Vacancy

• Vacancy Overview
• Leasing/Marketing Information
• Vacancy Costs and Schedule of Services

1. Resident vacates the property - $600 reserve is placed on the property trust account for potential vacancy costs, discussed below
2. Quote/proposal for repairs to get the property rent ready is obtained and supplied to owner
3. Once repairs are approved and funded, repairs begin. When they are completed, they are checked by Renshaw representative
4. Weekly listing updates are sent via email on Tuesdays until a new potential resident is found
5. Property is walked for a move out inspection by a Renshaw representative
6. Property is added to upcoming properties listings
7. Marketing photos are taken and the property is fully posted for lease to our website and multiple 3rd party sites including Zillow
8. Once approved, residents pay the security deposit and relevant rent to move in

Upon tenant move-out, a Renshaw team member will inspect the property for condition, necessary repairs to return the property to rent ready condition, and any potential resident-responsibility damages. We return any deposit refund to the residents within 30 days of move out per Tennessee Code.

Items that can be deducted from tenant security deposits include holes in walls (small nail holes from hanging pictures excepted), broken windows/tile, missing fixtures, badly stained carpet, pet damages, etc. In general, things like gently worn carpeting, fading or minor scuffs on flooring/walls, loose door handles, and bathroom mildew/worn out caulking are considered normal wear and tear and are not deducted from tenant security deposits per Tennessee Code. The allowances for wear and tear also increase based on the time a resident has resided in the property. Our team will assess what can be deducted from the resident's deposit and will handle the reconciliation process.

If there are any charges/resident damages in excess of the security deposit, charges for these items will be added to the previous resident's ledger for reimbursement. It is our experience that collection rates are very low from the previous residents, but we do send accounts third-party collections companies to pursue significant balances owed.

Once properties are vacant and have been walked, they are added to our upcoming properties listings to begin garnering interest. Potential residents can't apply at that point, but they can text or call us to be added to a contact list when the property does fully hit the market.

We do not fully advertise the property and turn on applications until all repairs are complete, power is on, and the property is rent ready. Once the property is rent ready, we take current photos of the property, watermark them, and create or update the property listing description. The property is then advertised for rent on our website and syndicated to a number of third-party sites, including Zillow and realtor.com. If approved by you, we also allow self-showings via Rently keyboxes.

Every Tuesday, our leasing team meets to discuss the status of properties that are currently on the market. You will receive an email update each Tuesday that your property is on the market that will provide you with information such as recent showings, price recommendations, and other notes.

We screen applicants using credit reports, income verification, and past rental history. Once we have a potentially approved applicant, our leasing team will reach out to you regarding the applicant and their move in date.

Requirements:

1. Utilities must be on
2. Rekey all locks and all locks and door knobs work properly
3. No personal property or items in the unit and nothing stored in attics or outbuildings including mowers, tools, materials, etc.
4. All mechanical components working as designed. Includes HVAC, plumbing, and electrical systems, appliances, garage doors including two remotes if electric
5. All toilets must flush properly, drains clear properly, and faucets work as designed
6. All painted surfaces must look fresh with no mismatched touch-up areas and any necessary repainting must be done corner to corner
7. Windows must open and lock properly
8. Windows and glass doors must have blinds that match, are fitted, and work properly
9. Doors open and close smoothly and doorstops installed on all doors
10. Closets must have properly installed clothing rods
11. Faceplates on all outlets and switches
12. Safety railings installed and secured for stairs with more than three steps
13. Gutters must be cleaned and function properly
14. Crawl space should be sealed properly
15. Wall mounted, battery operated smoke detectors outside each bedroom and one additional detector on each floor of the home.
16. Wall mounted, battery operated carbon monoxide detector on each floor of the home and one additional detector near any attached garage
17. All light bulbs working, recommend consistent warm white LED lighting throughout
18. Install new, clean air filters
19. Carpet professionally cleaned and looking fresh
20. Property must be cleaned inside and out
21. Lawn cut and trimmed, landscaping fresh and clean, and no exterior debris

Recommendations:

1. Snake all drains
2. Treat for pests
3. Bath, shower, toilet, and sinks caulking to be cleaned and fresh
4. Replace rotted exterior wood and paint
5. Refinish bathtubs as needed
6. Towel racks that properly function in bathrooms
7. Remove unnecessary hardware, including window curtain hardware
8. Vent fans in all bathrooms
9. Replace all carpets with LVP flooring
10. Undamaged screens on all windows if screens are present
11. Floors that are consistent in design and color throughout the living area

This list is not meant to cover each and every rent ready required item, but it does list some of the most important and often overlooked.

Excessive visits to a property to ensure the standards are met prior to marketing may result in a service charge to the property. Standards are subject to revision from time to time without notice.

Landscaping/maintenance

During any vacancy, it is the responsibility of the property owner to maintain the exterior of the property, including lawn and landscaping. This is required by Code Enforcement and can lead to fines and legal fees if properties are not maintained. To that end, we automatically handle landscaping maintenance for vacant properties unless informed by a property owner that they will be handling their own landscaping maintenance.

First cuts for properties that are overgrown are priced higher, though they will also be charged against resident security deposits if the lawn was not maintained by the residents prior to move out. Our lawn care interval is 2 weeks during the growing season. Our typical services include cut/edge/blow. More extensive landscaping cleanups including shrub and tree trimming are also available.

Schedule of Services

In addition to landscaping and utilities, below is a list of typical costs for common services.

$100 | Installation of smoke / carbon monoxide detector
$25 per additional smoke detector

$225 | Professional cleaning of property

$195 | Professional carpet cleaning of property

$65 | On-site visits including meeting appraisers, inspectors, real estate agents, and other activities related to listing or selling the property

$65 plus $35 for each additional hour after the first | On-site visits waiting on appliance installation or meeting Owner’s contractors

$65 | Repeat on-site visits to inspect the work of Owner’s contractors

$95 | Court representation related to code violations

$135 one unit | $207 two units | Spring or Fall HVAC Services per visit

$200 to $250 | Property Winterization based on the size of the water tank and number of fixtures

$5 per invoice | Processing of property tax or insurance invoices upon request

Fees are subject to change at any time by Broker with a 30 day notice. This list is not meant to be comprehensive of all services available.

We have partnered with Second Nature to provide a Resident Benefit Package to all Renshaw residents.

The typical package provided costs residents $35/mo and includes:

Renter's insurance including $100k liability/$10k personal property (residents who provide their own insurance can have the total cost reduced to $24/mo)
Quarterly filter delivery service
Positive rent reporting to help build resident's credit
Rent rewards through Pinata
Waiver of payment processing fees for eChecks by residents
$1M identity theft protection

Other things that we provide to residents, like our 24/7 maintenance hotline and online portal access, are referenced to residents in the documentation about the benefit package.

For our clients, the package provides confidence that residents are covered with liability insurance that is maintained by a 3rd party. The filter delivery also makes it much more likely that the HVAC is being maintained. Rent reporting and rent rewards give residents extra incentives to pay rent on time--overall, we find it to be a win-win situation for both our clients and residents.