Collection Policy / FAS Processing

When should you begin the collection process? BEFORE MOVE-IN!

Collections 101: Call Send notices Knock on doors

Who’s responsible? The consistent enforcement of the rent collection process is one of the primary responsibilities on the manager. Financial success depends on prompt, efficient collection of ALL receivables.

Rent collection Rent is due on the 1st Rent is late after the 3rd 1st late notice goes out on the 4th & placed on the inside of the apartment door Walk all delinquent units before the 9th File eviction on the 10th Best way to collect is through phones, notices, and personal visits All notices should be copied and placed in the resident file All monies collected are to be posted and deposited DAILY

Rent policy No personal checks after the 3rd No cash, no cash, no cash, no cash No partial payments No deals, no payment arrangements, no preferential treatment No waiving of late fees No promise to pay without PMT approval

Returned checks Notify resident of returned check and post the associated fees in Onesite Resident must replace within 48 hours with a money order or cashiers check ONLY 6 month penalty first time No more checks after second time Remember to check unit for vacancy Failure to comply with the notice subjects the resident to legal action Don’t forget to block Paylease access

Does everyone have their resident sign a payment policy agreement? You should be! It’s hard to dispute what you have in writing.

Evictions not filed by the 15th should have written approval from your Regional Manager. E-mail us… follow-up!

Eviction checks Checks should be rotated using your oldest first NO stale dated checks Submit new requests every 45-60 days Return any unused checks in weekly packet- voided Use your credit card when possible

What Happens Next The Move out: Make sure to document all items turned in at move out, if any. (ex: keys, access keys, pool passes) Move the resident out of onesite on the day they turn over possession of the apartment Submit a work order to put unit on a blue lock as soon as possible – very important!

Move out Procedure The Walkthrough: If the resident wishes to be present for the move out inspection we are REQUIRED to let them. Make sure to take pictures of ANY damages that you find (be sure to check inside of all appliances, cabinets, and outside storage areas) Be mindful of what you say during the move out inspection.

FAS – What Accounting Needs REFUND – 3 copies of FAS 1 copy of Move In/Move Out Inspection First and last page of Lease Agreement OWES – Send Complete File with 2 copies of FAS and Copies of Pictures of charges Be sure photos are attached to the file and/or emailed to collections@medve.com in the following format: (example) PHR – Apt #313 – Smith *Do not send to an individual email. The appropriate team members have access to the Collections e-mail account. ** Please remember to organize your weekly packets so items are given to the right department**

Former Residents with Balance Due A letter to all former residents with balance due is mailed out within 30 days of receipt of the FAS. The letter states that if they have a dispute with the charges, they are to contact the property manager within 14 days. You can avoid disputes by having the proper documentation in the resident file – pictures of any charges for damages, lease, move out inspection, addendums, etc. The letter also states that they must remit payment to our home office within 30 days of the date of the letter. Any questions- refer to Collections. Yvette Cruz is the AR/Collections contact.

What to Charge Skips: Rent until moved out of Onesite forfeit deposit (must do BEFORE closing account from the deposit ledger) Early Termination fee (equal to 2 months rent) Insufficient notice fee (equal to 2 months rent) Concession chargeback Damages Evictions: Rent until moved out Early termination fee ANY concessions

WE HAVE THIS POLICY FOR LEGAL REASONS ! Move out Procedure Completing the Final Account Statement : Once you move a resident out of Onesite how long do you have to complete the FAS? days The law states that we must have the final account statement and/or refund in the mail to the previous resident WITHIN 30 days of move out WE HAVE THIS POLICY FOR LEGAL REASONS !

Move out Procedure CARPET: How long is the life of carpet? * years is our expectation How much do I charge? When charging a resident for replacement of carpet you should use the CURRENT cost of carpet divided by 5 years and then multiplied by number of years LEFT on the carpets life

Move out Procedure Damages vs. Normal wear and tear Wear and Tear: Broken blinds Pet damage Apartment cleaning Holes in drywall Broken window(s) Wear and Tear: Traffic marks on carpet ***BE SURE TO CHECK THE INVENTORY AND CONDITION FORM BEFORE CHARGING *** Not charging is like throwing money away