Customized Management Agreement

Crown turned to a customized PMA in 1990 after trying for 10 years to make our state association forms work. We struggled with having to twist what we wanted to do into a one-size-fits-all standard form, crafted by our state association forms committee. Clearly the forms committee is made up of the very best sales brokers and trainers in Georgia, but few of them embrace property management or have demonstrated being highly profitable at it. Most despise it and would rather focus on the big money of real estate sales. Once we reached page three of special stips (trying to address all the things they missed) we caved in, and with the help of attorney Monica Gilroy, crafted a document that has been tweaked, refined and perfected for the last 25 years. We’ve had this document on a web site for colleagues to download and have dozens of managers using it .. or, Their Modification and Personalization Of It.

Note: When Realogy (the largest real estate company in the world) bought us out, we expected their lawyers to carve up our management agreement and put in their own language. They did not. They tweaked it just a little and adopted about 95% of what we’ve been using (and many of our students have been using) for the past 10 years, a testimony to the strength of our documents.

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If you’ve watched the video posted on this page (Preventing Document Creep) you know that for 25 years we resisted long PMA’s and use Housekeeping Documents to avoid a 10 page, legal size paper (type size 9) document. We keep it to five pages, letter size (and type size 12) so the owner isn’t intimidated by a long and tedious document. Housekeeping documents give you a chance to say everything you want to say, without adding pounds to the basic management agreement.  Some topics need plenty of details, but those details don’t need to be in the management document itself. Housekeeping documents have the same weight as the PMA and give us plenty of space to flesh out the details of the topic. We use every housekeeping document with every management agreement, every time. Like a lead paint disclosure and sellers disclosure statement they are NOT exhibits, just … housekeeping documents.

Here is a full description of the Housekeeping Documents we developed and used for 25 years.
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Ancillary documents are not needed unless the circumstances require it.  Again, there is no reason to address multiple owners, entity ownership, hot tubs, home warranty rules, HOA’s or pool details in the basic agreement because not every property has all these speed bumps. However, when you need it, you need it, and special stips just don’t give you enough space to articulate all the details you need to cover on any one topic. Also, special stips are typically made up on-the-fly and don’t cover enough of the details. Having a document, fully fleshed out in advance, 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 stip on the spot.

Here is a full description of the Ancillary Documents we developed over the years.

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Entity Documents are used occasionally when signing up new owners. This package includes a Certification of Trust, Corporate Resolution and Limited Liability Company Affidavit. We spent thousands for the development of these documents. You can have them for pennies on the dollar.

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