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Management Agreement Package 2 (Support)

nree-management-agreement-package-2-box

$197.00

Over the years we have figured out that there are lots of forms we use in the course of the leasing process, covering items not included (and not needed) in the management agreement.

Sometimes, when a big topic is addressed in the management agreement, it stretches the document into five or six pages which is too long. We have seen management agreements go on for 11 pages and they are overwhelming. It generates too much information (and suspicion) for the owner. Better to carve out big topics and rarely used topics from the agreement and put them on separate pages.

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Over the years we have figured out that there are lots of forms we use in the course of the leasing process, covering items not included (and not needed) in the management agreement.

Sometimes, when a big topic is addressed in the management agreement, it stretches the document into five or six pages which is too long. We have seen management agreements go on for 11 pages and they are overwhelming. It generates too much information (and suspicion) for the owner. Better to carve out big topics and rarely used topics from the agreement and put them on separate pages.

This package comes with editable documents for your immediate use, plus, a complete set including instructor notes for training (when and where appropriate).

Some of the documents are redundant if you already have the Tenant Handbook, which comes with the Management Agreement Package 1 (not this package). The redundant forms are identified below in parenthesis.

Forms and Documents included in the package:

  1. COOP Memorandum of Agreement
    This form is used to establish the ground rules between two brokers simultaneous marketing the property, one for lease, the other for sale. We try to perform both functions whenever possible, but sometimes that just doesn’t work out. Several questions need to be asked and the answers mutually agreed to between the listing brokers. For example: What happens when there is a lease purchase agreed to? Which broker get paid for that?
  2. Exception to Disbursement Policy
    Our standard practice is to disburse rental proceeds to investors mid-month. Occasionally, we have an investor that just can’t wait that long to get paid. They want virtually instantaneous disbursement of rent proceeds. In our state, it is against license law to disburse trust funds before we have a reasonable certainty that the deposit funds have cleared at the bank. The only way we can make an earlier disbursement is if the broker is willing to ante up if the funds don’t clear after they have been disbursed. In short, the investor is asking the broker to loan them the funds until they have cleared the bank. We charge interest for this service.
  3. Depreciation Schedule
    There are some items that when destroyed, damaged, or missing should be depreciated. In other words, the full cost of the repair or replacement would not be demanded from the tenants. This form is a calculator to assist the property manager in determining a fair amount to charge. We keep this form in both the management package and the leasing package because both investors and tenants need to be informed about how and why we charge the tenants for damages. Often, absent this calculator, the investors want to know why we didn’t charge the full replacement cost of the damaged or missing items. Providing this up front helps to minimize stress and confusion at time of move-out.
  4. Lease Assumption Checklist
    Assuming a lease is a complex process. We have to try to negotiate the terms of the pre-existing lease because it invariably will not protect us or our investor client as well as our own lease. Ideally, we will get the tenants to sign up on our form. Whether they do or don’t, the process is still complex. This checklist is designed to help the property manager cover all the bases administratively.
  5. Leasing Fee COOP Split Fact Sheet
    Because we market all of our property on the local multiple listing services, we are often asked by traditional real estate agents, that only dabble on leasing, to pay them more for their trouble when working with tenant prospects. The problem with this is that leasing is quite different than sales. The commissions and profit margins are much smaller. This document is designed to illustrate to that agent that only occasionally works with tenants what tasks are being performed and who’s doing them. Typically they do not understand the division of labor, thinking that they should get 50% of the leasing commission.
  6. Multiple Property Cross Reference Packet
    This is an administrative tool that we use to help us track multiple properties owned by a single investor. This process makes it possible to have only one property management agreement on file. Addressing each property with an amendment can get complicated real fast. There are too many nuances to keep track of. This solves the problem.
  7. Ordinary Wear and Tear Memorandum
    This is a blog-style article intended to define ordinary wear and tear. Property managers talk about this all the time, but it is rarely purposefully defined. Both investors and tenants really need to understand how the standard is defined. Using this document help everybody understand how damages are assessed. This removes much potential for disputes on move-out.
