Step by Step Process
Step 1: Discovery
This is where we get to know more about your individual needs. It does involve some paperwork, but we promise to keep it short, sweet and completely worth the effort. The entire process usually takes 2 – 4 business days and includes the following.
- $500 check: $300 for the reserve balance and $200 for a onetime setup fee
- Signed and Management Agreement Packet
- ACH / Direct Deposit form
- GE Tax and HOA Payment Form
- W9 Tax Form
- Copy of drivers license
- Current mortgage statement (if applicable)
- Homeowner/Landlord insurance declaration page with us listed as additional insured Keys, remotes, transmitters, etc.
Step 2: Evaluation
In this step, we’ll evaluate and preview the property. This is when we’ll determine whether any items need to be addressed before marketing and finding the right tenant. This includes, but is not limited to, testing all appliances, verifying that the property has been thoroughly cleaned (including a professional carpet cleaning), ensuring the yard is properly maintained and free of debris, etc. If repair work is needed, we will discuss the cost and scope of work with you prior to collecting funds and authorizing repairs.
Step 3: Marketing and advertising the property
Now, it’s time to spread the word about your amazing home or apartment community. To do so, we’ll place ads in various sources that we have chosen to maximize exposure and expedite the process of finding a suitable tenant. Rest assured that this isn’t our first rodeo. Our years of experience has taught us what works and what doesn’t, so we know where to invest our time and money in order to produce the greatest return on your money.
Step 4: Tenant screening
We have spent years perfecting our proprietary screening process and are confident that our process will easily and successfully weed out unqualified tenants and reduce your risk as a landlord. Once the screening process is complete, we share the applicants information with the Owner for approval.
Step 5: Leasing
Once a qualified tenant has been selected, we will finalize the lease paperwork using our standard lease agreement that has been drafted by an attorney in order to offer our clients the highest level of protection. All rents and deposits are collected at the time the lease is signed, and we take the time to review the lease with every tenant to ensure they understand the terms. This is also the tenant’s opportunity to ask any and all remaining questions about the lease, apartment or property.
Step 6: Move-in
A Vesta Hawaii representative meets with each tenant at the property to review and document its condition with the tenant present. We gather this information so we can compare it to the report when the tenant moves out. That alone is over and above what some property management companies do, but we like to take things even further to provide you with the most value. During the move-in period, we will also show the tenant things like, how to use the appliances and turn off water in case of a leak.
Step 7: Maintaining the Property
Each tenant will be able to submit a maintenance request 24 hours a day by phone or through our online tenant portal. Each service request will be processed in a timely manner and coordinated through our office. We truly believe that communication and transparency are fundamental parts of our service, and to achieve this, we keep the owner informed of all maintenance issues that come up throughout the repair process.
Step 8: Rent and Financial Reporting
Each month, we provide each owner with a monthly statement detailing all the rent that has been received as well as any expenses that have been incurred. Our clients will have access to their statements and copies of all invoices 24 hours a day through our online owner portal. At the end of each year, we will provide you with a year end statement, profit and loss statement, and a 1099 to make filing taxes as easy as possible.
Step 9: Rent Collection and Coordination of Payments
Our standard lease requires tenants to pay rent by the first of every month. If rent is not received in a timely manner, we follow up with each tenant to collect rent, or with the owner’s approval, initiate the eviction process. Once rent is received, we pay any outstanding invoices, utility bills, yard/pool maintenance services, repair bills, GE Tax and HOA payments, etc. After paying out all expenses, we then disperse rent payments to our owners. To help expedite payments, we offer a free service where rent can be deposited directly into their bank account. This not only gets the money to them faster, but it also eliminates the possibility that a check could get lost in the mail.
Step 10: Property Evaluation
Regular evaluations are an important service that we offer. During the first year, we visit the property twice; after the tenant has been their 90 days, and then again around 9 months into the lease. This helps us keep the tenant accountable while giving us a chance to look for possible repairs that may need to be addressed. For long term tenants, we evaluate the property once a year to help with accountability and maintenance, but to also limit how often we disturb the tenants’ privacy and help preserve a good relationship with the tenant, which may also help encourage them to stay longer.
Step 11: Tenant Compliance
We all strive to find the perfect tenant. However, from time to time, we may need to enforce the rules and hold the tenant accountable if they are violating the terms of the lease. Our experience allows us to enforce accountability delicately so that the tenant will comply with the rules in a respectful way. Its important to retain a positive relationship with the tenant to reduce turnover and improve retention rates.
Step 12: Pre Move-Out
Although we hate to see a property go vacant, it is an inevitable part of owning investment property. Fortunately, we have mastered the move-out process to minimize the vacancy period. This results in faster turnover and more money in your pocket. When the tenant provides us with a notice to move out, they are supplied with a checklist of items that they need to handle in order for them to get their security deposit back. This not only helps ensure that they are complying with the lease, but it also encourages them to return the property in good condition, so that we minimize down time for repairs.
Step 13: Move-out
A Vesta Hawaii team member meets the tenant at the property to document the condition. At this point, we inform the owner of the condition of the property where together, they can decide whether any repairs are needed, and if any deductions will be made from the tenant’s security deposit. We have 14 days to refund the tenant’s security deposit. Once a final decision has been made regarding deductions, we will mail the tenant the appropriate refund along with an itemized statement identifying any deductions. If the tenant owes money, they will be sent a statement demanding payment, at which time the owner can decide whether they want to send the account to collections.
Step 14: Prepare the Property for the Next Tenant
During the move-out evaluation, our team member will generate a list of recommended repair items in order to prepare the property for the next tenant. We discuss these repairs with the owner and obtain any necessary bids for approval. Once the owner has approved the repairs, if needed, and funds are received, we will then coordinate the repairs on their behalf. Upon completion of the work, we go out to the property to make sure the work meets our high standards before issuing a final payment for the work that was performed. When the property is in marketable condition, we begin advertising the property, and the entire step-by-step process will repeat itself.