Tenant Transfers

I need ideas on how to handle tenant transfers from one unit to another unit.

I don't even see the problem. The cost of the turn?

I just need ideas on how to handle a transfer and what paperwork should be involved - do you require that they fulfill their current lease and start a new lease?

I still don't see the problem. It's a move out, it's a move in. You're going to end one lease early by mutual accord and start another one, right? Check the laws in your jurisdiction but other than the new lease and the usual move-in process inspection, what paperwork?

I think you should have paperwork that details the new address, lease term, new rent and any stipulations (ie, damages from old apt., zero balance required and such). You should also require a minimum of 30 days notices which allows you to turn and re-rent the move out apartment.

That really simplifies it - just basically treat it like a move out from one apartment and a move in to another apartment. Thank you for all of your advice and help. I am always looking for ways to make things better for our residents and staff.

If you have any suggestions at all that have not been mentioned please let me know.

We require that they complete the initial lease term unless it's an emergency situation that renders the apartment uninhabitable. Once that's done, we have a notice to vacate and transfer request form that goes through the regional management team for approval.

Once approved, they place a deposit (and pet deposit if necessary) on the new apartment. They sign a new lease for the new apartment, then have three days to complete the move. Once moved, they turn in keys to the old apartment and we run deposit accounting as if it were a standard move-out.

I've done quite a few in the five years I've worked for this company, and they tend to go fairly smooth. Most folks are just content to pay for our cleaners to do the post-move cleaning, since it will be done to the expected standard (and they're usually exhausted after moving all their stuff).

That sounds like it covers what you need from a tenant. Does your lease address transfers?

Thanks again for all of the help with this topic.

Most leases contain clauses covering transfers and sublets. Some management companies charge a Transfer Fee if a transfer is allowed during a current lease term. Some software systems, like RealPage make the transfers very easy with a simple set up and click of the mouse. Yardi treats transfers like a move out and a move in and, like Jay said, you have to conduct the deposit accounting for the return of a security deposit - which means that most companies will re-screen and re-qualify the resident prior to approving the transfer, as well as conduct a unit inspection to make sure the apartment is in pristine condition. If the unit is not, then a transfer may be denied, or charges will need to be paid for damages.

Every management company handles on-site or interportfolio transfers differently. I am accustomed to a $250 transfer fee, new deposit and new fees for the apartment the resident is transferring to, and an inspection at the current apartment prior to approving the transfer. Our transfer policies aren't in our lease which gives our management company the freedom to adjust them as needed.

Is the transfer fee refundable?

We just do it with a lease termination form and a new lease package. We do make the transferee go through the application process though, which includes credit and such.

Please see below.

We have a criteria.. please see below.
Qualifications/Guidelines/Requirements.
1. Must be transferring up. 1x1 to 2x1/2×2 etc.
2. Must be a resident a minimum of 6 months
3. Transfer Request Form (tenant/manager sign &fill)
4. Transfer fee of $350 must accompany Request Form. Original deposit will not be touched and transfer to new unit.
5. Current lease not need to be expired, however new unit will not continue current lease term. A 12-14month must be signed at time of transfer.

Process
1. Tenant Fill form out/pay fee
-Current Unit & Market Rent
-Request info .. ( Need bigger home 2x2)
-Select Requested floorplan and/or unit # and market rent
-Preferred Transfer Date
2. Submit form for approval
3. Manager Conduct Proper Audit
-Notice to Enter-for housekeeping
-# of late fees, NSF, etc.
-Lease infractions
-Resident complaints
-Proof of income for income qualification for new rental amount.
4. Fill out Audit info on Request form.
5. Approve/Deny

Approve:
Post transfer with Transfer Date and New Rent.
Request updated paperwork,filled out application if more then 2 years old (will not run credit), vehicle registration, photo id, proof of income, etc. Original paperwork will stay in old file of old unit. New docs will go in new folder.
Proof of utility transfer and renters insurance for new unit prior to taking possesion.
Draw up new 12-14month lease for transfer date.
Rent $ for old unit will be prorated if moving mid month. Credit will be applied to new unit. Once accounting has completed moving credit and deposit over to new unit. Balance for new unut is due at this time.

Denied:
Provide Denial Letter with reason.
Ex. At this time we are unable to accomadate your request to transfer due to, excessive late payments, lease infractions, housekeeping etc. Your $350 transfer fee will reflect as a credit on your account, please make next months payment less then $350.

Obviously, per annual unit walks and delinquency, you should have a pretty good idea if they are eligible at time of request. At this time you can choose to inform them that they are not currently eligible to save them the $350, obviously its a request and even then if they choose to still request we can not deny them of that right, just like we would not deny anyone the ability apply.

Hope this helps. I am currently under a COMPLETE RENOVATION, and I am doing A LOT OF TRANSFERS!

I don't see an issue. Usually it is to a larger unit and our one bedrooms are easiest to lease. I schedule a walk through with their current apartment to see how long a make ready will take then they have 48 hours to transfer and we charge a $250 transfer fee. Move them out then move them in and we get the keys returned after the 48 hours and most of the time lock them into a new 12 month lease.