When roommates move in together make sure you get them on a separate document outlining your requirements for roommates. Remind them you’ll only take one rent check (not three) and that you’ll only cut one check back to them after move out. Advise them you’ll never drop anyone off the lease whether they still live there or not. Roommates love each other when they move in but like other community living arrangements, often fall apart over time. Make sure there are plenty of fees. Roommates can be high maintenance so make sure you’re getting paid well to put up with them.
The longer you’re in property management the more you realize that it’s sticky, often hostile, and sometimes even litigious. Over 35 years we’ve been burned many times by tenants and after the second or third time (we’re slow learners), we go back to the attorney and have them draft a document that prevents it from ever happening again. Blaming the property manager 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 and crafting documents designed to protect themselves, even from those they are trying to serve. We’ve pulled these documents from our archives and have listed them here for your review and individual download (or in packages by topic). We’ve laid them out in the Property Management Life Cycle categories to give the discussion some order.
Protecting yourself from tenants is what these documents are all about.
Download (PDF, 417KB)
The Property Management Lifecycle by Crown Investor Institute LLC