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Here are the steps to implement TLI:
Step 1: Send notice to your current owners informing them of this new program. Sample Notice/Email.
Step 1: Add or Combine to include in any published Screening Criteria and on your Rental Home Application. Use the “TLI – Screening Criteria and Addendum Form”
Step 2: Post Screening Criteria to your Website or Multiple Listing Service.
Step 3: Add the “SureVestor Addendum – Tenant Liability Insurance” into your Lease Packet.
Step 4: Tenant Signs New Lease Agreement to include TLI Addendum.
Step 5: Tenant flyer for your lease packet.
Step 6: After creating a new GL Account in your accounting system (GL 5050 for example) – ADD the Tenant Liability charge of “$XX” to the tenant monthly ledger for payment.
Step 1: Disclose to tenants as far out as possible the policy change of adopting Tenant Liability Insurance for all lease renewals. Allow for a minimum of 30-60 days before mandating on any lease renewals.
You can include this flyer in the notice to tenants: Flyer
Step 2: Add to your Lease Renewal Notice the “TLI –Sample Notice Email Template” This combined form can both inform the tenant of new policies – AND – ask them for their upcoming plans with the home in writing. At a minimum, inform the tenant of this upcoming policy change via email and mail as needed 45 to 60 days from any renewal actions or per your state required statute, if any.
Step 3: Have renewing tenant sign the TLI – Addendum Form or incorporate into your lease agreement.
Step 4: Once a new lease or lease addendum is signed – Add Tenant Liability Policy to the tenant’s monthly ledger.
Step 1: Create a new General Ledger (GL) account for Tenant Liability Insurance. Example: GL5050
Step 2: Once the new or existing tenant has signed up – add in their recurring monthly charge on the tenant ledger.
Step 3: Ensure the new GL Charge falls in line with other administration fees so the charge goes to the Property Manager and not the owner.
To reach full implementation, it may take 12-24 months depending on your lease agreement cycle and rules / regulations on imposing changes to a lease agreement during its initial term.
Should you have any detailed questions about implementing this policy into your business, contact us!