OUTDATED Offboarding Owner Workflow

IMPORTANT: REFER TO BASECAMP FOR THIS TASK LIST. THE WIKI BELOW IS SLATED TO BE DELETED.

• PM: Management End Date and Reason

  • The process begins with determining the management end date and reason for offboarding. This information is crucial for accurate record-keeping.

    PM: Request New Property Management Address & Contact Info

  • In order to draft the change in management form, we require the updated Property Management Address and Contact Information.

    PM: Compose Change in Management Form 

  • This form is located in Zipform labeled "NOTICE TO TENANT OF CHANGE IN MANAGEMENT AND ACCOUNTABILITY FOR SECURITY DEPOSIT"

    PM: Email tenants Change in Management Form 
  • Email template to be sent through AF:

I hope you are doing well. Please see attached document regarding the change of management for the {{PROPERTY ADDRESS}} property.

• Anna & Team: Open & Recurring Work Orders - Asana Team

  • Review and address any open work orders or recurring maintenance tasks associated with the property.

    Anna & Team: Recurring Bills - Asana Team

  • Ensure all recurring bills are properly documented and up to date. Address any outstanding bills due.

    MC + Anna & Team: Check for Unpaid Bills
  • Review & settle any unpaid bills related to the property, ensuring all outstanding payments are made. 

  • If a utility bill has not been received, promptly contact the utility company for an update. In situations where billing is delayed due to final billing dates, consider extending the off boarding date by 30 days until the final bill is received. In such cases, ensure to inform the owner via email with the necessary updates.

    Disable Online Payments from Tenants - Asana Team

  • Disable the online payment option for tenants related to the property to prevent further transactions.

    Add Property to {{CURRENT YEAR}} Hidden Properties Property Group - Asana Team

  • Update the property's status by adding it to the appropriate hidden properties property group for the current year.

    Check All Cash Accounts on Property Page - Asana Team

  • Review and reconcile all cash accounts associated with the property to ensure accuracy.

    Move Out Tenants, if Needed - Asana Team

  • If tenants are still occupying the property, coordinate their move-out process in compliance with lease agreements and legal requirements.

    Request Security Deposit Transfer & Record - Asana Team

  • If applicable, request the transfer of security deposits and properly document the transaction.

    Make Security Deposit Payable - PM / Asana

  • Determine whether the security deposit should be made payable to the owner, the tenant, or a new management company, as specified in the governing documents.

    Pay Vendors - Asana Team

  • Settle outstanding payments to vendors and contractors associated with the property.

    Charge & Pay Management Fees - Asana Team

  • Calculate and process any outstanding management fees owed to or by the owner.

    Release Reserve & Stop Management Fee Billing - Asana Team

  • Release any reserve funds and cease billing management fees to the owner if applicable.

    Pay Owner, if Needed - PM / Asana

  • If there are outstanding payments to the owner, ensure they are processed and disbursed in accordance with the governing documents.

    Send Owner Statement, if Needed - PM / Asana

  • Provide the owner with a detailed statement of financial transactions and settlements, if required.

    Hide Property - Asana Team

  • Update the property status to "hidden" or "inactive" in the property management system.

    Hide Owner - Asana Team
  • Update the owner's status to "hidden" or "inactive" in the owner management system
• PM: Ensure owner gets a 1099 at the end of the year