Managers should be slow to change their PMA as the new-year rolls around. If you’re going to add some kind of special pricing or guarantees for the upcoming year do it as an exhibit to the agreement rather than changing your basic document. Don’t change the basic agreement unless you’re really making global permanent changes. Resist changing the original document for anyone. Think globally and clarify your adjustments on a separate document. Be slow to change the basic PMA. This document will be added to your PMA as an exhibit and detail any alterations you want to make to the PMA.
“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 (PDF, 417KB)
The Property Management Lifecycle by Crown Investor Institute LLC