Dismantling Property Management Myths

The teaching points, at a glance

56 lessons · 11h 24m

1. 1Myth: You Should Mandate a Non-Smoking Clause in the Lease (Myth 71, Part 1)Free preview7:21
2. 2Myth: You Should Mandate a Non-Smoking Clause in the Lease (Myth 71, Part 2)6:52
3. 3Myth: Once the PMA Is Executed, You Can’t Change It (2017 Version)17:18
4. 4Myth: I Should Require Renters Insurance for Every Tenant16:57
5. 5Myth: There Is No Safe Way to Pass the Tenant’s Personal Information to the Owner13:14
6. 6Myth: If My Volume Generates Vendor Discounts, I Should Pass Them On to My Clients9:27
7. 7Myth: Large Investors Must Use Your Qualifying Guidelines9:41
8. 8Myth: A Smart Property Manager Would Approve an Application From Their Real Estate Commissioner4:22
9. 9Myth: The Owner Should Approve Applications22:55
10. 10Myth: If the Owner Violates Fair Housing Law When Approving an Applicant, the Agent Isn’t Liable14:33
11. 11Myth: Generating More Revenue Means Being Deceptive or Tricky5:18
12. 12Myth: My Family Lived With Those Defects, So Can the Tenant17:34
13. 13Myth: Having a Scope of Service Isn’t That Important13:14
14. 14Myth: If I Follow My Client’s Directive (Agency Law), I’m Not Liable for Their Bad Decisions7:41
15. 15Myth: My Management Agreement and Lease Should Be Drafted or Reviewed by a Lawyer31:53
16. 16Myth: Ethical Property Managers Never Make Undisclosed Profits8:35
17. 17Myth: You Should Get the Tenant’s Permission to Photograph Their Household Furnishings12:35
18. 18Myth: If the Tenant Moves In Early, You Should Prorate the Rent14:34
19. 19Myth: The Pet Fee Belongs to the Manager11:52
20. 20Myth: Property Managers Don’t Deserve a Big Renewal Fee When Tenants Stay18:27
21. 21Myth: Once the PMA Is Executed, You Can’t Change It10:04
22. 22Myth: Managers Should Manage Utilities for the Owner, Right?15:32
23. 23Myth: At Move-Out Inspection, Let the Owner See the Property Just as the Tenant Left It8:14
24. 24Myth: A Property Manager Can Start the Turnkey Before Receiving Funding From the Owner18:34
25. 25Myth: If I Get the Tenant’s Permission, I Can Safely Give Their Personal Information to the Owner19:42
26. 26Myth: There Is Only One Way to Structure a Lease22:22
27. 27Myth: If an Owner Terminates Me, I Must Get the Tenant to Release the Security Deposit to the Owner12:24
28. 28Myth: If a Property Appears to Be Going Into Foreclosure, I Can Lock Up the Owner’s Trust Account15:38
29. 29Myth: As the Owner’s Agent, I Must Forward All Funds I Receive, Including Prepaid Rent6:29
30. 30Myth: A PM Should Put Pet Weight Restrictions in the Lease10:05
31. 31Myth: I Should Let the Owner Terminate Without Penalty12:26
32. 32Myth: If the Owner Violates Fair Housing Law in Approving or Denying an Applicant, the Agent Is Not Liable14:33
33. 33Myth: If I Follow My Client’s Directive (Agency Law), I Am Not Liable for Their Bad Decisions7:41
34. 34Myth: A PM Should Not Expect a Monthly Management Fee During a Vacancy11:29
35. 35Myth: You Should Have a No-Smoking Clause in the Lease17:54
36. 36Myth: Ownership Equals Knowing How to Operate14:52
37. 37Myth: A Professional Manager Should Manage Utilities Between Tenants13:03
38. 38Myth: I Need to Understand EBITDA to Value My Company13:05
39. 39Myth: A Manager Should Put Pet Weight Restrictions in the Lease13:25
40. 40Myth: When I Sell, the Buyer Will Want the Whole Company17:30
41. 41Myth: A Good Manager Should Set a Minimum Credit Score to Approve Applicants8:50
42. 42Myth: I Use a Tenant Screening Service, So I Don’t Need Written Qualifying Guidelines8:37
43. 43Myth: To Sell My Management Accounts, I Need an Assignability Clause17:37
44. 44Myth: A Manager Can Never Pass an Applicant’s Personal Information to the Owner7:51
45. 45Myth: I Must Apply the Same Qualifying Standards to Every Applicant Every Time10:15
46. 46Myth: My Goal Is More Properties15:32
47. 47Myth: My State Law Prevents Me From Reporting Current Tenants7:31
48. 48Myth: All Credit Reporting Is the Same11:07
49. 49Myth: I Need the Tenant’s Permission to Report5:49
50. 50Myth: I Need a Judgment to File Negative Reports to the Credit Bureau6:50
51. 51Myth: My Management Agreement and Lease Already Have Language About Collections9:26
52. 52Myth: I Need the Tenant’s Permission Before I Start Marking Their Credit5:35
53. 53Myth: You Deserve a Big Renewal Fee (Myth 33)9:05
54. 54Myth: I Should Put All the Tenant’s Promises in the Lease (Part B)6:34
55. 55Myths Introduction4:30
56. 56Myth 21: Rent Start Date Must Be the Same as Move-In Date9:17

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