Landlord Rescue

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Landlord Rescue

We frequently get calls from owners stating the tenant has not paid the rent in months, your property may be trashed, and you haven’t had to deal with evicting a tenant before. What do you do?

An eviction in Salt Lake City can be very expensive, very tedious in dealing with legal issues, and you’ll still be stuck with a lot of work when the tenant is evicted!

Boardwalk has extensive experience in “rescuing” landlords from tenants who aren’t paying their rent.

We also get calls from owners that have gotten notices from their current managers announcing that they have decided to get out of the business and close their doors. We offer several services for those owners.

Because there is an existing tenant in the property the process of getting Boardwalk involved is very different than the process of taking on a vacant property. Under certain circumstances we will step in and take over for the owner, as outlined below.

Procedure for Landlord Rescue and the steps we will take to make this evaluation:

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Have an initial discussion with the owner to see if the house fits our model. We look at issues such as geographic area, rent amount, and condition.

Have the owner complete a questionnaire so we can evaluate the situation.

The owner must fax or scan the lease and move in inspection for review. There are leases we won’t take over simply because there is so much in them that we don’t agree with or won’t expose ourselves to. We need to see the move in inspection so we can properly advise the owner of the prospects of retaining the deposit after move out.

Pull property tax records and MLS information.

Evaluation #2 from all this information we will make a final decision about taking on the property.

If we decide to take on their property:

Owner executes an assignment of lease over to Boardwalk. Note: If the current lease has expired (or is void) we will require the tenant sign a Boardwalk lease within 30 days of Boardwalk taking over.
Owner signs management agreement and other paperwork
Owner transfers their file to Boardwalk (tenant ledger with outstanding charges, original inspection, keys, original lease, and all housekeeping papers).
An effective date is determined by the parties as to when Boardwalk takes over.

Owner sends letter to tenant (on the Effective Date) announcing our management (in middle of month is best) so we can collect next month’s rent.

Boardwalk sends a letter to the tenant the same day outlining our rent payment procedures and welcoming them to Boardwalk. We will include payment envelopes, maintenance policies, move out procedures and inviting them to view our web site for more information for our current residents. Tenant needs to sign a new lease (and all the house keeping documents) at the next renewal date. If the current lease has expired tenant must sign a new Boardwalk lease. This should be done in person by a manager.Taking on an existing property is much harder than leasing a vacant one. Tenants develop habits and resist dealing with a new property management who will hold their feet to the fire on rent payments and maintenance.

Why does Boardwalk charge a fee to take over an existing tenant?

The easier part of this business is leasing a vacant property. The hardest part is taking on some one else’s tenant. Most owners are asking us to do this because they have discovered how hard it is to manage a property and want to get out from under the stresses of tenant relationships.

Most of the time we are cleaning up someone’s management mess and it’s hard. It’s twice as hard to manage a tenant someone else put in the property. You have set the standards; you used your lease not ours; you have trained them as to when rent is due; you have shown them mercy and now we have to retrain them to our way of doing things.

It’s like asking a builder to finish a home another builder started or having a computer programmer finish a program another programmer started. It’s much harder taking over than starting from scratch. Occasionally, owners decide to remain the manager until the current tenant moves out and let Boardwalk pick it up from there. Whatever you want to do is OK with us. We just know from experience how many man-hours it takes to take over an existing tenant.

Another reason we get paid is because we usually need to go to the tenant and get lots of documents signed. Often there is no valid lease in effect, no lead paint disclosure, no HOA exhibit, no pet addendum’s, and no roommate addendum’s or inspection policy in place. We need to orient them to our rent payment systems, maintenance procedures, mold disclosures, and have them meet the property manager they will be reporting to. This all takes time and energy which we can’t do for free.

Landlord Rescue

Landlord Rescue

Procedure for Landlord Rescue and the steps we will take to make this evaluation:

Why does Boardwalk charge a fee to take over an existing tenant?

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