Every office needs to develop an internal tracking form to assure all the owner sign up documents are in the file and all the issues have been addressed. This is a checklist for the staff person to use to make sure utilities are on, keys are located, rental comps have been pulled and every owner document is signed, dated and in the file. You will tweak this to your model and your’s will evolve over time. It will remind you of seldom used documents you’ll miss without this kind of checklist. This is a great way to get started.
“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.
The Property Management Lifecycle by Crown Investor Institute LLC