Owner Paperwork Required

The paperwork discussed in this section is required in order to properly set up an owner account in our management system. The following documents need to be completed, and proper designations made, in order to complete this:

 

• Fully executed contract package
• Copy of W9
• Completely filled out “Owner Information Form” (Even if some data fields are NA)
• Insurance documentation that states Mars Hill Realty Group, Inc. as “Additional Insured”

Contracts (See Landlord Handbook Forms)

TX – TAR Residential Leasing and Property Management Agreement

VA – Exclusive Right to Lease Listing Agreement and Property Management Agreement

MD/DC – GCAAR Property Management and Exclusive Rental Agreement

Insurance

Mars Hill Realty has proven risk-reducing processes, but it’s also important that we carry proper insurance.  At minimum, we carry workers compensation, employment practices liability, commercial general liability, business auto coverage and errors and omissions.  

 

As part of our overall risk management strategy, we require property owners to add “Mars Hill Realty Group, INC” as “Additional Insured” on their Landlord insurance policy to protect us from claims that arise from protecting your home.  Although we have no financial interest in the property, we take on a lot of the risk and liability.  If litigation were to take place, having the owner’s policy cover both the owner and the management company results in a more unified defense that is more streamlined and reduces the total legal expense which the owner is ultimately responsible for.

 

“Additional Insured” is not the same as “Additional Interest”.  Additional Interest simply means we are notified of cancellations, renewals and policy changes, it does not extend any coverage.  

 

Please review your coverage at your insurance company and make sure that “Mars Hill Realty Group, INC” is added as “Additional Insured”. If you need to switch companies you might as well inquire about other benefits such as “Loss Rent Protection” and make sure your coverage is adequate for your property value.  

 

For your convenience, we have partnered with a company to provide quick and competitive quotes.  Please visit https://mhrg.steadilypartner.com to comply with this requirement.  If you desire additional options, we can provide a list of alternative insurance companies that can meet this requirement. Once your policy is updated, please have your insurance provider send the declarations page to us directly to  PartnerClub@MarsHillRealty.com.

 

Landlords that don’t have Mars Hill listed properly will be automatically enrolled in our Surevestor Master General Liability Program at an additional cost.  We’ll provide a 30 days notice and additional communications, so that you’ll have plenty of time to make the proper adjustments prior to enrollment.  

 

REMINDER:  Please also make sure they list our company address as follows:  Mars Hill Realty Group, PO Box 5059, Georgetown, TX 78627

 

THESE INSURANCE COMPANIES ARE NOT ABLE TO PROVIDE PROPER “ADDITIONAL INSURED” COVERAGE:  Allstate, Erie Insurance Group, AAA, Geico, Progressive, Liberty Mutual.  If you have one of these companies, please consider switching.

Owner Information Form

Pertinent information regarding the property for initial marketing of the property for rent or neighborhood/condo specific requirements when property is under lease.  Please complete this and fill in as much information as possible, especially the bank information and social security. 

Other Documents

• W-9 – Form required by IRS to submit information regarding the property.
• Intermediary Relationship Notice – Form we’re required to provide in the instance where Mars Hill Realty Group represents both sides of a transaction (i.e., both owner and prospective resident).
• Addendum A – Landlord Handbook reviewed and signed.
• Rental License – This could be required in the Herndon rental district (registration required), Washington D.C. and must be obtained by the owner.  You can access forms and helpful links on our website.
• Disclosures – Information About Brokerage Services (TX); Useful Information About Real Estate Transactions/Understanding Your Rights, Bright MLS Disclosure. (VA/DC)

Marketing/Leasing Procedures

Leasing Fees

There are no start-up fees, we get paid out of the rent collected to make accounting and cash flow more convenient for you.

 

• Lease Only Service – We do not do lease only services.
• Leasing and Management of the home – 100% of one month’s rent leasing fee (80% in TX). The leasing fee is defined as any time we put a new resident in the home. “Management Fees” can be found under the “Property Management” section.  This is paid regardless of who finds the tenant (owner or management company).
• Renewal Fee – 30% of one month’s rent.  The renewal fee is defined as any time we have to renew a contract with an existing renter.  If we are extending a lease beyond the original terms, regardless of the length, a renewal fee is charged.

Preparing The Home For Lease

Professional Photography, Videography and Copywriting

When you hire Mars Hill Property Management, you can count on marketing that stands out from the rest.  Any agent with a pulse can list your home on the Internet, but few can maximize your home’s marketing effectiveness like we can.

Most marketing by traditional real estate companies feature amateur photography that is poorly exposed (bad lighting) and does not capture the true essence of a home.  It may show how many rooms there are, but it doesn’t convey the feeling that those rooms can give you.  The descriptions are equally bland, usually just a factual, bullet point list of features that would put an engineer to sleep.

 

The philosophy for our marketing is to invest in photography, videography and copywriting that is emotionally engaging for the renter.  People buy and rent on emotion and not just facts.  

 

We accomplish this by photography that makes your rooms look bright and evenly lit, without over-exposing the windows.  Our professional photographers use wide-angle photography to accentuate the best aspects of the space, so you will actually see the entire bathroom and not just a picture of the shower!  Here are some comparison photos between two homes that are the same floor plan: