Process & Procedures
New Leases, Renewals, & Amendments
New Managed Property
Sale of Managed Property
June 22, 2022
New Lease – BCP Managed Property
Leasing Agent:
1. Obtains completed lease application and executed Lease and initial contact information (phone number, email address)
2. Obtains security deposit and first month’s rent checks (if required in Lease Agreement) upon execution of Lease.
3. Obtains Tenant’s COI for leased space, or direct Tenant to email COI to Property Manager and/or BCP staff (Dana or Rebecca).
4. Absolutely no keys are given to the Tenant without an executed lease, security deposit (if required in Lease Agreement), and COI.
5. Provide executed lease, checks, contact information, and commission paperwork to Administrative Assistant for processing.
6. No commissions will be paid to agents/brokers until all processes are completed.
Property Manager:
1. Provides a copy of the executed Lease and commencement letter (if required in Lease Agreement) to the Tenant
2. Verify with Leasing Agent security deposit and first month’s rent checks have been received from Tenant, if not already completed.
3. Verify with Leasing Agent COI from Tenant for leased space, if not already completed.
4. Absolutely no keys are given to the Tenant without an executed lease, security deposit, and COI. (Property Managers will be responsible for verifying with leasing agent/staff that all processes are completed)
5. Requests emergency contact information from Tenant.
a. Admin will update emergency contacts in H: drive
b. Admin will update COI in H: drive and take over keeping these records up to date
Administration:
1. Add new Tenant to emergency contact database.
2. Add new Tenant to COI database and take over keeping these records up to date.
3. Create Tenant file for Property Manager.
4. Update War Room
Accounting:
1. If not already completed, set up unit
June 22, 2022
2. Enter the Lease/Tenant data information accordingly.
3. If the Lease is entered after the effective date, a billing adjustment may be necessary.
4. If the Lease is entered after the statement run (generally on the 20th day of the month), the charges and statement may need to be entered manually and possibly mailed.
June 22, 2022
Renewals & Assignments
Leasing Agent:
1. Prior to any Lease Renewal or Assignment (or Amendments), Leasing Agent will coordinate with Property Manager and/or accounting staff if Tenant is current on rents and if any recoveries are due Landlord.
2. Obtains Renewal or Assignment and contact information (phone number, email address)
3. Ensure assignment addresses the security deposit and whether it will be transferred with the assignment or do we need to cut a check to the Assignor need .
4. Obtains Tenant’s COI for leased space.
5. Provide executed renewal or assignment, contact information, and other pertinent information to the Administrative Assistant for processing.
Property Manager:
1. Provides a copy of executed Assignment to the Tenant.
2. Obtains COI from Tenant for leased space if not already completed.
3. Requests emergency contact information from Tenant.
a. Admin will update emergency contacts in H: drive
b. Admin will update COI in H: drive and take over keeping these records up to date
Administration:
1. Add new Tenant to emergency contact database.
2. Add new Tenant to COI database and take over keeping these records up to date.
3. Update War Room
Accounting:
1. Enter the Assignment data information accordingly.
2. If the Assignment is entered after the effective date, a billing adjustment may be necessary.
3. If the Assignment is entered after the statement run (generally on the 20th day of the month), the charges and statement may need to be entered manually and possibly mailed.
June 22, 2022
New Property – BCP Managed
Leasing Agent:
1. Get Property Management Agreement for new property reviewed and executed by BCP Broker.
2. Ensure signs are up if applicable.
Property Manager:
1. Obtain current Tenant Leases from owner (give to Lease Admin to complete Lease Summary).
2. Contact the Tenant’s to make introductions
3. Request Emergency Contact Information.
4. Request Tenant COI’s.
5. Acquire new Vendor packet for all vendors.
Administration:
1. Update Auto Attendant.
2. Update property and assignment charts.
3. Upload new management agreement and leases to War Room and Mgmt Agreements folders (copy Office Mgr, Acct Mgr, and PM)
4. Input Tenant COI info once received
5. Input maintenance billing information.
6. Update Management Agreement Breakdown with management fees, vendor insurance requirements, and spending caps.
7. Create Tenant files and Historical files.
8. Add property to vendor COI software and checklist of Certificate Holders.
9. Update Tenant Emergency Contacts.
Accounting:
1. Assign a property number.
2. Complete the unit set up.
3. Enter the Lease/Tenant data information accordingly.
4. If the Lease is entered after the effective date, a billing adjustment may be necessary.
5. If the Lease is entered after the statement run (generally on the 20th day of the month), the charges and statement may need to be entered manually and possibly mailed.
June 22, 2022
Sale of BCP Managed Property (management retained)
Leasing Agent:
1. Sends notification letter (obtained by Buyer and Seller at Closing) to Tenants on date of closing. Letter should include who rent checks are made out to and updated COI info.
2. Provide a copy of the settlement statement (Buyer’s and Seller’s) to Accounting Manager
3. Provide New Owner contact information to Assigned Property Manager.
Property Manager:
1. Contact the property owner to introduce yourself if not already completed.
Administration:
1. Update Auto Attendant if needed.
2. Update property and assignment charts.
3. Upload new management agreement to War Room (copy Office Mgr, Acct Mgr, and PM)
4. Update Tenant COI info.
5. Update maintenance billing information.
6. Acquire new Vendor packets/insurance for all vendors.
Accounting:
1. Get with Tammy for details.
June 22, 2022
Sale of Managed Property (discontinuing management)
Leasing Agent:
1. Coordinate with assigned Property Manager regarding sale of Property, then notify Property Manager and accounting of Closing Date and completion of sale.
2. Provide a copy of the settlement statement (Buyer’s and Seller’s) to Accounting Manager
Property Manager:
1. Tenant files may (or may not) need to be boxed up and given to new owners/management company.
2. Work with Agent to confirm is there are any outstanding issued on Property that need to be resolved prior to or post-closing.
Administration:
1. Update Auto Attendant.
2. Update property and assignment charts.
3. Update maintenance billing information.
4. Move historical files to the dead files.
5. Remove Tenants from COI spreadsheet.
6. Remove any marketing material.
Accounting:
1. Get with Tammy for details.
June 22, 2022