Investing
Dear Investor Owner,
 
This message is meant for any owner interested in renting out their unit.
 
There are three (3) categories owners will fall under:
 
  • Self-Procurement
  • Landmark-Procurement
  • Lease Renewal
 
Self-Procurement. This means that you, the owner, will secure your own renter. You will be fully responsible for marketing your condo, generating your own leads and conducting tours.
 
Owner’s Expectations
  • Complete/Sign the Investor Agreement (and return to management). Download Investor Agreement
  • Advertise Condo Unit.
  • Schedule/Give Tours.
  • Distribute LOTL Approved Paperwork (in some cases collect paperwork and/or payments).
  • Ensure Unit is 100% Move-In Ready.
  • Ensure Preventative Maintenance is Complete (i.e. filter changes, smoke detector batteries, etc.)
  • Sign the lease within 72-hours of receipt.
  • Pay $350 self-procurement fee after all parties sign the lease.
  • Submit a Maintenance Request to Reprogram Key Fobs ($10/each)
  • Ensure Keys are Ready for Move-In Day.
  • Perform Move-In Inspection Report.
  • Be Available to Renter During Lease Term.
 
Landmark’s Expectations
 
What Landmark will NOT do
  • Perform Move-in/Move-Out Inspections
  • Take Pictures of Condos
  • Share Prospects' Names or Contact Information Generated by the Association
  • Schedule/Give Tours on Behalf of Owners or Realtors.
  • Meet with Contractors to Perform Services or Arrange for Deliveries
  • Act as the middle-person to ensure your condo is clean, painted, etc. It is the owner’s responsibility to ensure the home is move-in ready.

LOTL-Procurement. This means that Landmark on the Lake is responsible for marketing your condo, generating leads and conducting tours with the goal to secure you a qualified renter.
 
Owner’s Expectations
  • Complete/Sign the Investor Agreement. Download Investor Agreement
  • Complete the Investment Owner Rental Worksheet. Download Investment Owner Rental Worksheet
  • Submit payment in the amount of $500 for the non-refundable deposit.
  • Take pictures of condo and submit to management (they may or may not be used).
  • Ensure Unit is 100% Move-In Ready.
  • Communicate with Management on Improvements Expected to be Made (paint, carpet cleaning, etc.)
  • Ensure Preventative Maintenance is Complete (i.e. filter changes, smoke detector batteries, etc.).
  • Sign the lease within 72-hours of receipt.
  • Submit the remainder of payment (varies based on number of bedrooms, see attached rate sheet).
  • Submit a Maintenance Request to Reprogram Key Fobs ($10/each)
  • Ensure Keys are Ready for Move-In Day.
  • Perform Move-In Inspection Report.
  • Be Available to Renter During Lease Term.
  • Be patient. Advertising takes time. Management will always attempt to list new rentals as soon as possible. After your unit goes on the market, owners will have one opportunity to make the changes they wish to see. (This does not include changes to lease terms or pricing, which you are welcome to update periodically.) Each week, active investors will receive a leasing update including weekly traffic, updated availability, and any new marketing strategies. If you wish to be more involved in the process, management recommends Self-Procurement.
 
Landmark’s Expectations
  • Advertise Condo Unit
  • Retake Photos of Unit If there is Reason to Believe the Ones Submitted will Not Present Well
  • Schedule/Give Tours
  • Provide Feedback and Recommendations to Owners
  • Regular Follow-Ups with Prospects
  • Collect Application and Fee(s)
  • Run Credit/Criminal Background Check
  • Prepare Lease
  • Email Welcome Home Message to Renter (cc owner) & Collect Paperwork
  • Assign/Deliver Pet Tag and/or Bicycle Tag
  • Enter Renter into Website and Emergency Text Messaging System
 
What Landmark will NOT do
  • Perform Move-in/Move-Out Inspections
  • Share Prospects' Names or Contact Information Generated by the Association
  • Meet with Contractors to Perform Services or Arrange for Deliveries
  • Act as the middle-person to ensure your condo is clean, painted, etc. It is the owner’s main responsibility to ensure the home shows well and is the very best it can be for the new resident.

Lease Renewal. This means that Landmark on the Lake is responsible for opening-up the conversation between owner and renter as it relates to renewing the lease and then preparing the lease.
 
Owner’s Expectations
  • Respond to Management’s Communications Re: Desire to renew lease, what terms, rent increase, etc.
  • Sign the lease renewal within 72-hours of receipt.
  • Submit payment in the amount of $200.
  • Ensure Preventative Maintenance is Complete (i.e. filter changes, smoke detector batteries, etc.).
  • Be Available to Renter During Lease Term.
 
Landmark’s Expectations
  • Begin dialogue between owner and renter Re: Desire to renew lease, what terms, rent increase, etc.
  • Prepare lease renewal.
  • Verify any changes with name, phone, email, vehicle, pet, etc. and update as needed.
  • Set a reminder to follow-up a few months before the new lease expires. 

 
Please note that starting January 1, 2022 the following fees will be increased:
 
Leasing Program
  • Renewal Fees: Increase from $200 to $225
  • Self-Procurement Fees: Increase from $350 to $375
  • One-Bedroom Rental: Increase from $1550 to $1575
  • Two-Bedroom Rental: Increase from $1650 to $1675
  • Three-Bedroom Rental: Increase from $1750 to $1775
 
One-Time Initial Fees
  • Move-In/Move-Out Fee: Increase from $300 to $350

Rules: The Bylaws and Rules/Regulations set forth by the Association are very clear and enforced. Here are a few points worth mentioning, but we strongly encourage you to review the Governing Documents as it pertains to leasing to fully understand the policies.
 
  • The move-in and move-out fee must be paid in advance of the move. A fine will be levied on the unit owner for any move that is not scheduled (See Rules/Regulations V35 Section 4)
  • Unit lease, sub-lease or lease assignment terms may not be less than six (6) months duration (See Bylaws, Section 8.1C)
  • If any unit owner moves or permits a tenant to move in violation of the [Rules/Regulation or Bylaws or Declarations] the Board of Directors may, following notice and opportunity for a hearing, levy a fine of at least $200 (up to $1,000) against the unit owner. (See Rules/Regulations V36 Section 6)
  • The lease must be in writing, signed by the owner and the tenant and upon a form approved by the Association and must be for a minimum term of six (6) months. Month-to-month leases are prohibited. (See Bylaws, Section 8.1C)
  • The lease must specifically obligate the tenant to abide by the terms and conditions of the Declaration, these Bylaws, and all rules and regulations of the Association. (See Bylaws, Section 8.1C)
  • Prior to the beginning of the lease term, the owner must give the Association the following information and forms: copy of the complete and fully executed lease, contact information form, vehicle information form, pet registration form and approval of pets, use of amenities waiver form, any future form deemed necessary and approved by the Association Board of Directors. (See Bylaws, Section 8.1)