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Vol. 8 Issue 7


RMP, MPM, CAPS, CAM, NALP, CAMT: do you know what it means when you see these letters behind someone’s name? It means those individuals have made the extra effort to learn more in their chosen field, they’ve likely passed examinations and/or completed projects that have added valuable perspectives to their thought processes, and they have established themselves as being committed to their professions. Do you have one or more designations?  While we always have strongly urged you to get as much education as possible by going to seminars, getting a real designation from an organization such as NAAEI or NARPM can set you apart from the crowd. Did you know that some companies only fill certain positions with persons who have designations, and that some asset managers and owners only grant fee management contracts to companies who employ persons with designations? There are designations available to suit every position! Contact your industry association today, because 3 or 4 letters can make a huge difference in the success of your career and your company!

Click here  to see what just one association is offering!

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Read the headlines: “Break-in at XYZ Apartments Leads to Massive Identity Theft”.  Some nice free advertising I would say. Could this happen to you? How secure is the filing cabinet where the resident files are kept? Is the resident’s application in the file? Of course it is.  The application is the main target for an identity thief, as it contains the social security number, date of birth and driver’s license number of the applicant.  We are strongly recommending that you strip the files of all applications and treat the application with the utmost of care, securing it in a safe place, or possibly scanning it and saving it electronically if you have proper security measures, encryption and off-site backups in place. While we like to keep original documents, I would much rather have to deal with an electronic copy of an application than deal with the ramifications of identity theft of an original.   

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You learned yesterday that Edward, a resident’s lease guarantor, is claiming that the guarantee does not apply to the lease renewal period, only the original lease term. The resident renewed the lease a few months ago. The lease terms changed slightly, as the rent was increased. In fact, Edward has never seen the resident’s lease to begin with. The guarantee agreement is also somewhat confusing when you read it. The resident is planning to break the lease by leaving seven months early. He is moving to North Dakota in order to find employment, and it appears that the resident is broke. Will Edward be financially responsible for this resident’s unpaid rent?

Click here  to learn what more about lease guarantee agreements.

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Yesterday, you notified Richard, an applicant for one of your apartment homes, that his application had been approved. Richard then agreed to come into the management office today to sign the lease. A few minutes ago, Darla entered your office. She said that Richard cannot be present at the lease signing; however, she informed you that she has power of attorney for Richard.  The power of attorney document was created and notarized in Texas.  You are planning on having Darla simply sign Richard’s name on the lease and then write “POA” next to it. Is the power of attorney valid if it complies with Texas law, or must it comply with Florida law? Will Darla be signing the lease in accordance with Florida law?

Click here  to learn how to avoid mistakes when a power of attorney is used by the resident.

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The property manager hoped that obtaining possession of the apartments would be the end of her problems.  Instead, new concerns surfaced.  The residents, who seemed to have abandoned the apartment, left behind some old furniture in the apartment.  Other residents filed a notice to vacate, turned in the keys and timely left another apartment.  However, there are some boxes of old toys in their storage unit.  The manager just filed eviction against another resident, when he skipped and left only a table and a chair in the apartment.  The manager would like to throw all of it into the dumpster.  She needs to turn the apartments and storage unit.  Is she safe in doing so?

Click here  to learn about disposing of the resident’s remaining personal property.

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Super successful property managers don’t have to deal with the problems associated with accepting partial rent payments. Why you ask? Because their company policy is to refuse them, and if a resident attempts to partially pay, the money is returned to the resident immediately. Do you wish to continue dealing with the never ending problems of the partial payment, the waiver issues that can be created, and the complications to a possible eviction? Then keep accepting partial payments. If you have been doing so in the past and wish to stop, use the LATE RENT PAYMENT POLICY, WARNING AND NOTIFICATION form ASAP, and stick to it. Learn from the successful managers.

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A lease can be a complete mess, but it will make no difference if everything is going along smoothly.  The surprise occurs when a resident is trying to get out of a lease and comes up with a reason why the lease is not valid. One big reason which can invalidate a lease is the failure to have all the adults sign the lease. If someone is listed as a resident but does not sign the lease for whatever reason, the lease could be considered not fully  executed and potentially void. Never give residents access to the unit until such time that all residents have signed the lease, you have signed the lease, and a copy has been provided to the resident. Make an exception to the rule, and pay the price later.

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An unwary tenant who does not understand that he may be liable for certain pass through expenses could experience a devastating, adverse impact on his financial situation.  What are the operational expenses? What percentage will the commercial tenant be liable for, and what could this amount to if the center is only partially occupied? More than ever in today’s economy, the commercial tenant must exercise care in reviewing his lease before signing, and after signing understand the use of commercial lease audits to be sure that the charges are fair and correct.



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In this issue:

Do You Have Your Designations?

Security of Sensitive Information

Lease Guarantee Agreements

Understanding the Power
of Attorney

Resident's Remaining Personal Property

Partial Payment Quick Tip

The Fully Executed Lease

Commercial Law and You


Commercial Law and You



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