Guide To Self Management (Tenants In Place)

Upon termination of Nestwell's property management services, you will need to complete the following steps to make the transition smooth, reduce your risk, and ensure utilities are in order.

If you have elected another property manager (PM), Nestwell would be glad to assist the PM with the transition, and the new manager should email support@nestwell.com.

Property Owners Responsibilities

Step 1: Log in to their Owner Portal and download pertinent paperwork such as the lease, addenda, tenant ledger, owner statements, etc.

Step 2: There are two programs exclusive to Nestwell that are no longer offered to you or the resident. You will need to advise the resident that you do not provide the following:

1. Resident Benefits Package - Nestwell no longer provides the following services to you or the resident: furnace filter delivery, home buying assistance, credit reporting, 24/7 maintenance coordination, free online payments, periodic inspections, licensed vendors, and all other services included in the Resident Benefits Package.

2. Asset Protection Program - Nestwell no longer offers the Asset Protection Program package to you or the resident. Nestwell encourages you to require the resident to obtain traditional renter's insurance per the lease agreement and provide you proof of insurance. In our 40+ years of experience, renter's insurance does not offer the coverage one might think but it can be required per the lease.

Step 3: Ensure clear communication and billing from the utility companies:

1. Contact the water, garbage, and sewer companies and update the mailing address. Inform the utility companies you are renting your home. Leave the utility in your name but change the mailing address to your primary residents.

2. Contact Rocky Mountain Power at 1-888-221-7070, remove Nestwell as an authorized third party from your Landlord Agreements and change your mailing address to where you would like the future invoices and notifications sent.

3. Contact Dominion Energy at 1-800-323-5517, remove Nestwell as an authorized third party from your Landlord Agreements and change your mailing address to where you would like the future invoices and notifications sent.

4. If applicable, contact the Homeowners Association(s), remove Nestwell as an authorized third party, and change your mailing address to where you would like future invoices, notifications, and violations. *In some cases, there are two HOAs.

Nestwell will no longer monitor or ensure the utilities are paid on your behalf.

Step 4: Contact your homeowner's insurance provider and remove Nestwell/CDA Properties as an additional insured. (Insurance Details and FAQs)

Step 5: Nestwell requires all debts or negative balances to be paid prior to termination. Log in to your Owner Portal to make an Owner Contribution to satisfy your outstanding balance. *If balances are not paid you are subject to attorney and collection fees.

Step 6: Update Your Contact Information

• Nestwell will give your contact information (name, email, mailing address, and phone number so the residents can reach you directly to pay rent, report maintenance, etc.

• If you prefer someone else is contacted, please email support@nestwell.com to provide the following:

  • The full name or party responsible for resident relations and communication.

  • Phone number to receive calls, texts, and maintenance emergencies.

  • Email address

  • Mailing address for the security deposit and final rental payment, legal notices, and general inquiries.

Nestwell's Responsibilities

From the time notice of termination is received, Nestwell will complete the following steps over the course of the next 30 days:

Step 1: On the last day of Nestwell's management, we will handoff of any keys, files, pertinent documents, rents, and tenant deposits.

Step 2: Nestwell will prepare a video tutorial on all of the supporting documents and email the following:

1. Resident's rental applications and IDs

2. Resident's IDs for adult occupants

3. Current lease and other documents associated with the lease

4. Financial ledgers such as the tenant's ledger and owner statement so you know the rents, fees, and other amounts due to you

5. Residents contact information (full name, phone, email)

6. Any keys or access cards in Nestwell's possession

7. Move-in reports for the security deposit disposition

8. Security deposit transfers and accountability of funds

Step 3: Transfer of Security Deposit & Funds:

1. Nestwell will complete the legal requirement of the security deposit exchange. Future payments will be sent to the information we have on file.

2. Final rental payment and security deposit will be mailed to the address we have on file.

Step 4: Final Owner Draw and Tax Packet

1. Before the end of the year, you will receive a 1099 MISC for an income we have collected on your behalf. Depending on wait times, this process could be completed within 60 days of termination of the management services.

2. Final Owner Draws will be dispersed no later than 30-days after notice of termination.

Please allow for the full 30-day in order to properly close the account and transfer the information to you.

This should be all the information you need to transition from our professional property management services or self-management.

If you wish to sell your property or expand your real estate portfolio at any time in the future, please keep us in mind. Our team of Realtors is more than qualified to help our clients buy and sell real estate. We would love the opportunity to visit with you about your real estate needs in the future if you find yourself in need of our assistance.

If you have any questions about the breakup, please email us at support@nestwell.com.

We wish you the best,

Team Nestwell