I know we have shared quite a bit on the on boarding process, and procedures for a property entering your management portfolio, but what about the off boarding process. Today I wanted to share on the subject as we are currently in the off boarding process. This can happen for several different reasons, here are the 3 most commons reasons why a property would be off boarded as a VR home.
1. The property was sold.
2. The property will become owner occupied
3. The property is entering in a long term tenancy agreement.
Depending on the type of management agreement you have with the owner there are several steps to be taken. Here are a few tips to save yourself, and the homeowner time and penalties.
1. As much advance notice as possible to avoid cancellation penalties associations with guest reservations.
2. If under FULL management be sure to contact your service provides to have all services such as electrical, cable, internet, and landscaping terminated as soon as the property is no longer occupied by your guests.
3. Immediately seek relocation for incoming guests that may become displaced due to the off boarding.
4. Contact and communicate with the guest, as well as your channel partners throughout relocation processing.
5. Prepare a final owner statement to include all off boarding costs.