How long to write up a lease, am I being unreasonable

Question

All - I want to hear your opinion... Thank you in advance....

I have a PM that I have worked with for 10 years now... Every time I have a rental turn over, I asked for her help to fill the vacancy....

She is dependable and hard working, except I find her very in-efficient sometime...

For example, this time around, I have a unit up, someone came to see and agreed to rent it.... For 3 days after the person agreed to the price, my PM has NOT yet sent him the lease agreement to sign...Everytime I asked her when she was going to lease out, she had this excuse and that excuse...

What is a reasonable turn around time on this?

Thank you

Account Closed · Answer

One business day? Tops...from approved application, and acceptance...yeah, one day.

Bjorn Ahlblad · Answer

@Diane G. 2 hours; maybe 1/2 day. Preparing a lease is one of the easiest things for a PM to do unless they are doing it on a scroll in pen and ink!

Joe Splitrock · Answer

After we screen the tenant, we send formal approval and ask them to sign a deposit to hold within 24 hours. Along with the agreement, they are required to pay deposit and sometimes first months rent. The deposit to hold states their deposit is non-refundable if they back out and it states we will hold the property for them. We follow up with a lease closer to move-in and require first months rent at the time of lease signing.

I never hold a property for someone longer than 24 hours without a written agreement and deposit.

Amy A. · Answer

Is the delay occurring while she's doing the background and reference check?  Sometimes previous landlords take a while to get back to you.  Also, as long as she has a good size deposit, there's no rush for the lease.  I never have them sign the lease until they pay the first month's rent on move-in day, but I get the deposit asap.  You should ask her about her strategy before firing her.

Account Closed · Answer

Okay, for the record I was being super-conservative with my one day stuff. Trying to act like I write 900 leases a day so you're gonna have to give me a minute.Really, writing a lease should move itself to the top of any pile or to-do list.

Dan Hudson · Answer

IMHO, it isn't real until you see money or signature promise for money.  Is it possible she is showing your prospective tenant other properties that pay 73%?  I do not want to cast doubt on your many year relationship, but why would she wait?  I suppose she doesn't get paid until she collects signature and money.

Matt M. · Answer

@Diane G.

All depends on when they plan to move in. If I show a house and all is good, I take a deposit and we don’t sign lease or hand over the keys until it’s time to move in, and balance owed is paid of course

Theresa Harris · Answer

Wow for that much money, she should have had it done in no time.  It is a standard form where she has to enter a bit of info (names, address and amounts).

Diane G. · Answer

@Bjorn Ahlblad

Sorry, I meant to say 72% of first month rent as the leasing commission - so she showed the place and got a tenant for me....I pay her $2916 for finding a tenant....

Except it is taking her 3 days (and counting) to write up a lease and get it over to the renter to sign... ugh

Bjorn Ahlblad · Answer

I guess you mean the rent is 4050 a month? What does the PM do for a 72% commission? Just curious.

How long to write up a lease, am I being unreasonable

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