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Leasing and the Law

The Leasing and the Law workshop, plus the move-in admin fee.

4 lessons 2h 32m of video

Taught byRobert M. Locke, RMP®, MPM® & Monica Gilroy

Read the full transcript

Admin Fee Misconception

Well, greetings. Robert Locke here, and thank you for joining us. Today's conversation is all about the move-in admin fee. Now, when I first heard this 20 years ago, I kind of pushed back. I didn't like the idea.

What I thought it meant was this: have the tenant pay more money. We struggled with that. We didn't like the idea, and we didn't implement it right away. We simply thought it meant get more money from an already strapped tenant. Tenants are always thin on money to move from one property to another.

We just felt a $150, $250, $300 move-in admin fee just made it that much harder. We saw it as a hurdle. We saw it as something that just didn't work and made it harder for us to rent properties. Now, back then, we were still under the delusion that went something like this: to get revenues up, you must increase someone else's cost.

Correct Understanding

Now, that's kind of a natural conclusion, but after you think through it a little bit, you find out it's not the right conclusion, and there are errors in it, and this program does not mean tenants have to come up with more money or owners are shorted, and it's just a net number to you. So we, about 20 years ago, had a colleague share with me on a way to look at this. And oh my gosh, sirens went on, and lights went on, and we implemented it right away, and we've been doing it for 20 years. We've made $1.5 million so far just on this one fee, and there's no offsetting expenses.

It's kind of right straight to the bottom line.

Implementation Details

All the strategies, all the details regarding this idea are on this page. Questions and answers, how to implement it, when to implement it, when to get the money, how to explain it to tenants and owners. You have everything on this page, including exhibits and some forms that you might want to download to help you implement this idea. Now, we've got others just like this one. This one is a big one, and it's going to make you a lot of money starting immediately if you'll implement it.

But we got a lot of other ideas like this as well. So take your time, get this one up and running, get the money flowing into your coffers. Then let's sit down and have a conversation about some other revenue streams, because we want you to fully embrace the world of cashing in on property management.

About the speakers

Robert M. Locke RMP®, MPM®

Property management trainer and consultant

Residential Management Professional (RMP®) designation, 1998
Master Property Manager (MPM®) designation, 1999
Led Crown Management to the Certified Residential Management Company (CRMC®) designation, 2000
Founded Crown Management in 1980 and grew it to over 1,000 single-family homes under management
Sold Crown Management in 2015 to a Fortune 500 company
Past president and board member, Atlanta chapter of NARPM
Certified instructor, National Association of Residential Property Managers
Georgia Association of Realtors Partner in Education (PIE)
Expert witness on real estate disputes in magistrate, state and federal courts
Licensed in real estate since 1973; B.A. in Business and Marketing, Michigan State University, 1969

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The Leasing and the Law workshop, plus the move-in admin fee.

Curriculum

Lessons4 lessons · 2h 32m

Move-In Admin Fee: Intro Video Free 2:39
Leasing and the Law, Part 1 Locked 37:24
Leasing and the Law, Part 2 Locked 39:08
Leasing and the Law Locked 73:12

Robert M. Locke, RMP®, MPM®

National property management trainer and landlord-tenant litigator. Built Crown Management to 1,000 houses and sold it in 2015 to a Fortune 500 company.

Monica Gilroy

Real estate trial lawyer, general counsel for NARPM’s Atlanta chapter and frequent NARPM speaker. Twenty years co-developing these documents and courses with Robert.