Keys to a Good Management Agreement

Rett Harmon - Thursday, November 10, 2011

- Explain in detail spending guidelines, limits, and approvals during repair and renovation process to get the property prepared to lease.

-Explain the tenant procurement process in great detail from how their property will be marketed, how each potential tenant will be screened, and how the move in procedure will be handled.

- Clearly explain the service call process.  Walk them through a typical call from the tenant call-in all the way through paying the vendor for that service.  Go through this twice just to be clear.  Remember handling services issues is a valuable service to property owners.

- Make sure each owner understands how the money flows through your business system.  Explaining how security deposits are held, how the tenants pay, how expenses are paid, when they get their money, and how they receive it will help avoid he future misunderstandings.