What if I already have a tenant in my property?
If you already have a tenant in your property and you want us to take over, the following items apply:
Our one-time setup fee will still be the same
One of the frequently-asked questions by property owners inquiring with us who have existing tenants in their property, is if we can adjust or remove the setup fee. The usual consideration on the part of the owner is that there is no need for us to do our initial work in preparing the property for marketing, and that there’s also no need for the marketing as well.
While this is true at the start, we still have to do the same preparatory work and the same marketing, when the current tenant finishes their lease and when we will have to replace them with new ones. So basically, having an existing tenant in your property right now, does not eliminate the intended purpose of the setup fee we charge.
Our service fee will also be the same
Apart from the abovementioned setup fee, we have our service fee which is our actual compensation for the services we provide. Our service fee will likewise apply to pre-existing leases. The computation will be based on the remaining length of the pre-existing lease.
For example, you have an existing tenant who has a lease contract with you for 12 months. Suppose that at the time we enter into a Property Management Agreement with us, said tenant is already on the 6th month of his lease. That means the remaining term of his lease is only 6 months. Our service fee then, will be that which is appropriate for a 6-month long contract, as described [here].
Certain responsibilities with regards to the existing tenant are outside our regular scope.
If the tenant went though our vetting and we are the one with whom he signed a lease, we take full responsibility of their behavior. This includes making sure delinquencies and other problems are addressed quickly.
But in the case of pre-existing tenants, since they haven’t gone through our vetting process, any work needed to be done due to delinquencies, damages and other problems caused by said tenants, is outside our usual scope and will be billed to the owner separately as appropriate under the circumstances.