🏡 GPS Renting Owner Terms Disclosure

Effective: Sept 1, 2021​

Thank You for Partnering with GPS Renting

We appreciate your trust in GPS Renting. Our mission is to provide Professional, Honest, and Kind property management that protects your investment and delivers lasting value.

We are committed to:

• Transparent communication and continuous process improvement.
• Clear, predictable pricing — including a flat 10% management fee, which covers resident placement, monthly management, and a transparent lease renewal fee.
• Compliance with all Washington State, Federal, and local housing regulations.

1️⃣ Owner Duties & Responsibilities

As the property owner, your cooperation ensures we can provide exceptional service and legal compliance.

1. Documentation & Disclosures
• Provide all documentation required by law or by GPS Renting to manage and operate your property (e.g., CC&Rs, warranties, HOA rules).
• Notify GPS immediately of any updates that affect the property’s habitability or legal compliance.
• Owners are responsible for any penalties, fines, or legal action resulting from missing or incomplete documentation.
2. Utilities During Vacancy
• Maintain all utilities (electricity, gas, water) while the property is vacant for showings, inspections, and maintenance readiness.
3. Insurance Requirements
• Maintain active landlord insurance (not homeowner’s insurance) covering:
• Property structure and liability.
• Loss of rental income (if the property becomes uninhabitable).
• Optional tenant-damage coverage.
• Provide proof of coverage upon request.
• Consult your insurance agent to ensure adequate protection; GPS cannot provide specific insurance advice.
4. Onboarding Fee
• A one-time setup fee applies per property:
• Lease Only Model: $395
• Subscription Model (10%): $295
• Includes: new property walkthrough, onboarding inspection, and documentation setup.
5. Rekeying Requirement
• To protect resident safety and minimize liability, all properties must be rekeyed prior to move-in.
• Standard rekey fee: $179 (covers up to six locks).
• Additional charges may apply for special lock situations (see Rekey Additional Charges).
• Seattle properties: Rekey cost must be covered by the owner (per city regulations).
• Outside Seattle: Rekey is an owner expense initially, then billed to the outgoing resident at move-out.
6. Security Deposit Transfers (for existing tenants)
• Deposits must be transferred to GPS’s Security Deposit Trust Account (Enterprise Bank & Trust) within 14 days of onboarding, per Washington State law.
• A $10 daily penalty applies for late transfers.
7. Management Fees
• Monthly management fee: as defined in your Property Management Agreement.
• Fees are calculated based on monthly rent charged, even if rent is partially paid or delayed.
• A $35 minimum monthly fee applies to all managed properties, including during vacancy periods.
8. Bill Payments & Owner Contributions
• Owners must fund property-related bills (utilities, maintenance, etc.) within 7 days of notification.
• GPS maintains a $500 property reserve for standard expenses.
• If a bill exceeds the reserve balance, owners may:
• Add funds via Owner Portal (no fee) → How to Contribute Funds.
• Request GPS to advance funds (loan terms and fees apply — see below).
9. Owner Contribution & Loan Terms:
• If GPS advances funds on your behalf:
• Processing Fee: $20 + 5% of the payment amount.
• Owner must repay within 30 days.
• Late payment penalties:
• 10% of unpaid amount after 30 days.
• 5% monthly interest thereafter (accruing daily).
• GPS reserves the right to pursue collection for unpaid balances, including associated fees and interest.
10. Indemnification
• Owners agree to indemnify and hold harmless GPS Renting and its representatives from any liability arising from:
• Repairs arranged directly by the owner or an unapproved vendor.
• Any matter related to management, leasing, or operation of the property performed in good faith by GPS.
11. Financial Obligations
• Owners must keep all financial obligations current, including mortgage payments, taxes, HOA dues, and insurance premiums.
• If a foreclosure notice is received, GPS may:
• Suspend all owner disbursements.
• Freeze funds related to that property.
• Terminate the management contract if obligations are not cured within 30 days.

2️⃣ Standard Property Management Service Scope

Your standard service includes:

Service Level Agreement (SLA):
GPS guarantees a 48-hour response time for all non-emergency communications.
Emergencies (health, safety, or property damage) are handled immediately per RCW standards.

3️⃣ Optional Services

4️⃣ Legal Document Service

5️⃣ Maintenance Policies

1. Post-Move-In Repair Bundling
• GPS bundles minor repairs into one appointment within 2–3 weeks of move-in to reduce costs.
• Standard rate: $95/hour (2–3 hours average).
2. GPS Maintenance
• Our sister company, GPS Maintenance, is licensed, bonded, and insured for small handyman jobs ($95/hour).
• Owners may choose their own licensed vendor with advance notice.
3. After-Hour & Emergency Repairs
• Emergency hotline covers urgent issues (no heat, major leaks, sewer backup, fire).
• After-hour service fee: $150 (for repair work after dispatch).
• Emergencies may exceed normal approval limits ($300) to protect property and meet legal repair timelines.
4. Appliance Ordering
• GPS coordinates appliance replacement for compliance and speed.
• We’ll obtain 2–3 quotes and send for approval; if no response within 24 hours, we proceed with best value option.
5. Vacancy Period Responsibilities
• During vacancies, owners are responsible for utilities and landscaping.
• Seasonal guidance:
• Spring/Summer (Mar–Jun): landscaping every 2 weeks.
• Fall/Winter (Oct–Jan): leaf and gutter/roof cleanup as needed.
6. Vendor Fees & Discounts
• Vendor volume discounts may be retained by GPS as part of negotiated service rates.

6️⃣ Common Service Pricing Reference

7️⃣ Additional Terms & Disclosures

• Lease Break Situations
  GPS follows best practices to minimize losses and maintain goodwill. When residents cooperate fully—covering rent, utilities, and transition costs—owners may choose to refund part of the deposit to encourage collaboration. This approach often results in faster re-leasing and no financial loss.
• Termination Notice During Tenant Move-Out
  If the owner plans to terminate management upon tenant move-out, 30 days’ notice prior to lease end is required. Late notice results in a $675 termination fee. All owner funds are disbursed within 30 days of post move-out desposit return completion, less any outstanding fees.

8️⃣ Fiduciary Commitment

GPS Renting acts as your fiduciary agent—protecting your financial interests while operating within the highest ethical and legal standards.
We operate by our core values:

💚 Professional. Honest. Kind.
Transparency and partnership are at the heart of every decision we make.

If you love our service, give us a shout out here. If you have some feedback to us, use the same link. We are always here to listen and improve our service!