Setting Expectations Owner Manual

As a property manager, you manage relationships as well as properties! Good systems for working with owners are critical to your success. This manual will help you set expectations, clarify policies and procedures, and manage your owner relationships. This will promote loyalty, retain accounts, and attract more referrals. The supporting forms increase efficiency and help to mitigate risk with owners. Add to, remove, or modify any part of these templates.

This product includes:

  • the owner manual + 9 owner forms
  • product instructions

PM Made Easy products are copyrighted and non-transferable. Only the buyer or buyer’s representatives are authorized to modify and use the purchased content.

Manual Format: The Setting Expectations Owner Manual for Property Management is created in Microsoft Word® so you can easily customize the contents with your local / state requirements, your specific business practices, and your company brand identity.

Product Instructions: All PM Made Easy products include the 25+ pages of Product Instructions in a PDF Format. It is important to read the Product Instructions designed to save hours of time and frustration before you start the manual. Make sure to save an original copy and place in a secure location.

Special notes: The manual uses (PM Made Easy) & (PMME) throughout as an example of a company name and initials. It is simple to replace them with your company name and initials in the manual document, using the Microsoft Word® feature, “Find & Replace,” which is included in the Instruction pages of the workbook. Red Text indicates areas that you should definitely change to your company, state, or local information

Table of Contents: The Table of Contents is subject to change when necessary. All manuals created by PM Made Easy have a built-in Table of Contents, which you can automatically update after making changes to the text in the manual.

Forms:  9 customizable forms

Owner Documents. 9

Owner Information. 9

Electronic Banking Authorization – ACH form.. 9

Mortgage Authorization. 9

Utility Authorization. 9

Insurance Authorization. 9

Change of Owner Information. 9

Owner Work Request/Authorization. 9

Owner Vacation Notice. 9

(Company Name) 10

(Company Initials) Mission Statement 10

(Company Initials) Principles. 10

(Company Initials) Communication. 10

Company Communication. 10

(Company Initials) Website. 11

General Office Information. 11

Address information. 11

Communication. 11

Office Hours. 11

Emergencies. 11

Monthly Newsletter. 12

Teams and Contact Information. 12

(Company Initials) Staff/Personnel 12

Owner Communication. 13

Email 13

Owner Vacation Notice. 13

Owner Responsibilities. 13

The Scope of Property Management 14

What is Included in (Company Initials) Property Management Services. 14

What is Not Included in (Company Initials) Property Management Services. 14

Company Policies. 14

Department of Real Estate Requirements. 15

Code of Ethics. 15

Drug-Free Policy. 15

Legislation. 15

Lead-Based Paint 15

Mold Issues. 16

Answers Regarding Funds. 16

Banking. 16

Monthly Statements. 16

Disbursement of Monthly Funds. 16

End-of-Year Procedures. 17

Renting Your Property. 17

Preparing to Rent the Property. 17

Setting the Rent 17

How Long Will the Property be Vacant?. 17

Advertising/Marketing. 18

Internet/Website. 18

Publications/Newspapers. 18

Vacancy Mailbox System. 18

Signage. 18

Showings and Applications. 18

Processing Tenant Applications. 19

Tenant Screening. 19

Cosigners. 19

Pets. 19

Service Animals. 20

The Tenant Move In. 20

Rent and Security Deposits. 20

Rental/Lease Agreements. 20

Walk-Through. 20

Tenant Handbook. 21

Tenant Education and Preparation. 21

Resident Emergency/Disaster Handbook. 21

Working with Your Tenants. 21

Collecting Rent 21

Notice to Pay or Quit 21

Other Notices. 21

Tenant Problems. 22

Legal Action. 22

Maintenance. 22

Preventative Maintenance. 22

Emergencies/Disaster. 23

When the Tenant Vacates. 23

Notice to Vacate. 23

Communication with Owners and Tenants. 23

Tenant Move Out 24

Security Deposit Refunds. 24

Collections. 24

Additional Services. 24

Referrals. 24

Annual Survey/Inspection. 24

Supervision of Extraordinary Maintenance. 25

Eviction Protection Plan. 25

Real Estate Services. 25

Cancellation of Management 25

Written Notice. 25

Notice to Current Tenants. 26

Distribution of Documents. 26

Final Distribution of Funds. 26

Conclusion. 26

Owner Information. 27

Automated Clearing House (ACH) 28

Owner Authorization. 28

Mortgage Payment Authorization. 29

Utility Authorization. 30

Insurance Authorization. 31

Owner Work Authorization for (Company Name) 33

Owner Vacation Notice. 34

Management Agreement 35


Thank you for choosing (Company Name) ((Company Initials)) to manage your investment. We are aware that you had many choices and we appreciate that you have selected us as your property management company.