  8. Owner Contingency Acceptance Agreement
    From time-to-time, property managers have to negotiate the lease. We want to memorialize those negotiated terms not only in the lease but in the management agreement. Or maybe we bump into a marginally qualified applicant in a transaction with a desperate investor. If the terms of the management agreement are altered, we need that mutually agreed to and in writing. This form helps the property manager accomplish.
  9. Owner, Property Take-Back Form
    We use this form to communicate the essential elements of the process of the investor taking back a property between the property manager and the administrative staff.
  10. Owner Termination Agreement
    This is the form we use to document a mutual termination of the management agreement.
  11. Owner Termination of Agreement Acknowledgement
    This letter is used to acknowledge the investor’s notification of termination of the management agreement. There are certain data points that should be addressed. This form agreement ensures that we don’t miss any of them.
  12. POA for Utilities (Also found in the Management Agreement Exhibits Package)
    We have learned to never put utilities in the company name. But there are times when the investor is unavailable to do it personally. We have many out of state investors. This form satisfies the utility company that we have the authority to act on the investor’s behalf. The management agreement itself should be sufficient, but it’s too much to expect that the clerk at the utility company will take the time to read it. This form makes it easy.
  13. Pool Policy Exhibit, Owner
    Occasionally we will get a property that has a pool or hot tub. This exhibit lays out the special provision to protect our company from the increase liability exposure. It also establishes our policy position regarding the investor’s responsibility to maintain the pool in a safe and usable condition.
  14. Property Visit Agreement Exhibit
    We do semi-annual property visits. This is a scheduled visit that should include the presence of the tenant. This is more than a routine, casual sort of property visit. This one results in a formal report of the property condition. The best thing about this is that we charge a separate fee for it. It’s an optional service, but most investors understand the importance of it and are happy to pay a small fee for it.
  15. Property Visit Report Form
    This is the form we use to document the semi-annual property visit. This is an optional service. In our company, this is a fee separate from the management fee. The investor can use this report to plan long-term maintenance services.
  16. Termination of Management Services Notification
    This is the form we use to notify investors of our intent to stop managing their property. Sometimes this is necessary because the investor just does not want to comply with state law or our company policies.
  17. Turnkey Oversight Agreement (Also found in the Management Agreement Exhibits Package)
    This form is used to document the agreement between a property manager and investor when a property will require a major amount of repairs or maintenance. Overseeing this kind of work is not within the job description of a property manager.
  18. Vendor Agreement
    This agreement lays out the terms and conditions between the property management company and any vendors that we hire to perform work on a property. This form had disclaimers and indemnity clauses to help avoid lawsuits. It has been very effective for us.
  19. Rent Guarantee
    Some investors are hyper worried about the tenant paying rent on time or not at all. Some investors worry that they might not be able to cover the mortgage if the tenant fails to pay rent. (This may be a warning sign to the property manager that this might not be a good client. If they cannot afford to pay the mortgage, they might also not be able to afford necessary maintenance on the property. That could become a problem for the property manager.)This document is designed to solve the problem of lost rents. The plan is expensive, but that does not deter some investors from buying it. This plan has been analyzed by a CPA to determine the breakeven point for the fees. The way it is designed, it matters not if you have one or dozens of these plans in effect.We also offer a marketing flyer to help summarize the plan. The plan is complex, as it has to be by virtue of its purpose. Both of these documents are sold together.
  20. Rent Guarantee Flyer
    A document with a pricing schedule to give to your owners.

With this Management Agreement Package 2, you will receive all documents listed above, and all are fully editable.

For the BEST DEAL we have to offer, you can buy the Management Agreement Package 1 and the Management Agreement Package 2 (Support) + The Owner Handbook as a Bundle for a reduced price here.

About the Author

Forms and documents are Mac and PC compatible. Files are in Microsoft Word format for easy editing. If you cannot work with Word files, let us know and we will send you a format that works with what you have.

All forms and documents are fully editable.

All forms and documents are downloadable only.

Price: $197

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  • NREE-lease-document-package-bundle Lease Document Packages 1 & 2 BUNDLE $697.00
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