Building YOUR
Customized PMA

Prelimanary Videos for Module # 1 and # 2

Class 1: Building YOUR Customized PMA

Before we jump into customizing your PMA, we need to introduce you to some fundamental concepts which will help shape your thinking and prepare you for our down-in-the-weeds discussions. The following videos will take some time, but they are important preparations for our discussions. On the last video page there is an online form to let us know you finished and to send us questions which we will make sure we are ready to answer in our first consulting session.

Lesson #1 Big A Small a Agency

Video Summary:

The meaning of the word AGENCY changes with the discussion. Sales agents mean one thing and property managers another. This Small a vs Big A Agency discussion will help you define ‘who you want to be’ as a property manager and what authority, power and duties you want to give yourself in the PMA. Issues like: do you simply do what the owner tells you to (“small a”) or do you act on the owner’s behalf (under a limited power of attorney AKA “Big A”) to handle certain tasks? Who defines the terms of a lease? Who decides what to do for small maintenance issues? How is emergency maintenance handled? Do you approve applications or does the owner? Who holds the security deposit? Do you collect and disburse rent on behalf of the owner? Do you file evictions, default (and reinstate) leases, and enforce the company’s rent collection policies on behalf of the owner, or do you let the owner make those decisions? Who is the landlord; the owner or the management company?

IT IS CRITICAL TO UNDERSTAND YOUR OPTIONS BEFORE YOU COMPLETE YOUR CUSTOMIZED PMA AND LEASE.

Lesson #2 Document Creep

Video Summary:

Simple is better but we constantly run across PMAs that are 10 pages long, legal paper with type size 8 to keep it from being 14 pages. There is a way to shrink it down to five pages (letter size with type size 12 so people can read it) if you’ll embrace this idea and follow the model we used for the past 25 years. Keeping it short and simple will make your life much easier and won’t scare the owner away with a long, intimidating document.

Lesson #3 What’s wrong with Standard Forms

Lesson #4 Property Manager Style

Video Summary:

Until you’ve been in the management business for a while, you don’t realize how different managers operate. Some operate like a broker (especially if they came from the sales community) while others operate like a manager (making lots of decisions for the owner). If you don’t know the difference you can’t decide ‘who you want to be.’ This video makes a clear differentiation between the two models and helps you make up your mind which style of manager you want to be.

Lesson #5 Myths about More Revenue

Videos Below only show screenshots.

Module # 1 Customized PMA Training Videos

Class 2: Building YOUR Customized PMA

This class covers preliminary discussions, what your header should include, purpose statement, term, agency disclosure and commissions.

<<==== Download this numbered PMA First Thing!

Lesson #1 Preliminary topics, headers, "Brokerage", logos, the year and labels

Lesson #2 Monica on labels and purpose statement

Lesson #3 Exclusive agreement, start date, auto-renewal and end date

Lesson #4 Commissions: procurement fee, Do I deserve a renewal fee?

Lesson #5 Commissions: Management Fee

Lesson #6 Month Fee as a Percentage?

Lesson #7 Sales vs Service Business

Lesson #8 Terms of a Service Business

Lesson #9 One Final Consideration

One Final Thought . . .

As part of this package you get time with Robert to answer questions that may have come up during your viewing of these videos. Now might be a good time to let us know you’re ready for that conversation. If you want to schedule that time simply follow the instructions below and set it up. Listing some specific questions would be helpful and we’ve given you space to do this in the following form. We'll be ready to review each document or just follow your lead as to the agenda.

Module # 1 Customized PMA Training Videos

Class 3: Building YOUR Customized PMA

Lesson #1 Non-Disclosure, Broker vs. Manager Style, privacy and protection of the owner

Lesson #2 Limited Power of Attorney to lease and manage, don't contact the owner, build for speed in order to scale

Lesson #3 Managing the money, paying expenses, disbursing to owner, reviewing invoices, rent belongs to the owner, prepaid rent, right to terminate and reinstate, and institute eviction proceedings

Lesson #4 Authorization to repair, spending limits and exceptions, prompt reimbursement

Lesson #5 Handling emergency maintenance, the manager should never file a legal action against the owner

Lesson #6 How and when to fire an owner

Lesson #7 Management fee does not cover rehab, renovation, replacement and restoration

Lesson #8 One Final Consideration

One Final Thought . . .

Module # 1 Customized PMA Training Videos

Class 4: Building YOUR Customized PMA

Lesson #1 Rehab, Renovations, Replacements and Rehab Premium

Lesson #2 Maintaining a minimum account balance ... Owner Reserve

Lesson #3 Advertising

Lesson #4 Lockboxes and remote showings

Lesson #5 Condition of property, utilities management, move in condition, plus managing 3rd party relationships and asset manager

Lesson #6 Insurance, getting the owner to add you as additional insured

Lesson #7 Release manager from accounting for Personal Property

Lesson #8 One Final Consideration

One Final Thought . . .

Module # 1 Customized PMA Training Videos

Class 5: Building YOUR Customized PMA

Lesson #1 Reimbursements

Lesson #2 Indemnification

Lesson #3 There is a Scope of Service when Managing the Property

Lesson #4 Broad Standing Disclosure

Lesson #5 Selling the Property

Lesson #6 Security Deposits

Lesson #7 Termination

Lesson #8 Entire Agreement Clause

Lesson #9 The Right to Modify

Lesson #10 Notices and Final Wrap Up

Lesson #11 One Final Consideration

One Final Thought . . .

Module # 2 (Housekeeping Documents)

Class 1: Building YOUR Customized Housekeeping Docs

Lesson #1 Mold & Mildew Disclosure

Lesson #2 Establishing & Maintaining Your Escrow Account

Lesson #3 Personal Property Disclosure

Lesson #4 Owner’s Mortgage Disclosure

Lesson #5 W-9 Form

Lesson #6 Lead Paint and Flood Disclosure

Lesson #7 Authorization to Add Agent as Additional Insured

Lesson #8 Personal Property Feature Disclaimer

Lesson #9 Authorization for Automatic Funds Transfer (EFT/ACH)

Lesson #10 Owner Declaration and Data Schedule

Lesson #11 Unenforceable Terms in the Lease Disclosure

Lesson #12 One Final Consideration

One Final Thought . . .

Module # 2 (Ancillary Documents)

Class 2: Building YOUR Customized Ancillary Docs

Lesson #1 Ancillary Document HOA Disclosure

Lesson #2 Power of Attorney

Lesson #3 Modification of Agreement

Lesson #4 Adding Property to Existing Agreement

Lesson #5 Multiple Owner Declaration and Data Schedule

Lesson #6 Entity Declaration

Lesson #7 Home Warranty Disclosure

Lesson #8 One Final Consideration

One Final Thought . . .

Module # 2 (Entity Documents)

Class 3: Building YOUR Customized Entity Docs

Lesson #1 Entity Document HOA Disclosure

Final Wrapup for Buiding YOUR Customized PMA

Lesson #1 Final Comments on the PMA

Lesson #2 Getting Existing Owners to Sign YOUR PMA

Lesson #3 One Final Consideration

One Final Thought . . .

Quick Links

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Products/Resources page
Staging Your Company to sell
Starter Kit for Property Managers
Video Library
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External Links

Rent Recovery Onboarding
Rent Recovery Video Library
Property Management Masters Newsleter
CredHub Support Training
Attorney Monica Gilroy's Website
Betty Locke ART Website
National Service Charity