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
 
Download Leasing Program Fees
 
 
Self-Procurement. This means that the owner, will secure their own renter. The owner will be fully responsible for marketing their condo, generating their own leads and conducting tours.
 
Owner’s Expectations
  • Complete, sign and return to Management the Investor Agreement. 
  • Advertise condo unit.
  • Schedule and give tours.
  • Distribute LOTL approved paperwork (in some cases collect paperwork and/or payments).
  • Ensure the 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 $375.00 self-procurement fee after all parties sign the lease.
  • Submit a maintenance request to reprogram key fobs ($10/each)
  • Ensure keys are ready for pick up on move-in day.
  • Perform move-in inspection report.
  • Be available to tenant(s) 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 or give tours on behalf of owners or realtors.
  • Meet with contractors to perform services or arrange for deliveries.
  • Act as the middleperson to ensure your condo is clean, painted, etc. It is the owner’s responsibility to ensure the condo is move-in ready.
LOTL-Procurement. This means that LOTL is responsible for marketing the condo, generating leads and conducting tours with the goal of securing, for the owner, a tenant.
 
Owner’s Expectations
  • Complete, sign and return to Management the Investor Agreement. 
  • Complete, sign and return to Management the Investor Rental Worksheet.
  • Submit a down payment in the amount of $500.00.
  • Take pictures of condo and submit to management.
  • Ensure the unit is 100% move-in ready.
  • Notify management of improvements expected to be made (paint, 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 pick up on move-in day.
  • Perform move-in inspection report.
  • Be available to tenants during lease term.
  • Be patient. Advertising takes time. Management will always attempt to list new rentals as soon as possible. After the 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 owners are welcome to update periodically.) Owners who wish to be more involved in the process should consider Self-Procurement.
 
Landmark’s Expectations
  • Advertise condo unit.
  • Schedule and give tours.
  • Provide feedback and recommendations to owners.
  • Follow-up with prospects.
  • Collect application and fee(s).
  • Run credit and criminal background check.
  • Prepare lease agreement.
  • Email Welcome Home message to tenant (cc owner) and collect paperwork.
  • Assign and deliver pet tag and/or bicycle tag.
  • Enter tenant into LOTL website and emergency text messaging system.
 
What Landmark will NOT do
  • Perform move-in or 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 middleperson to ensure the condo is clean, painted, etc. It is the owner’s responsibility to ensure the condo shows well and is the best it can be for the new tenant.
Lease Renewal. This means that Landmark on the Lake is responsible for opening 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, terms, rent increase)
  • Sign the lease renewal within 72 hours of receipt.
  • Submit payment in the amount of $225.00.
  • Ensure preventative maintenance is complete (i.e., filter changes, smoke detector batteries)
  • Be available to tenants during lease term.
Landmark’s Expectations
  • Begin dialogue between owner and tenants (Re: Desire to renew lease, terms, rent increase)
  • Prepare Lease Renewal.
  • Verify any changes with name, phone, email, vehicle, pet and update as needed.
  • Set a reminder to follow up a few months before the current lease expires. 
Rules: The Governing Documents set forth by the Association are very clear and enforced as it pertains to leasing. 
 
Refer to section 8.1 of the Bylaws.
Refer to section 21 of the Rules and Regulations