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The employer will be taking on indispensable responsibilities with the owner's real estate. It is leading to look at the ageement and at a minimum it must
1. Name all parties to the contract
2. The legal property address
3. Define the responsibilities of the employer and the owner
4. Impart all fees and commissions for leasing or real estate sales.
5. Define the term of the contract
6. Both parties must sign and date the contract
What is Agency?
"It may be referred to as the relationship between a indispensable and an agent whereby the principal, expressly or impliedly, authorizes the agent to work under his operate and on his behalf. The agent is, thus, required to negotiate on behalf of the indispensable or bring him and third parties into contractual relationship."
Wikipedia
Basically you are signing off and binding the employer to act in your behalf and in your best interest with regard to the administration of the property.
The Take-away:
1. You should need a current license and go to search your state dept. Of Real Estate to see if it is current and that there have not been any complaints or suspensions or revocations of the real estate license.
2. You should also check with your local good firm Bureau and ask for referrals. 3. Finally, ask to see the general liability assurance procedure and if the principals have errors and omissions insurance.
The length of the Contract: Often this is one or two years. property Managers don't like a month to month ageement because they need to get the tenants into the rent roll and into their system. They also need a puny time to learn the property. One year should be a minimum.
The Take-away: Be sure that the ageement can be voided, without having to provide conjecture and without penalty with a written 30 day observation to finish the arrangement. Be sure that your written termination date matches the hire date or you may have a deduction for early termination. If the hire date was on the first, finish on the first.
Duties and Responsibilities of Managers
1. Maintenance and Inspections: In a general sense they should perform all the duties indispensable to avow and administrate the property. You may specify that confident tasks or procedures remain the owners to do. Many owners like to do their own maintenance.
The Take-away: property administration companies often have their own handyman and you should be very clear about how this works. If a light bulb is out and the handyman has to travel back and forth and change the bulbs, there is likely a minimum one hour charge. It could cost you .00 to change a light bulb.
2. Major Repairs: you should expect that all major repairs be completed with three independent bids and receipts to back up the billing.
Take-away: To safe yourself, you should institute limits on how much can be spent without having to get your approval. If the bids all seem high, we think you should have the right to bid it out yourself. If you do, you would then be responsible for the outcome and if it was not up to code, the administration firm may not want to characterize you. So, for those who know what they are doing, this might be a money rescue choice on big jobs.
3. Inspections: The employer should be there for all city inspections and without any charge. This is part of the administration of the property.
Take away: you should have in writing that the firm will also provide every year inspections and a written report.
4. 24 Hour urgency Service: This is part of basic management. There must be a 24 by 7 response team and there should be no extra fee for this. Its part of the basic manangement of a property.
Tenant Screening and leasing
1. Marketing and advertising the rental: The firm should be customary with the local store and be able to price the unit so that it rents reasonably fast and at the right rent. A poor rental process can cause you time on the store while all the bills still have to be paid. We have seen many companies try to hit home runs with getting the top price only to be over zealous and cost the owner months of income.
The take-away: Ask the firm how much leasing experience they have, how long a property is on the market. How to they come to their pricing strategies and how they intend to advertise, and are there any costs involved. We think that craigslist and a firm website should do the job. With the exception of luxury properties, newspaper classifieds are a costly
expense.
2. Tenant Screening: What are the tenant screening criteria. He firm should be able to clearly offer you a set of rules. This should never be an off hand "we pick em if we like em" approach. Thats a law suit waiting to happen. We will write on fair housing, the federal government's body of law governing housing and discrimination. Meanwhile there are a series of articles at our website you can read if you need to know.
Financials:
All administration companies should have accounts online and always available. The bigger companies will have an accountant in the company. Thats a plus.
The firm responsibilities are:
1. Track wage and expenses to rule profitability
2. Rents and other fees from the property shall be deposited into a special bank catalogue or trust as required by law and cannot become mingled with the firm funds.
Issue monthly wage statements
3. Negotiate rental agreements
4. Write back to tenant requests and deal with qoute tenants
5. The Agent should get the rents and other wage from the property promptly
6. From the rents received the Agent should pay all operating expenses and such other expenses as requested by the Owner. This may contain the cost of mortgages or taxes.
Howard Bell for yourpropertypath.com
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