RES Onboarding New Owner/Property v2 (KS) (Copy)

1. Update Task 5 with Your Contract Fee Options:

2. Update Task 6 with Lease Only Fee Options

3. Update Task 7 with Maintenance Only Fee Options

4. Update Task 10 with Your Insurance Guidelines

5. Update Task 26 - Last subtask list

6. Update Task 27 - Vendors

7. Update Task 44 - Non Renewal Process

Template Naming Convention:     

NPO Owner Last Name Property Street Address Onboarding       

Example: "NPO Smith 123 Maple Lane Onboarding"

All the information on fees, etc so that a contract can be prepared and sent for signature

If the property is held in an individuals name, expect the W-9 to include SSN. 

If the property is held in an LLC or Corp, expect the W-9 to include an EIN. 

If the Property Is Held in the OWNER'S NAME: 

The owner is required to obtain a Landlord Insurance Policy, also sometimes referred to as a Dwelling Policy or DP-3. The Owner must then add PMI DBA as Additional Interested Party on the policy. 

If the Property is Held in an LLC or CORP:

The owner is required to obtain a commercial insurance policy. These are often called a Lessor Risk Only or LRO policy. The owner must then add PMI DBA as Additionally Insured on the policy. 

Minimum Qualifications as Stated in Agreement:

At all times during this agreement, Owner must maintain in effect a public liability insurance policy that names Manager as a co-insured or additional insured and covers losses related to the Property in an amount of not less than $500,000 for single family homes, $600,000 for 2 to 4 unit properties, and $1,000,000 for commercial buildings, per occurrence basis; and

1. an insurance policy for the Property in an amount equal to the reasonable replacement cost of the Property's improvements and that contains endorsements which contemplate the leasing of the Property with vacancies between lease terms.
2. Owner will name PMI as an additional insured on their general liability policy.

• Not later than the 15th day after the Commencement Date, Owner must deliver to Manager copies of certificates of insurance evidencing the coverage required under Section 11.1. If the coverage changes at any time during this agreement, Owner must deliver to Manager a copy of the insurance certificate evidencing the change not later than 10 days after the change.
• If Owner fails to comply with Sections 11.1 or 11.2, Manager may:

1. purchase insurance that will provide Manager the same coverage as the required insurance under Section 11.1, A. and Owner must promptly reimburse Manager for such expense; or
2. exercise Manager's remedies under Section 17.

It is highly recommended that each PMI Office also require tenant liability insurance for all tenants and obtain an umbrella policy to better protect your company in the event of damage to a rental property. PMI Corporate is not licensed as an insurance company, we recommend that you consult with your insurance professionals for any insurance advice or guidance. Any insurance information provided are merely suggestion and it is the responsibility of each franchisee to verify and confirm best practices for all things insurance with their local insurance professionals. 

By Marking Off the Below Checkboxes, you confirm you have received copies of each document. If the document is not required for this property, please leave it unchecked. 

1. Attach these documents to the building page or portfolio page for owner documents
   1. Search and select the desired portfolio or building
   2. Scroll down and select the “Notes&Docs” tab
   3. Select “Attach Documents”

2. Select “Browse”
3. Choose the desired document
4. If desired, Check box “Publish to Tenant Portal” and/or "Publish to Owner Portal"
5. Select “Upload”

Initial Onboarding Payment from your owner should be in the form of check, wire transfer (be aware of any fees), cashier's check, or money order

After the Owner has signed your Property Management Agreement, you will want to make sure you move their card to indicate that this is a won deal. 

Double check and make sure all information on the process has been completed before you close the deal. 

https://app.process.st/workflows/Additional-Property-Workflow-KS-nur190zplfa4--jrMqdGHw/view 

Collecting ALL Keys for the Property is important. Please make sure you receive keys for ALL doors in the property, including: Front and back doors, garage doors, storm doors, screens, sliding doors, storage rooms, sheds, etc.

If your property is in an HOA, you may have to obtain fobs, key cards, etc from the HOA. 

Collect all key codes and manuals for reprograming key codes. 

Indicate Who Is Responsible for the Following Utilities:

If you are managing utility accounts on behalf of the property owner, you will want to collect all account information from the owner. You will need the name of the service provider and the associated account number. These should then be entered into the property details on your property management software. 

