Customized Management Agreement Training Videos
Whether you’re considering downloading our customized management agreement (or already have it) there are some critical training videos to watch BEFORE you finalize your document. Remember, you’re not alone in this process. We’ll help you customize it to YOUR MODEL as well as to YOUR STATE LAWS.
The following videos will bring you a long way in your customizing process but there are also several documents you will need to review before you’re finished. We’ll send you those upon request.
Having a customized management agreement is the key to being scalable and profitable. You’ll never get there using a one-size-fits-all document drafted by someone else; especially your state association of realtors. And even though we sell the most celebrated management agreement in the marketplace, it was drafted by us, for us, and not you. Our goal is to help you develop a customized agreement by starting with our document as your base and tweaking it to your model and your state. Part of the process is to equip you with all you need to know regarding the issues of crafting a great document. The following videos are part of that effort. Watch them as you work on customizing your agreements.
These videos will take you some time but it will be TIME WELL SPENT as you’ll be much better prepared to craft YOUR agreement and prevent you from going back over and over to add, tweak and delete things. Invest the time NOW and you’ll be happier later.
When you’re done with your final document we will do a review (if you like) to make sure you’re getting the very best we have to offer. It’s hard to ‘write it all down’ or ‘put it all in a video.’ Reviewing your final document is part of the price you’re paying so ‘take advantage of it.’
Big A vs little Agency
The meaning of the word AGENCY changes with the discussion. Sales agents mean one thing and property managers another. This Small a vs Big A Agency discussion will help you define ‘who you want to be’ as a property manager and what authority, power and duties you want to give yourself in the PMA. Issues like: do you simply do what the owner tells you to (“small a”) or do you act on the owner’s behalf (under a limited power of attorney AKA “Big A”) to handle certain tasks? Who defines the terms of a lease? Who decides what to do for small maintenance issues? How is emergency maintenance handled? Do you approve applications or does the owner? Who holds the security deposit? Do you collect and disburse rent on behalf of the owner? Do you file evictions, default (and reinstate) leases, and enforce the company’s rent collection policies on behalf of the owner, or do you let the owner make those decisions? Who is the landlord; the owner or the management company? IT IS CRITICAL TO UNDERSTAND YOUR OPTIONS BEFORE YOU COMPLETE YOUR CUSTOMIZED PMA.
Simple is better but we constantly run across PMAs that are 10 pages long, legal paper with type size 8 to keep it from being 14 pages. There is a way to shrink it down to five pages (letter size with type size 12 so people can read it) if you’ll embrace this idea and follow the model we used for the past 25 years. Keeping it short and simple will make your life much easier and won’t scare the owner away with a long, intimidating document.
What's Wrong with Standard Forms
Agents tend to start managing with the standard management and lease forms from their state association of realtors without realizing that they create huge stumbling blocks to growth and profit. This video points out the cumbersome, clunky, troubling language in standard documents that prevents us from big success as a property management company.
Things You Never Put in Your Agreements
Most standardized forms come from the minds of great sales agents (who staff our state association forms committees) or lawyers (who never read the landlord tenant act in their state). Without hands-on property management experience, document crafters add things that have no practical benefit to our business or create stumbling blocks and hardships to our operations. This video points out many unnecessary and cumbersome stipulations that must be removed if you’re going to grow and become profitable.
Property Manager Style
Until you’ve been in the management business for a while, you don’t realize how different managers operate. Some operate like a broker (especially if they came from the sales community) while others operate like a manager (making lots of decisions for the owner). If you don’t know the difference you can’t decide ‘who you want to be.’ This video makes a clear differentiation between the two models and helps you make up your mind which style of manager you want to be.
When to Use and Not use an attorney
In the U.S. we tend to turn to lawyers to write our legal documents. The problem is although most lawyers understand contract law, they have little (or no) experience with landlord / tenant law and create our documents out of legal theory. Finding a lawyer with landlord/tenant experience is harder than it looks and this video helps you identify ‘what a good landlord/tenant lawyer looks like’ as it relates to property management experience and ‘when to (and not to) engage them.’
Myth # 12
All the referral fees, commissions, rebates and profit centers my might participate in must be detailed in the PMA and be agreed to by the owner in advance. RIGHT?
Question: Are all licensed managers required to list every potential revenue stream in the PMA? ’
"When we started with our consulting arrangement with Robert we didn't quite know where it would go. Right off the block he introduced us to just ONE new revenue stream that will generate at least another $400,000 in the next five years. So, why didn't I do this earlier?"
View Our Expanding Line of Products
This is the part of our site where all the products, resources, videos, forms, manuals, handbooks, customized management agreements and leases, money-making ideas, CYA protections, checklists, service animal/comfort pet training and all you’ll ever need to run a safe and profitable management business. This is the “Mother Load”.
It will take us six to twelve months to get it all posted, and we’ll keep posting more as time goes on, but there will be more than you can digest before the end of the year. I’ve been digging through our 35 years of document archives and there’s more than I thought.
If you register we’ll send you notices as we post things so you’ll know what’s there and where to look for it.