At Jones Assurance Property Management, we make our process very easy. Below is an outline for our typical process.

Guide to Renting Out Your Home: Step-by-Step Process

Renting out your home can be a rewarding way to generate income, but it requires careful planning and execution. This guide outlines the complete process for first-time landlords, from the initial meeting with a property management company to receiving rental income, ensuring a smooth transition to becoming a rental property owner.

1. Initial Meeting with Jones Assurance Property Management

• Purpose: Discuss your goals, expectations, and the rental process with us.
• What to Expect:
  • We will explain our services, fees and how we handle maintenance, tenant screening, and fund disbursements.
  • You’ll provide details about your property (e.g., size, location, condition, current use as a primary residence or investment).
  • Discuss rental market trends in your area to set realistic rent expectations.
• Preparation:
  • Prepare questions about the process, timelines, and responsibilities.
  • Bring property details (e.g., square footage, number of bedrooms/bathrooms, amenities).
• Outcome: A clear understanding of the partnership and next steps.

2. Reviewing the Property

• Purpose: Assess the property’s condition and rental readiness.
• Process:
  • Jones Assurance Property Management will conduct a walk-through to evaluate the home’s condition, safety features, and marketability.
  • We’ll identify any repairs or upgrades needed to meet local rental standards (e.g., smoke detectors, carbon monoxide alarms, or cosmetic updates).
• Outcome: Recommendations for repairs or improvements to maximize rental income and tenant appeal.

3. Preparing the Property

• Purpose: Ensure the property is safe, functional, and attractive to tenants.
• Steps:
  • Complete recommended repairs (e.g., fixing leaks, replacing outdated fixtures).
  • Clean the property, including carpets, windows, and appliances.
  • Consider minor upgrades (e.g., fresh paint, modern lighting) to increase appeal.
  • Ensure compliance with local housing codes (e.g., working smoke detectors, secure locks).
  • If transitioning from a primary residence, update insurance to a landlord policy.
• Outcome: A move-in-ready property that meets legal and market standards.

4. Signing a Management Agreement

• Purpose: Formalize the relationship with Jones Assurance Property Management.
• Details:
  • Review and sign the property management agreement, which outlines:
    • Management fees, leasing fees, and any other considerations.
    • Responsibilities (e.g., marketing, tenant screening, maintenance coordination).
    • Reserve funds (Withheld for unexpected repairs).
    • Inspection policy
    • Fund disbursement policy.
• Preparation:
  • Read the agreement carefully and ask for clarification on any terms.
  • Confirm how funds will be disbursed (see Step 10).
• Outcome: A legally binding agreement authorizing the property manager to act on your behalf.

5. Handing Over Keys

• Purpose: Provide access to the property for management and showings.
• Process:
  • Provide 3 sets of keys to the property manager
    • 2 sets for tenants
    • 1 set for Jones Assurance Property Management.
  • If the property is vacant, keys can be handed over immediately.
  • If occupied (e.g., you’re still living there), coordinate a timeline for vacating and key transfer.
• Outcome: Jones Assurance Property Management has full access to prepare the property for leasing.

6. Getting Pictures

• Purpose: Create high-quality visuals to market the property.
• Process:
  • We will arrange for professional photography.
  • Photos highlight key features (e.g., updated kitchen, spacious bedrooms, outdoor areas).
  • Virtual tours or 3D walkthroughs may be created for online listings.
• Outcome: Professional images ready for marketing to attract potential tenants.

7. Setting Up a Lockbox for Self-Showings

• Purpose: Allow safe, convenient access for prospective tenants to view the property.
• Process:
  • We will install a secure lockbox containing a key, accessible via a code provided to qualified prospects.
  • Self-showings are scheduled through an online system, ensuring only pre-screened applicants gain access.
  • We will monitor lockbox activity to track showings and ensure security.
• Outcome: Prospective tenants can view the property at their convenience, increasing interest.

8. Marketing the Property

• Purpose: Attract qualified tenants through targeted advertising.
• Process:
  • We will list the property on our website as well as popular rental platforms (e.g., Zillow, Apartments.com, etc).
  • Listings include professional photos, detailed descriptions (e.g., square footage, amenities), and rental price based on market analysis.
  • Additional marketing may include social media posts and email campaigns.
  • Jones Assurance Property Management will respond to inquiries and schedules showings (self-guided or agent-led).
• Outcome: Increased visibility and interest from potential tenants.

9. Application and Screening Process

• Purpose: Select a qualified tenant to minimize risk.
• Process:
  • Interested applicants submit an application, typically including:
    • Personal information (name, contact details).
    • Employment and income verification (e.g., pay stubs, employer references).
    • Rental history and references.
    • Consent for background and credit checks.
  • We will screen applicants for:
    • Credit score (e.g., 600+ preferred).
    • Criminal background (no recent felonies or evictions).
    • Income stability (e.g., income ≥ 3x rent).
  • Jones Assurance Property Management complies with fair housing laws, ensuring non-discriminatory practices.
• Outcome: Approval of a qualified tenant or rejection with clear reasoning (per legal requirements).

10. Signing a Lease

• Purpose: Formalize the rental agreement between you (via Jones Assurance Property Management) and the tenant.
• Process:
  • We will prepare a lease agreement compliant with local laws, detailing:
    • Rent amount and due date.
    • Lease term (e.g., 12 months).
    • Security deposit (typically one month’s rent).
    • Rules (e.g., pet policies, maintenance responsibilities).
    • The tenant reviews and signs the lease (electronically or in person).
    • We will collect the security deposit and first month’s rent.
• Outcome: A legally binding lease, securing the tenant’s commitment.

11. Moving In

• Purpose: Ensure a smooth transition for the tenant.
• Process:
  • We will conduct a move-in inspection with the tenant, documenting the property’s condition (e.g., via photos or a checklist).
  • The tenant receives keys and any access codes (e.g., for gates or amenities).
  • We will provide a welcome packet with property rules, emergency contacts, and maintenance request procedures.
• Outcome: The tenant is settled, and the property is officially rented.

12. Fund Disbursement

• Purpose: Distribute rental income to you, the owner, after deductions.
• Process:
  • You’ll receive a login to your Owner Portal, where you can view financial statements, maintenance requests, and property updates.
  • Monthly Disbursements:
    • Rental income is collected from the tenant and deposited into a trust account held by Jones Assurance Property Management.
    • Funds are disbursed to you via direct deposit, typically monthly, after deducting:
      • Management Fees
      • Maintenance Costs: Costs for repairs or upkeep (approved or pre-authorized).
      • Other Charges: Any applicable fees (e.g., utility reimbursements).
    • First Month Deductions:
      • Leasing Fee: Typically 50% of one month’s rent for securing the tenant.
      • Reserve Fund: Typically $250-$300 withheld for unexpected repairs (replenished if used).
    • Monthly Statements: Sent via your Owner Portal, detailing income, expenses, and net disbursement.
• Outcome: You receive regular income with transparent reporting, accessible via your Owner Portal.

Notes

• Communication: Stay in touch with us for updates on tenant issues, maintenance, or market changes.
• Tax Implications: If transitioning from a primary residence, consult a tax professional about potential changes in property taxes or capital gains implications.
• Legal Compliance: We ensure to adhere to all landlord-tenant laws.
• Ongoing Management: Jones Assurance Property Management will handle tenant communications, maintenance coordination, and lease renewals, keeping you informed through your owner portal.