Lawn Care: Current Provider Info. If None, decision on who will handle 

ATTENTION OFFICE STAFF:

Collect Information for Any Vendors Currently Employed for the Property. If you choose to continue contracts with these vendors, establish them as preferred vendors for your company. 

Contracts - Management Agreements

1. Create the portfolio

a. Select the “Properties” module

b. Select “New Portfolio” under Related Activities

2. Fill out the following fields

1. Portfolio name – Typically the last name of the owner

2. Default Bank Account

3. Default Security Deposit Bank Account

4. The Portfolio Minimum

5. Owners

   1. Click the blue “Add Owner” button

Select "New Owner"

Fill out the following fields

1. First name

2. Last name

3. Address

4. Email

5. Phone number

6. Taxpayer Name (if different from owners name)
7. Tax ID 
8. Confirm % of Ownership 
9. Double check all preferences
10. Draw Payment Method (E-Check preferred)

Select "Save"

Add A New Building

From the Properties Page

1. Click on the Portfolio that you would like to add a building to

2. Click on the New Building button 

Fill out the following fields

1. Multi-Unit Building

2. Building Type

3. Building Name/Number (Just enter the street address here)

4. Category

5. Property Type

6. Complete address

7. You will want the following information for marketing
   1. Total area
   2. Number of floors
   3. Year built
   4. Bedrooms
   5. Target rent
   6. Bathrooms
   7. Target Deposit

Place a Checkmark in all boxes that indicate INCLUDED amenities. 

Accounting Settings

Ensure that Designated accounts are correct

Management Settings

1. Enter Contract Start Date

2. Enter Contract End Date

3. Indicate whether or not you charge a Move In Leasing Fee

4. Enter Either your Flat Rate or % of Rent for your Leasing Fee

5. Indicate Whether or Not you charge a renewal fee

6. Add Leasing Fee

7. Double Check Chart of Accounts and Commission Accounts. Verify all is correct for this account. 

a. Commission Accounts

i. Ensure all percentages are correct

ii. Add any missing accounts that are to be collected by management

1. Add any monthly bills/auto bills under vendor PMI (e.g.: Express Pay, Processing Fee, etc.)

2. Verify accuracy of building settings

Add Calendar Events for Periodic Evaluations (Quarterly, Semi-Annual, or Annual) as selected in Property Management Agreement

Navigate to the Owner Contact Sheet

1. In the top menu, Click in the Global Search field and search for the owner you are seeking. Start Typing in their name and a drop down of selections will appear. Click on the desired name. 

Go to the owners contact sheet

1. Select the “Portal” tab

2. Select “Enable Login”

Auto Bills
a. Creating an auto bill

1. Create the auto bill under the desired vendor

2. Search for the vendor in the “Global Search”

3. Select “Vendors” under Page View

4. Select “New Auto Bill” under “Related Activities”

v. Fill out the following information

1. Post Start Date – This can only be a future date. If you need to

   start it on the first of each month but it’s after the first, start it for the first of the following month and manually enter the bill for the current month

2. Location

3. GL Account

4. Amount

5. Markup/Discount (if any)

6. Select "Save"

b. Viewing Auto Bills

i. Follow steps 1a-1b listed above so you are on the “Vendor” page view under the desired vendor

ii. Select the “Auto Bills” tab

iii. From here you can view, edit, or delete auto bills

Any one time charges are treated as New Invoices in the system. For any one time start up charges, you will want to create a new entry to record the charges properly. 

Money Out - Recording Invoices

1. Receive the invoice with the following information

1. What owner to charge

2. Mark up amount

3. Vendor

4. Invoice number

5. Invoice amount

6. Invoice Date

7. Invoice description

8. Is the invoice paid or does it need to be paid

Record the invoice in Propertyware

1. Search for the vendor in the “Global Search”

2. Select “Vendor Ledger” under Page View

3. Select “New Bill”

d. Fill out the following fields

1. Markup/Discount

   1. GL code is always “4720 – Maintenance Fee”

   2. Leave blank if there’s no mark up

2. Ref#

3. Due Date

4. Location

5. Account

6. Comments (invoice description)

7. Amount

viii. Payment

1. If the invoice has been paid by check, bank bill pay, or other

   means, add this section and fill it out accordingly

2. If the invoice has not been paid and they are using the print checks window to pay it, add this section and leave “To Be Printed” checked

