The agency relationship, landlord-tenant law, leases, lease clauses, evictions, security deposits What is management? Change your thinking, ATTITUDE Management skills, listening, communication, Sense of Humor, decision making, multitasking, Phone skills, documentation……videos phone and greeting What is marketing? Understanding the market The 4 p’s of marketing, market survey, marketing plan Marketing self (resume and cover letter) Tenant screening: The impact of fair housing Closing the deal, Rental applications and Credit checks Resident relations, communication, resident retention, handling difficult situations.

The respective rights and responsibilities of Landlords and tenants are found in a body of law known as Landlord-tenant Law Drafted by the national conference of commissioner on uniform state laws. It is intended to provide clarification and foster uniformity among state laws

Key actions related to legal issues in On-site management Primary functions  Fulfill the obligations of agency described in the management agreement.  Fulfill the obligations created under Landlord-Tenant law and the Lease agreement.  Administer leases fairly.  Monitor lease compliance an enforce lease provisions.  Monitor lease expirations and initiate renewal efforts.  Implement non-discriminatory policies and practices related to fair housing and ADA requirements  Pursue collections diligently

Adjunct functions  Administer security deposits  Participate in eviction proceedings  Investigate abandonment of leased premises and deal with abandoned personal property.

Legal Lease Vocabulary The Agency relationship  Owner = Principal  Property Manager = Agent  On-Site manager = Agent

Landlord Tenant Law Relationship  Owner = Landlord  Landlord= Lessor  Tenant = Lessee  On-Site Manager = Agent for the Owner

The definition of Fiduciary  One charge with a relationship of trust and confidence, as between a principal and an agent, trustee and beneficiary, or attorney and client, when one party is legally empowered to act on the behalf of another.

The agency Relationship The law of agency sets out the relationship between the Principal = Owner and the Agent = Property or Site Manger. The fiduciary Relationship is based on…  Thrust (agent as a confidential advisor)  The Agent is expected to 1.Exhibit loyalty 2.Fallow instructions 3.Keep principal informed 4.Execute diligence 5.Account for financial activities

Who can be an Agent?  Any one of legal age and competent  It has to be done in writing  May require a Real Estate License Do you need a REL to be a Resident Manager? Do you need a REL to be a Property Manager?

How do you create an Agency Relationship?  An agency relationship is created when the Principal =(Owner) authorizes another person to act on his or her behalf.  It is nearly always agreed to in writing by signing a Management Contract which creates the Agency relationship between the 2 parties. Usually an Owner and a Management Company. Or an Owner and an On-site Manager.

The Lease Agreement  A Rental or Lease Agreement is an agreement that grants a tenant the right for exclusive use and occupancy of specified real estate for a defined periods of time in return for the payment of rent or other considerations to the Landlord.

Does the Lease have to be in written?  Legal obligations of the Lassor or the _________________  Legal obligations of the Lessee or the _________________