IS THE MARKET AND RENTAL ANALYSIS GUARANTEED?
No. It is our professional opinion, an estimate of the highest possible rent for your investment property or home which we can reasonably be expected to obtain in the current market. The Rental Analysis does, however, become a solid reference point from which the Marketing Strategy evolves.
HOW AM I INVOLVED IN THE MARKETING STRATEGY THAT ATTACHÉ-TMS RECOMMENDS?
An Attaché-TMS property manager will review the Marketing Strategy with you and we encourage you to make suggestions and comments. Your input will play an important role in shaping the Marketing Strategy, which Attaché-TMS adopts.
DOES ATTACHÉ-TMS MAKE USE OF THE INTERNET FOR ADVERTISING?
Attaché-TMS’s web site describes our services to prospective clients and showcases properties for rent. We believe that we have one of the most advanced property promotion sites on the Internet. Each listing provides a detailed description of the property as well as pictures. Along with additional website advertising, we provide wide-ranging coverage of your property, promoting it to the most desirable tenants.
WHAT SORT OF ASSURANCE DO I HAVE THAT THE TENANT IS TAKING PROPER CARE OF MY PROPERTY WHILE I AM AWAY.
While no one can predict with absolute certainty how people will conduct themselves, we can assure you that any tenant finally approved by Attaché-TMS has been thoroughly and professionally screened and evaluated, and has a documented history of responsible behavior at previous residences.
There are lease provisions that permit Attaché-TMS to examine the interior of your home on a regular basis to ensure that it is being cared for properly by the tenant. Attaché-TMS will negotiate a settlement should a tenant be responsible for conditions at the home that, in the opinion of Attaché-TMS’s professional judgment, exceeds “ordinary wear and tear.”
Additionally, a list of assets will be prepared and the condition of the home prior to move-in will be recorded (the Condition of Premises inventory) and confirmed by the tenant at the time of move-in. This avoids discussions at a later date concerning any issue or damage.
AS A LANDLORD UNDER THE TERMS OF THE LEASE, WHAT SORT OF INSURANCE WILL I NEED?
As a prerequisite to Attaché-TMS’s final acceptance of your home into its Rental Management Services Program, we require copies of the new insurance coverage, which you will need as a landlord. You will need to obtain fire, extended coverage, and liability insurance, generally known as “OLT”, or Owner-Landlord-Tenant liability insurance. Such insurance can be obtained in two ways:
You can convert your current homeowner’s policy to the “OLT” comprehensive policy described above through your current company, or;
You can contact Attaché-TMS’s insurance company for such insurance. We would recommend getting quotes from both sources to obtain the best rates available at that time. Rates fluctuate widely and it may be more advantageous to you to use our insurance broker.
WHAT HAPPENS IN THE CASE WHERE THE TENANT IS LATE IN PAYING THE RENT, OR EVEN NEGLECTS TO PAY THE RENT AT ALL? HOW AM I PROTECTED?
As stipulated in the lease, rent is due as of the first day of each month. If the rent is not received by the fifteenth of the month an eviction notice can be posted. This notice states that the tenant has twenty one days in which to pay the rent; failing to do so will result in an eviction process being initiated. If late rental payments occur subsequently and it is deemed necessary, an eviction process can be initiated even though the late rent has been paid. However, before any eviction proceeding is undertaken against a tenant for failure to pay the rent, (or for any other reason), reasonable effort will be made by Attaché-TMS to resolve the issue and prevent its re-occurrence or any other situation that would put your home at risk. We will make every effort to collect any expenses incurred from the tenant (court costs are not recoverable).
Attaché-TMS will pursue eviction action on your behalf, using qualified legal counsel should the situation warrant doing so.
WHAT SORT OF INSPECTION REPORTS WILL I RECEIVE WHILE I AM AWAY
During the tenancy an inspector will visit the premises for the purpose of establishing the type of care the tenant is undertaking and to assess the condition of the premises. An objective yearly inspection is necessary to comply with legislation related to the fire code. There would be a minor fee for this. If it is considered by Attaché-TMS that the tenant’s care is not satisfactory we will notify the tenant and suggest corrective action. If there are problems, this process will be repeated every three months until we are satisfied that the home is being properly cared for. If we believe that the tenant is taking care of the home following the first visit our next inspection will be scheduled accordingly.
Provisions are included in the lease that specifically permit annual interior and exterior inspections of the home. Our examination of the interior of the home must be handled in a sensitive manner, since the tenant, under common law practice is entitled to “quiet enjoyment” (essentially, undisturbed occupation) of the home during the term of the lease. It is our desire to establish as harmonious a relationship as possible with the tenant to ensure the best possible tenancy, for the benefit of all.
However, should there be any indication of a problem condition under which Attaché-TMS would be justified to enter the home, we will of course, take all necessary steps to evaluate and rectify the problem under the terms and conditions of the lease and we will seek reparation from the tenant.
WHAT IS THE PROCEDURE FOR THE HANDLING OF REPAIRS, AND WHAT IS THE AUTHORIZED LIMIT UNDER WHICH ATTACHE-TMS WILL OPERATE.
Stated in the Management Agreement between Attaché-TMS and yourself is an “authorized repair limit” (e.g., $500). Any necessary repairs which can be performed and not exceed this limit will be carried out at the discretion of Attaché-TMS. Any work that would exceed this amount will not be carried out unless we contact you for your approval. The one exception would be essential work, such as heating or plumbing that is required to protect the home and the tenants’ well being. If such work is not carried out immediately permanent or costly damage could occur or the well being of the tenant could be jeopardized. Following an unsuccessful attempt to locate you we would proceed with such work.
DO I NEED TO BE PRESENT WHEN THE TENANT VACATES MY INVESTMENT PROPERTY OR HOME AND ACKNOWLEDGE THE CONDITION OF THE PREMISES?
No. The tenant will be accompanied on both the move-in and move-out inspections by Attaché-TMS. You and our representative, and not the tenant, will make the final determination as to whether excessive wear and tear or any damage has occurred, based upon the Condition of Premises inventory agreed to by the owner and by the tenant upon taking possession of the home.