3. If the invoice has not been paid and they are not using the print checks window to pay it, you do not need to add payment

e. Select “Save”

3. Reimbursements

1. Follow the steps listed out in #2 to record the invoice

2. In the “Location” field, input the owner associated with the expense

3. In the “Payment Account” field, input the “operating account”

4. The expense will be reimbursed to the operating account when a month end

   close is performed the following month (training on month end close in separate training)

4. Mark Ups
a. Flat Fee Mark Ups

1. Calculate the percentage of the flat fee from the total bill (eg: Total bill is $50, mark up needs to be $7.50 = $7.50/$50 = 15%)

2. Enter that percentage into the “Markup/Discount” percentage box

1. Once you’ve completed the bill, save it, then select to edit it again

2. Ensure that the mark up amount in the mark up split line is correct

3. If corrections need to be made, manually enter the correct amount

4. Edit the top split amount to reflect the total bill plus the mark up

Detailed Instructions COMING SOON!

Detailed Instructions COMING SOON!!

For Second Nature, their support team will assist you in setup. The typical steps they will go through with you are as follows:

1. They will create a new GL code for you.

2. They use a report that they will create to view who has this GL being charged to the tenant's ledger.

This is how they know who is on the program, and this is how they know which tenants to bill on.

All Information Collected for the owner and properties should be uploaded into your property management software. Upload the following documents:

By Marking each box complete, you are verifying these documents have been uploaded into PM Software. 

Uploaded Into Owner Documents:

Upload into Property Documents:

Double check the set up for Owner/Property

If there is not a current lease or lease is expired:

Note: Non Renewal Process will vary by state. Please check your local guidelines to ensure you meet all requirements before performing this step. 

You may be coming into an eviction at various points in the process. 

Kick off the Eviction Process

Onboarding is a great opportunity to confirm all details for the current occupants in a property. As you receive information from the owner or previous property manager, make sure you verify the following information:

You may elect to provide a one page document to the residents for them to fill in. 

Provide a Welcome Packet to All Tenants. This should include the following information:

Perform a property evaluation within 30 days of taking over management. You will want to use zInspector to capture the property. Make sure you are taking photos of the property itself and not the personal items of the residents. Ensure you don't capture any people in your photos, especially children. 

1. In the Global Search, type in the building address and select the desired building

2. Select “Lease This Building”

3. Fill out the following fields with information from the lease

1. 1. Start Date
   2. End Date
   3. Tenant Contacts

Ie: You can either add an existing prospect (below), or....

Ie: Create a new contact

4. Fill out appropriate custom fields

1. After selecting "edit" at the top of the lease summary page, scroll to the bottom of the window where you will see "Late Fee Rule"

Ie: If your late fee needs to be a percentage of the remaining amount owed to rent, still set fee type to "greater of flat fee or percentage" (see image below)

A. The due day will be the last day that the tenant is able to pay without incurring a late fee. (Most leases will say rent is due on the 1st, but is not late until after the 5th. In this case, the due day to set here will be the 5th)

B. Leave the flat fee as 0, and update the percentage to the appropriate amount

C. Leave "maximum" and "minimum due" to 0.

1. From the lease summary page, select edit at the top of the window and scroll down to "Auto Charges."

2. Select "New Auto Charge

1. From the lease summary page, select the contacts that you have now added to the lease

1. Attach the lease to the tenants ledger
   1. Select “Summary” under Page View
   2. Scroll down and select the “Notes&Docs” tab
   3. Select “Attach Documents”

Double Check Tenant set up

Onsite Evaluation of Property and Condition

Discuss any suggested repairs, improvements, cleaning with the owner of the property. Provide them with the estimate and answer any questions they may have. Be prepared to discuss potential value add opportunities on the property. Use real examples of properties in the area for reference. 

Confirm property is make ready. Do not complete this task until property has been physically evaluated to confirm all work is complete. 

Kick Off Market Vacant Property Checklist

Many owners have never hired a professional property manager. You will want to check in with the owner after they receive their first Owner Statement. This allows you to check in with them, walk them through their first statement, and continue to demonstrate why you are the best property manager in town! By adding this appointment to your calendar NOW, you wont miss it!

Personal Touch MATTERS. Send your Owner a quick thank you note to show them that you care. Include a personal message that recalls details from your previous conversations.