Keyboard System
The keyboard is a color coded board which is labeled with the property address on each tag along with 3 hooks for sets of keys and relevant tags. The Color coded sections denotes the current level of occupancy/vacancy and correlates directly with 3 reports:
- (ILR) Internal Leasing Report
- (RML) Resident Move-in Ledger
- (COL) Close-Out Ledger
Keyboard Color Code
The keyboard is organized and segregated by 5 Colors which correlates directly with 3 reports; (ILR) Internal Leasing Report, (RML) Resident Move-in Ledger & the (COL) Close-Out Ledger; as well as denotes the current level of occupancy.
Orange- Owner occupied
Blue- Vacant
Green- Tenant occupied
White- Rented/Move-in
Yellow - Closeout
Color Categories Explained
Orange Label- Owner occupied
Owner is still occupying property so you cannot check out keys to this property to anyone and the property must be personally shown (3 sets of keys on the board at this time) (the property address & the scheduled move out date to be noted on the tag)
Blue Label - Vacant
Property is vacant (please note the Property Inspector must walk the property before it’s deemed vacant; an owner or a resident turning in keys is not considered vacant and details of this will be covered in training as to why) (2 sets of keys and a red tag on the board at this time) The property inspector will change the keys to a Blue Tag once the first walk through has been completed.
Green Label - Tenant occupied
Current Resident is still occupying the property so you cannot check out keys to this property to anyone (there would only be 1 set of keys on the board at this time) (The property address & scheduled move out date to be noted on the tag)
White Label - Rented / Move-in
Property is rented and waiting for the new resident to move in (1 set of keys if the property if still occupied; 2 sets of keys and a red tag if the property is vacant) (the property address & the scheduled move in date to be noted on the tag)
Yellow Label - Closeout
These tags are for all properties that are being closed out after a resident moves out. (the property address & scheduled move out date to be noted on the tag)
Key Board Statuses & Rental Categories
There are only 4 statuses a property will be in, within our inventory.
- For Rent
- Move-in
- Rented
- Closeout
There are only 4 categories that properties will come from, “for rent”, and will either have an (NPO) New Prospective Owner sheet or a (BOM) Back on Market sheet.
(N) New Accounts-NPO
(R) Re-rent-BOM
(E) Evictions-BOM
(B) Breaking of Lease-BOM
Additional Tags
White Tag with Writing ("Keys to be made") New Account
If Owner Occupied - An Owner is to turn in 3 sets of keys when the sign as a new account, however if the owner only has one set to turn in, the keys will be placed on the board with two tags that state "Keys to be Made" until the Property Inspector has been able to make copies.
White Tag with Writing (R - OCC) Resident Occupied
If Resident Occupied - When a property is a "Back-on-Market" or a "Closeout", then the one set of keys, kept on file in the office, will be placed on the board with two tags that state "Keys to be Made" until the Resident vacates and turns in the two sets they have.
White Tag with Writing ("Staff Member's Name") Keys are Checked Out
If a Staff member has checked keys out for a Showing or to Personally Show, they would replace the key set with a key tag that has their name on the board so that anyone can see who id responsible for the keys that are checked out.
White Tag with Writing ("Owner") Keys are Checked Out
If the property is Vacant, and the Owner has decided to manage the Rehab himself, he would then checkout a key from the office or may have his contractor check a key out. For each set of keys checked out, they would be replaced with a tag stating "Owner" so you know the owner has them. A checkout key form would also have been signed by the owner or their contractor.
3 sets of keys with White Address Tags (V - VAC) Vacant
The Occupant has vacated and all keys are on the board
Red Tag- Lockbox on property
One set of keys is taken from the board placed in a lockbox secured at the property on the front door. The Keys on the board are replaced with a Red Key Tag (this is only on vacant properties, once the First Walk Through (FWT) has been performed by the Property Inspector)
M1 Rehab Algorithm "For Rent" Inventory Tool
This Algorithm is used to determine the Date a property can be Available for a Resident to take possession.
To work this Algorithm, one must count down or count backwards, meaning on day one (i.e., the property is Vacant and the Property Inspector can perform his initial [FWT] First Walk Through) the schedule affords 17 days until the property is available for move-in.
As the schedule progresses each status acts as a milestone with a certain number of days afforded for that phase in the process. It will be very apparent if there is an issue in meeting the deadline to make this property available by the calculated date, if the property status does not correlate with the calculated days in the process. For example, if today's date is the 11th, and the property is committed to a New Resident to be ready on the 17th, then the status needs to be (WBD) Work Being Done in order to be on schedule. If the Status is still (WF) Waiting Funds from the owner, then the number of days available for the contractors to complete the work and the time needed for the Property Inspector to perform his Final Walk Through is now greatly restricted and chances are the Resident Move-in Date will have to be pushed out, which can cause a number of issues on all parties including expenses and scheduling.
-All Properties must correlate their position on the key board with their Occupancy Status and reflect their availability dependent on their (LMS) Leasing Maintenance Status as indicated in the (ILR) Internal Leasing Report and (RML) Resident Move In Ledger.
M1 Rehab Algorithm "For Rent" utilizing the Internal Leasing Report (ILR)
M1 Rehab Algorithm "For Rent" utilizing the Resident Move In Ledger (RML)
Key Board Protocol
-All Properties must correlate their position on the board with their Occupancy Status and reflect their availability dependent on their (LMS) Leasing Maintenance Status as indicated in the (ILR) Internal Leasing Report and (RML) Resident Move In Ledger.
-Every property on the key board must have 3 key tags
-New Accounts must have 3 sets of keys- if only 1 set is given, then there should be two tags which state “keys to be made” until they are made and hung on the keyboard.
-Back on Market (BOM) Properties will have 1 set of keys (from the office filing cabinet) and the other 2 hooks will have key tags which note “Resident Occupied”.
-Occupied status address labels will state the potential move-out / vacancy date.
-When a resident turns in all keys, the address tag and keys are not moved from “Green” to “Blue” until the Property inspector has walked the property and changes the (LMS) Leasing Maintenance Status on the (ILR) Internal Leasing Report, from “OCC” to “FWT”. The same goes for Owner occupied property; From “Orange” to “Blue”.
-When a property changes to (FWT) First Walk Thru status, one set of keys are taken off the key board and placed into a lock box which is left on the door knob of the rental property. This key hook is then marked with a “Red” key tag to note that a set of keys are in a lock box at the property.
-If the owner or his vendor needs a set of keys, one will be taken off the board and replaced with a key tag that states “Owner” to note the owner has a key.
-All keys must be signed out before released.
-If a key is taken off the board or checked out to a prospect by a staff member, the set of keys must be replaced with a key tag with notes the staff member’s “Name” whom removed the keys.
-Only keys for “Vacant” status properties can be checked out to prospective residents. All prospects must have been pre-screened prior and must provide a photo ID, give a deposit for the keys and sign the (PRI) Prospective Resident Inquiry which states they are not taking possession of the home.
-Any property on the board may change status to “White” once a Holding Agreement is signed with a new prospective resident and the property is considered Rented and waiting for Move-in. The vacancy date is then replaced with the projected Move-in date on the address label.