Vacancy & Leasing Bonus
Minimize vacancy. Proactive leasing.
What is the incentive?
This method of focusing on vacancy more than leasing produces more incentive for Co-Manager’s to place a tenant.
Co-Managers earn max bonus by being proactice and finding a tenant before the previous tenants move out.
With this method, Co-Managers also have an incentive to sign tenants to longer leases. Minimizing future vacancy risk.
What’s wrong with the traditional leasing method?
Property management companies typically take a cut of the first rent check. Often the entire check.
However, there is no down side if the property sits vacant for weeks or months. There is no incentive to minimize vacancy because they earn 100% full bonus regardless.
Often property managers want a 1-year lease so they can earn a leasing bonus every year. Putting the landlord at risk for more vacancy.
How Does It Works?
Managers Propose Vacant Dates
During the proposal process, Co-Managers will submit how many days they budget for vacancy. Easier rentals will have lower vacancy budgets.
Negotiate / Finalize
Have a conversation with the Co-Manager about their proposed dates. Provide additional information if needed. Every property can have their own vacancy budget.
Setup In Burbz
In Burbz, set up the agreed vacancy start date. Burbz will calculate once the first rent payment is made.
Each month upon rent payment, Burbz will automatically distribute the bonus payout.
Incentive: Find and place a great tenant who stays the entire lease
Never worry again about your property manager being fully paid to place a bad tenant.
Burbz amortizes the leasing bonus throughout the year. This protects landlords from frontloading payments.
Tied To Tenants
If the tenant moves out. Monthly payouts stop.
This makes finding a tenant to stay the entire lease very important.
Rent: $1,500. Proposed Vacant Days: 60.
Max Vacancy Budget / Bonus
Assuming Co-Manager has a new tenant paying rent the day immediately after previous tenants move out.
The more days vacant, the lower their potential bonus becomes.
If after their proposed days the unit is still vacant, they earn no bonus.
What Goes Into Leasing?
These are common tasks that are performed monthly or rountinely.
Setting Up Listings*
Create a listing in popular sites. Burbz syndicates to Zillow and Facebook Marketplace. **MLS will require licensed Co-Manager**
Hosting Open House / Showings
Unlocking the property and answering questions.
Coordinate Showings / Listings
Responding to interest from emails and calls. Coordinate different times for showings.
Reviewing Tenant Applications
Receiving and reviewing every application. Verifying employment and rental history. Calling references.
Create & Coordinate Lease*
Fill out lease documents for tenants to sign. Coordinate all responsible parties for signing.
Move In / Out Inspections
Reviewing the property with tenants. Documenting any major items.
* denotes tasks that might require a real estate license. Often, states only require licensing to discuss ‘rent rates’ and ‘lease terms’. Landlords do not need to be licensed.
"As a landlord myself, we created Burbz so other landlords can choose what's best for their rentals"
– Kenny Dahill, founder