home [and that also goes for caretaker of pets]. Poor credit translates to careless home caretaker and likely late or missing rent. We also know how vitally important it is to ensure they not only have income with a stable job that we verify, but that they actually make enough money to even afford the monthly rent. Lastly, landlord references, previous and current are key to see if there is a history of late payments, returned checks or in general any issues with their tenancy of this prospective renter.

Leasing

Time is money in the real estate business and quickly and efficiently leasing your property is of utmost importance. Our team utilizes electronic signatures for all our documents, most importantly the Lease, to ensure your contracts are ratified in a timely manner. Chambers Theory uses an encrypted email service for more secure transfer of data, we utilize AppFolio cloud property management software, also DocuSign, OneDrive and BrightMLS. These technologies level the playing field for small companies to compete with or perform better than the big corporate property management firms. We don’t charge a separate “technology fee” (whatever that is) which we have seen other firms charge.

Inspections

Chambers Theory will conduct an annual inspection of your property each year in addition to the move in and move out inspections. The purpose of the annual inspection is to confirm that your Tenant is maintaining the property in accordance with the Lease as well as check smoke detectors as required by local ordinance. You will receive a report with pictures from Chambers Theory with any recommended maintenance or solutions to any issues that may have arisen.

Electronic Accounting

We provide Landlord and Tenant Payments electronically. As an owner, you will see your escrow account reconciliation online (via AppFolio’s “owner portal”) and we strive to keep the privacy needs and personal information of our clients secure. Owner statements will be emailed to you monthly detailing the rental income and any expenses [such as repairs or a marketing fee for a new lease] deducted. At the end of the year, you’ll receive an end-of-year statement, too!

Repairs

Throughout your tenure as a landlord, there will be small and sometimes large maintenance items that need repair. Responding to your tenant’s report of needed service at your property is one of our most important duties as your property manager. We are available 24 hours a day to take care of any emergency that may arise. Responding promptly to service calls is essential in avoiding damage and deterioration to your property, as well as to the welfare, happiness and cooperation of your tenants.

Lease Renewal/Termination

When the lease is coming up on expiration we will reach out to you (typically 90-120 days prior to Lease end date) to determine your plans for the property. If you wish to have the property continue as a rental property and your tenant has been adhering to the lease, we will attempt to secure a renewal. If your Tenant must end the lease, we will begin the marketing stage of the Landlord life cycle again by providing you updated comparables and listing the property again. If you wish to return to the property or sell your property, our team will help you transition back into the home or list the property for sale. Regardless of the situation, Chambers Theory will be there to assist.

Move In/Move Out Inspection

At lease termination, we will perform a check-out inspection with your tenants to note the condition of the property and determine any security deposit issues. We are required to have all security deposit issues taken care of within 45 days of lease termination date. Chambers Theory will provide you with our recommendation on security deposit disbursement and recommended maintenance that may go beyond security deposit, between tenancies.