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.
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.
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.
Video Summary:
Agents tend to start managing with the standard management and lease forms from their state association of realtors without realizing that they create huge stumbling blocks to growth and profit. This video points out the cumbersome, clunky, troubling language in standard documents that prevents us from big success as a property management company.
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.
Video Summary:
The management agreement has to list every income and revenue the manager makes in full disclosure to the owner. Generating more revenue not listed in the management agreement would require me to be deceptive or tricky. Right?
Question: Can I really make BIG MONEY in this nickel-dime business and be fully transparent with my owner?
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.
Before Watching these Videos: Download this numbered PMA First Thing!
Video Summary:
Preliminary topics, the Header, Logos; "Brokerage", the Year, Labels
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Monica on labels and purpose statement
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Commissions; How Much, When Done, Procurement Fee, Renewal Fee, Monthly Fee, When it Starts and Ends.
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Commissions; How Much, When Done, Procurement Fee, Renewal Fee, Monthly Fee, When it Starts and Ends, Minimums.
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Commissions: Management Fees
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Should You identify your monthly management fee as a percentage of the rent received?
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Sales vs Service Business
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Commissions: Terms of a Service Business.
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
Video Summary:
Non-Disclosure, Broker vs. Manager Style, privacy and protection of the owner
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Limited Power of Attorney to lease and manage, don't contact the owner, build for speed in order to scale
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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
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Authorization to repair, spending limits and exceptions, prompt reimbursement
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Handling emergency maintenance, the manager should never file a legal action against the owner
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How and when to fire an owner
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Management fee does not cover rehab, renovation, replacement and restoration
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 4: Building YOUR Customized PMA
Video Summary:
Rehab, Renovations, Replacements and Rehab Premium
Video Summary:
Maintaining a minimum account balance ... Owner Reserve
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Advertising
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Lockboxes and remote showings
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Condition of property, utilities management, move in condition, plus managing 3rd party relationships and asset manager
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Insurance, getting the owner to add you as additional insured
Video Summary:
Release manager from accounting for Personal Property
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 5: Building YOUR Customized PMA
Video Summary:
Reimbursements
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Indemnification
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Broad Standing Disclosure
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Broad Standing Disclosure
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Selling the Property
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Security Deposits
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Termination
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Entire Agreement Clause
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The Right to Modify
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Notices and Final Wrap Up
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 # 2 (Housekeeping Documents)
Class 1: Building YOUR Customized Housekeeping Docs
Video Summary:
Mold & Mildew Disclosure
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Establishing & Maintaining Your Escrow Account
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Personal Property Disclosure
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Owner’s Mortgage Disclosure
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W-9 Form
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Lead Paint and Flood Disclosure
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Personal Property Feature Disclaimer
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Authorization for Automatic Funds Transfer (EFT/ACH)
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Owner Declaration and Data Schedule
Video Summary:
Unenforceable Terms in the Lease Disclosure
Video will be posted very soon
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 # 2 (Ancillary Documents)
Class 2: Building YOUR Customized Ancillary Docs
Video Summary:
HOA Disclosure
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Power of Attorney
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Modification of Agreement
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Adding Property to Existing Agreement
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Multiple Owner Declaration and Data Schedule
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Entity Declaration
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Home Warranty Disclosure
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 # 2 (Entity Documents)
Class 3: Building YOUR Customized Entity Docs
Video Summary:
Entity Documents
Final Wrapup for Buiding YOUR Customized PMA
Video Summary:
Final Comments on the PMA
Video Summary:
Getting Existing Owners to Sign YOUR PMA
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.