Buy Package #2: New Owner Sign-Up Ancillary Documents (use them when appropriate) which includes documents 10-18. The price for buying each document individually would total $120.00 or you can purchase the complete package for $100.00 (Subscribers get another 20% off all Document Packages). We spent thousands of dollars developing these documents. You can have them for pennies on the dollar.
10. Limiting Smoking in the Lease; 11. Assessing the Habitability; 12. Things You Can’t Turn Over to Your Property Manager; 13. Power of Attorney; 14. Investor Management Agreement Addendum; 15. Hot Tub Exhibit to Management Agreement & Policy Statement; 16. Adding a Property to an Existing Management Agreement; 17. New Property/Owner Sign Up Checklist; 18. Special Pricing & Guarantees
“The longer you’re in property management the more you realize that it’s sticky, often hostile, sometimes even litigious. Over 35 years I’ve been burned many times by owners, tenants, vendors, staff and third parties and after the second or third time (I’m a slow learner) I would go back to the attorney and have her draft a document that prevents it from ever happening again. Blaming property managers has reached an all-time high and isn’t going away anytime soon. So, understanding this reality, smart managers need to spend extra time, money and effort building/crafting documents designed to protect themselves, even from the folks they are trying to serve. We’ve pulled these documents from our archives and have listed them here for your review and downloading individually (or in packages by topic). We’ve laid this material out in the Property Management Life Cycle categories for purposes of giving the discussion some order.
Protecting yourself from Owners is what these documents are all about.
Download this Document [800.85 KB]
This is much more than just the document. This is 35 years of experience wrapped up in documents (plus training videos) including all the proper disclosures to turn on the revenue streams and turn property management into a Cash Cow, CYA protections and things you didn’t even know you needed (and won’t even think about) until it’s too late.
We have spent tens of thousands of dollars with our lawyer over the last three decades perfecting and revising these documents. They have prevented countless lawsuits and disputes with owners and have made us tons of money (literally millions). You will too if you acquire these documents and put them to work in your business. Or, learn from your own experiences over the next 25 years, make your own mistakes and create your own war stories and documents. The choice is yours.
Our document was originally drafted in 1990 by a large prominent real estate litigation firm in Atlanta, Georgia and attorney Monica Gilroy (a landlord/tenant litigator) has been tweaking, editing, updating, revising, and perfecting it for us ever since. Revisions have been driven by the ever changing license law, landlord tenant law, federal and state law and our experiences with over 9,000 tenants. It is undoubtedly the best CYA management agreement you could ever use and full of revenue-generating strategies.
Download this Document [222.52 KB]
Ancillary documents are only needed when it’s appropriate. Again, there is no reason to address roommates, hot tubs, pets, HOA details, mandated renters insurance, requirements for changing furnace filters or rules for the pool in the basic lease because every property doesn’t have them. However, when you need it, you need it now and special stipulations just don’t give you enough space to articulate all the details. Also, special stipulations are typically made up on-the-spot leaving plenty of room for errors. Having a document ready to execute gives you time (and attorney review) to say it exactly how you want to without the pressure of typing up a special stipulation on the spur of the moment. Again, these documents are NOT signed by the manager but set the tenants expectations and provide more body armor for the manager.
The Property Management Lifecycle by Crown Investor Institute LLC