What Out-of-State Owners Should Require From a Texas Manager
What out-of-state owners should require from a Texas manager is proof in writing. Ask for the broker license behind the company, a monthly accounting of every dollar held
Working With a Receiver or Lender-Controlled Asset: What Changes for Owners and Managers
Working with a receiver or lender-controlled asset means the property answers to a court order or a lender’s asset manager instead of the borrower. Rents move to new accounts, spending follows an approved budget,
Taking Over a Distressed Asset: The First 90 Days
Taking over a distressed asset works best as three 30-day phases. Days 1 to 30 verify the rent roll, the cash and the physical condition. Days 31 to 60 clear safety repairs and price the deferred maintenance.
What Happens to Your Onsite Team During a Management Transition
What happens to your onsite team during a management transition depends on who employs them. At most communities the staff work for the management company,
Switching Management Companies Mid-Lease-Up: What Breaks and What Doesn’t
Switching management companies mid-lease-up is survivable when the handoff protects the lead pipeline, the concession schedule and the resident ledger. Signed leases, deposits and the rent roll carry over to the new operator.
What Due Diligence Looks Like Before We Take Over a Property
What due diligence looks like before we take over a property comes down to four checks: physical condition, lease and rent roll accuracy, financial records, and legal paperwork.
Termination Clauses in a Management Agreement: What Owners Should Negotiate
Termination clauses in a management agreement decide how fast an owner can change managers and what the change costs.
Reimbursable Property Management Expenses: Reading the Expense Side of Your Management Agreement
Reimbursable property management expenses are the property-level costs a manager pays on your behalf and bills back to the operating account, separate from the management fee. The fee covers corporate overhead and supervision.
How Property Management Agreements Are Structured in Texas
How property management agreements are structured in Texas comes down to four parts: a TREC-licensed broker as the contracting party, a written scope of authority, a fee schedule tied to collected revenue, and termination terms.