Proposal for Sublet Management Platform for Residential and Commercial Property Management companies

1. Introducing Subletter
Proposal for One stop system to
managing co-op sublets
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2. Problem: Subletting an apartment is very process
intensive. It involves too much paperwork.
Building
Owner wants to Management mails Owner and renter fill
sublet the apartment paper package to and sign the forms
the Owner
Building Owner sends the
completed package Owner makes
Management
to Building multiple copies of
verifies, runs credit
Management the forms
& background check
Co-op board Building
Building
interviews, Management scans
Management sends
approve or and store forms in
Lease agreement
deny Renter the system
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3. What is in a typical Co-op Sublet Package?
For Owners For Renters
1. Sublease application 1. Financial Statement
2. Addendum to Sublet 2. Credit Report Form
3. Sublease Agreement 3. Letter from Employer
4. Sublease Rider 4. Reference Letter from
5. Financing Consent Landlord
6. Home Owner Insurance 5. Window Guard Form
Other Reference Documents
1. Fire Safety Plan
2. Local Law Lead Form
3. Applicant’s Release Form
4. House Rules Acknowledgment Letter
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4. Challenges for Building Management
1. Lack of Single view of the complete process
2. Need to print forms and mail the package to Owner and
Broker
3. Credit Check is manual
4. Background check is manual
5. Need to scan and upload all the completed forms to an
internal database system
6. Need to send final approval to Owner and Renter by mail
7. Overhead costs
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5. Solution
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6. Build a centralized transactional system with the
Problem: Grocery stores chains publish Weekly
following requirements
circulars that is inaccessible from one central
location
1. Create different views for Renter and Owner
2. Create a single view for Building Management and Co-op board
3. All data are securely stored in a centralized database system
4. Ability to log-out and come back and resume the application from
wherever it was stopped
5. The application process will be a step-by-step process that will
guide both the Owner and the Renter
6. Archive all prior sublet applications and provide a way to search
previous applications and print on demand
7. Integration with credit check and background check
8. Application can be customized to meet individual Co-op board
requirements
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7. Application Process Flow
Problem: Grocery stores chains publish Weekly
circulars that is inaccessible from one central
location
Building Owner registers the
Owner wants to Management apartment on
sublet the apartment provides the link to Subletter and notfies
the Subletter the Renter
Building Notification is sent to Owner and renter
Management runs the Board and fills and submits the
all the checks on Building application on
Subletter Management Subletter
Building
Co-op Board has All data is centrally
Management has
read only access to stored and archived
the option to print
the forms online securely
out the forms
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8. How would this system work – Owner View
Subletter Subletter Subletter
Welcome Chan Welcome Chan
Owner Login
Register Your Apartment Owner’s Checklist
Email: chan@chan.com Address: 139 E33RD App Progress
Sublease application
Password: xxxxx Apt #: 11F Addendum to Sublet
Owner
Sublease Agreement
Login Tenant Email: kati@kati.com Sublease Rider
Financing Consent
Register Home Owner Insurance
As soon as the
Owner registers a
notification gets sent
to both the Renter
and the Property
Manager
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9. How would this system work – Renter View
Subletter Subletter Subletter
Welcome Kati Welcome Kati
Renter Login
Confirm Apt you are renting Renter’s Checklist
Email: kati@kati.com Address: 139 E33RD App Progress
Sublease application
Password: yyyyyy Apt #: 11F Addendum to Sublet
Renter
Sublease Agreement
Login Owner Name: Chan Sublease Rider
Financing Consent
Confirm Home Owner Insurance
Renter gets an
email notification
as soon as the
Owner registers
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10. Building Management View
Subletter Subletter Subletter
Welcome Rob Welcome Rob
Property Manager Login Your Sublet Queue
139 E 33rd Street
Email: rob@rob.com Address Owner Status App Progress
139 E 33rd Chan Credit Sublease application
Password: yyyyyy Addendum to Sublet
Property check
Mike Sublease Agreement
Manager 119 E 77th Interview
Login
Sublease Rider
80 Lexington Ray Submitted Financing Consent
Home Owner Insurance
Property Manager
gets an email
notification as
soon as the Owner
registers
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11. What’s in it for me?
I am an Owner or a Renter:
• No need to fill out mountains of paper forms
• Fill application at your own convenience and
time
• Faster application processing
• Notification of interview dates and other
deadlines as the application progresses
• Potential cost Savings in Processing Fee from
Digitization
• Environmental Benefit (less or no use of Paper)
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12. What’s in it for me?
I am a Building Manager:
• Single Unified View of the whole Sublease
process
• No need to copy hard data (or scan) into
electronic form
• Integration with your current database
• Faster application processing
• Real time credit and background check
• Ability to print and archive applications
• Potential cost Savings from Digitization
•
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Benefit 12