(Company Initials) works to achieve the highest professionalism in Real Estate/Property Management Services. Therefore, we have prepared the (Company Name) Owner Manual to assist you in a successful business relationship with our company. We urge you to take the time to review the information enclosed. We feel this will further clarify many of the procedures for our Property Management services. After reading the material, if you have questions or any concerns, contact your management team immediately, using the company contact information provided in the following pages.

(Company Initials) forms have also been included with this manual. There are some to fill out upon receipt unless already you have already completed them. There are additional forms to assist you in the future. Completing and using the forms assists (Company Name) in setting up and maintaining an accurate account for you and your investment.

Special note: the information provided in the (Company Initials) Owner Manual is subject to change. Landlord/Tenant laws, personnel, policies, and procedures change accordingly to events that take place. (Company Initials) works diligently and continually to improve services and personnel training as well as remaining current with all landlord/tenant legislation.

Once again, thank you for choosing (Company Name) as your Property Management Company. We look forward to a successful business relationship.

Owner Documents

A copy of your management agreement is included with the (Company Initials) Owner Manual. Refer to it as needed and keep it with this information for a handy reference.

It is important that (Company Initials) receive all critical information as we begin management. You may have completed the documents listed below. If not, we need you to fill out and return the following documents. Please return the appropriate forms with the self-addressed envelope included for your convenience.

Owner Information

This information enables (Company Initials) to set up your account.

Electronic Banking Authorization – ACH form

This form enables (Company Initials) to send your funds directly to your bank. If you do not wish to start ACH at this time, you can use this form in the future.

Mortgage Authorization

This form enables (Company Initials) to make payments and obtain information when needed from your mortgage company. Please send this directly to the mortgage company and forward a copy of your request to (Company Initials).

Utility Authorization

This form enables (Company Initials) to make payments and obtain information from the utility company when needed. Please send this directly to the utility company and forward a copy of your request to (Company Initials).

Insurance Authorization

This form requests the insurance company issue a copy of your property insurance to (Company Initials) and that they name (Company Initials) as additional insured on your policy. Please send this directly to the insurance company and forward a copy of your request to (Company Initials).

As your management continues, information can change. We have included several forms for your convenience, along with self-addressed envelopes.

Change of Owner Information

Notify (Company Initials) of any important changes as they happen. This includes changes in address, telephone, fax, email, etc.

Owner Work Request/Authorization

This is for authorizing work requests from telephone conversations with your management team.

Owner Vacation Notice

This is for notifying (Company Initials) when you will be unavailable for more than two weeks so that (Company Initials) is prepared in the event of an emergency.

Owner Responsibilities

A successful business relationship works both ways. (Company Initials) takes their management responsibilities seriously, and requests owners to do the same.

Owner responsibilities are:

  • Notify (Company Initials) of any ownership change or eminent owner change for the managed property.
  • Supply (Company Initials) with accurate information so (Company Initials) can service the management account properly.
  • Review statements monthly and notify (Company Initials) of any discrepancies found as soon as possible.
  • If using ACH, check statements monthly for accurate or missing deposits and notify (Company Initials) if there are problems immediately.
  • Support Fair Housing laws and guidelines, as well as all necessary legislation.
  • Maintain a current insurance policy for the property.
  • Review property insurance yearly and update as needed.
  • Exercise responsibility for required maintenance and the safety of tenants.
  • Treat (Company Initials) personnel with courtesy and notify (Company Initials) principals if there are problems with (Company Initials) personnel so they can be resolved quickly.
  • Visit the property periodically and if an owner cannot perform this function, (Company Initials) requests the owner assign a third party to represent this in this capacity.

The Scope of Property Management

What is Included in (Company Initials) Property Management Services

We want you to know what (Company Initials) does for you as your property management company. Therefore, (Company Initials) has outlined details on our policies and procedures in future pages of this information. There are so many details and aspects of managing property that we can only include the basics in this manual. If you have more questions, please contact your management team.

Again, these are general guidelines and when necessary, policies will change. Please bear in mind that we are unable do everything that is required to service a property under our management fees.

What is Not Included in (Company Initials) Property Management Services

Because (Company Initials) provides owners with full service, it can be easy to request something that we cannot perform. Some tasks go beyond the normal scope of property management or require additional fees/services (see below). There are also areas licensed real estate agents dare not tread, unless they have obtained the proper licensing or degrees. We ask that you remember this when making a request, and review a paragraph that was included in your Management Agreement:

Owner understands and agrees that normal Property Management does not include providing on-site management services, property sales, refinancing, preparing property for sale or refinancing, modernization, fire or major damage restoration, rehabilitation, obtaining or giving income tax, accounting, or legal advice, representation before public agencies, advising on proposed new construction, debt collection, counseling, or attending Homeowner Association meetings. 

If you have any questions on what is included or not included in property management, please let us know. We have more information on additional services later in this manual.

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