May 12, 2020

Welcoming a New Owner to Baker Street

What to expect as a new owner when on-boarding a property with Baker Street.

Baker Street Process

Thank you for your consideration of Baker Street Properties. To ensure an easy transition to our team, there are several on-boarding steps we take for each property:

  1. Introductory Meeting: We will meet with you to discuss the management and leasing terms as we review our Management Agreement. Our management rates are between 8-10% per property depending on various factors. Our standard tenant placement fee is 50% of the first month’s rent.

    Please take a moment to review our Sample Management Agreement.

  2. Property Registration: We will need to register your property with the city and designate Baker Street as the “Agent”. This is as simple as filling out your portion of the Property Registration Form. If this is your first time renting, the property, an inspection will be performed by the city soon after the property is registered. If your property has been a rental property previously, we will check the status with the city to prepare for the next inspection in the cycle.

    Please take a moment to review our Guide to City Inspections to understand the process and Baker Street’s role.

  3. Property Walk-Through: We will do a thorough on-boarding walk-through of your property and use this opportunity to ask various questions. We will make note of the condition and age of things, such as: appliances, furnace, water heater, and other major systems. We will also make a list of maintenance repairs and suggestions to improve the property. If your property is unoccupied, we will treat your property as if it is being turned over in between tenants.

    Please take a moment to review our Turnover Guide to understand our expectations of a property's condition prior to leasing and moving in new tenants. We may create an addendum to our Management Agreement to include any maintenance repairs or improvements.

  4. Rental Rates: We will discuss rental pricing and set rent expectations. We will provide suggestions, which are determined based on: the current rental market, comparables, and the property's condition, location, and rental history.

  5. Property Payouts: We will need your bank account information in order to deliver your monthly income payouts electronically. Owner payouts are paid on the 6th of every month.  

  6. Owner Account: We will set up an account for you with our management software, Buildium. You will receive an email to create login credentials. Once you have access to your online portal, you will be able to access tenant leases, maintenance tickets filed by tenants, and your property ledger.  Please take a moment read our Online Dashboard Features Guide to get a head start on the features available to you on your dashboard.

  7. Property Advertising: Once we have the Management Agreement signed, we will take photos of the property and conduct a Matterport Virtual Tour scan to have on file. If applicable, we will list your property for rent on various web sites.

  8. Maintenance & Improvements: Based on our on-boarding walk-through, we will schedule any necessary maintenance repairs, improvements, and cleaning. We will also install an electronic keypad lock on your door for future tenant use. Please take a moment to read our Maintenance Guide for Owners to understand how we handle maintenance.

  9. Leasing: We are proud to represent our owners as management and leasing agents. Our leasing mission is to sign each lease as quickly as possible with favorable rental rates. Please keep in mind, we may need to negotiate or adjust property conditions and lease terms in order to meet this objective. Please take a moment to review our Sample Lease Agreement to understand the responsibilities of tenants and owners.

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