Procedure - Make Ready Re-List

Relist Make-Ready Procedure

Purpose: This procedure outlines the roles and responsibilities of Leasing Managers (LMs) and Property Managers (PMs) in managing relist make-ready processes, which include the move-out evaluation, recommendations for necessary repairs, and ongoing communication with property owners. The goal is to ensure smooth coordination for property readiness before relisting for a new tenant.

Procedure Steps:

1. Move-Out Evaluation by Property Manager (PM)
   • Responsibility: The PM is responsible for conducting the move-out evaluation.
   • Action:
     • Conduct a thorough evaluation of the property upon tenant move-out.
     • Document the condition of the property, including wear and tear versus damages.
     • Review tenant-caused damage and report findings, including photographic evidence.
     • Share the results with the property owner, including the estimated costs for repairs (if applicable).
2. Initial Assessment by Leasing Manager (LM)
   • Responsibility: The LM assesses the property for market readiness.
   • Action:
     • Evaluate the property’s market appeal, recommending cosmetic updates or minor improvements.
     • Discuss rent-ready standards with the owner, aligning property condition with market expectations.
     • Work in conjunction with the PM to identify any necessary repairs or updates that may affect the relisting timeline.
3. Joint Review of Recommendations
   • Responsibility: The PM and LM review all findings and compile a unified list of recommendations for the property owner.
   • Action:
     • The PM consolidates repair needs identified during the move-out evaluation and any additional issues found by the LM during the market assessment.
     • The PM and LM present one scope of work to the property owner, ensuring clarity on both mandatory repairs (e.g., tenant-caused damages) and optional upgrades (e.g., cosmetic improvements suggested by the LM).
4. Communication with Property Owner
   • Responsibility: The PM leads the communication with the property owner after the move-out evaluation and review.
   • Action:
     • Discuss necessary repairs, maintenance, and potential updates with the owner.
     • Clearly communicate the impact of repairs on the property’s readiness for relisting.
     • Ensure all decisions are documented, and owner preferences regarding repairs are noted.
5. Handling the Repair Process
   • Responsibility: The PM manages the repair workflow.
   • Action:
     • Create repair orders and assign them to the appropriate vendors within the company’s system (Meld).
     • Collect the owner’s contribution for payment of repairs.
     • Track the progress of all repairs to ensure they are completed within the agreed timeline.
     • Document all repair-related decisions and vendor details, especially if the owner chooses to use external contractors.
6. Ongoing Communication and Relist Preparation
   • Responsibility: The LM and PM coordinate to ensure the property is ready for relisting.
   • Action:
     • The PM keeps the LM informed of repair progress and completion timelines.
     • The LM ensures that the home is in market-ready condition prior to professional photos being taken and the home is listed as available for new tenants.
     • Both the LM and PM maintain ongoing communication with the property owner, updating them on the relisting timeline and any additional recommendations.

Summary of Responsibilities:

• Property Manager (PM):
  • Conducts the move-out evaluation.
  • Documents tenant-related damages and coordinates necessary repairs.
  • Communicates the scope of repairs and oversees the completion of work.
• Leasing Manager (LM):
  • Conducts the market readiness assessment.
  • Recommends cosmetic updates to maximize the property's market appeal.
  • Collaborates with the PM to ensure all aspects of the property are prepared for relisting.