Submission for Approval: Property managers submit repair bids to the underwriter, following the same process as deal submissions.
Underwriter Review: The underwriter verifies the information and either approves or denies the repair proposal.
Embedded Approvals: The property management agreement includes predefined approval levels for repairs.
Repair Approval Underwriting:
For repairs under $250: Automatic approval. If the property management company submits more than 1 per quarter, they will be required to go through the 'over $250' approval process below.
For repairs over $250: Requires submission of property details, a checklist of previous and pending repairs, contractor bids, and what work is being undertaken.
A 12 hour community challenge window will occur upon submission. This submission is the exact same process as the opening packet.
This challenge window is set to be short to ensure that active damages don't ruin a property. A log of repairs will be kept on record for every property to ensure that repeat repairs aren't being completed.
The property management company is also prohibited from profiting off these repairs, which will be stated in the closing packet agreement.
Post-Repair Documentation: Once repairs are completed, receipts and photographic evidence must be submitted to Theopetra Network State’s admin team.
This structured approach to property management and maintenance ensures that rental properties under Theopetra’s management are maintained to a high standard.
Assignment and Approval: The new tenant proposed by the outgoing resident must meet Theopetra’s underwriting criteria. This information is sent to the property manager for approval, ensuring that the new tenant is suitable and reliable.
Turnover Penalty: If the outgoing resident is unable to find someone to assume their lease, a turnover penalty will be applied. This penalty is specified in the 99-year lease agreement, making it clear to residents at the outset of their tenancy.
Immediate Action on Non-Payment: If a resident fails to make a payment, the property manager will initiate the eviction process within two weeks of the missed payment as setforth in the management agreement.
State Mandates Followed: The eviction process will adhere to the state-mandated requirements. This ensures that the process is legally compliant and fair, taking into account both the rights of the property owner and the tenant.
No Subleasing Policy
Subleasing is not permitted in Theopetra-managed properties. Instead, when a resident wishes to move out, they are required to assign the lease to another individual. The property manager will assist in finding the next resident on their behalf.