Investing
Dear Investor Owner,
 
The purpose of this webpage is to educate investor-owners about the requirements of renting out their condo at the Landmark.
 
The Association/Management Team does not manage rentals. Owners who wish to hire a rental manager should contact a third-party management company. The Association/Management Team's purpose is to ensure the Association's Governing Documents are followed. Among other things, this includes preparing an Association-approved lease agreement for all rental units, as required by the Bylaws. 
 
Finding a new renter can be done in two ways:
  • Owners can market and rent the condo on their own or have a third-party management company market and rent it. This is called a Self-Procurement. 
  • Owners can have the Landmark management team market and rent the unit. This is called Landmark-Procurement. 
Owners are required to select one of these options. In both cases, the Landmark management team must prepare the new lease agreement. When a tenant renews their lease, the Management Team must also prepare the renewal paperwork. This is called the Lease Renewal. 
 
Below are more details about these different services.
 
 
Download Investor Program Fees
 
 
Self-Procurement. This means that the condo owner will secure their own renter. The owner will be fully responsible for marketing their condo, generating their own leads and conducting tours. Once a new renter is found, Management is responsible for preparing the lease paperwork. 
 
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 $400.00 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
  • Provide owner with Landmark approved paperwork, including but not limited to:
  • Run credit and criminal background check.
  • Prepare Lease Agreement.
  • Email Welcome Home message to tenant (cc owner) and collect paperwork.
  • Assign and deliver bicycle tags and/or windshield tags.
  • Enter tenant into LOTL website and emergency text messaging system.
 
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 a new renter for the condo owner. Once a new renter is found, Management is responsible for preparing the lease paperwork. 
 
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.
  • 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 bicycle tags and/or windshield tags.
  • 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 Management is responsible for preparing the lease renewal paperwork.
 
Owner’s Expectations
  • Respond to Management’s communications (Re: Lease expiration, desire to renew lease, new lease terms) 
  • Sign the lease renewal within 72 hours of receipt.
  • Submit payment in the amount of $250.00.
  • Ensure preventative maintenance is complete (i.e., filter changes, smoke detector batteries)
  • Be available to tenants during lease term.
Landmark’s Expectations
  • Remind condo owner of lease expiration date at least 75 days in advance.
  • Email condo owner to confirm Lease Renewal terms (i.e. rent increase, lease length) 
  • Prepare Lease Renewal.
  • Verify any changes with name, phone, email, vehicle, pet and update as needed.
Rules: The Governing Documents set forth by the Association are very clear and enforced as it pertains to leasing. 
 
Refer to section 8.1(c) of the Bylaws.
Refer to section 21 of the Rules and Regulations