Services Flexibility
There are many tasks for managing a rental property. Often times, a landlord prefers to handle some of the tasks or at least have a say. Such as, selecting tenants or reviewing applications.
E & G Real Estate Services
Burbz Co-Management
Complete flexibility. When a landlord creates their Proposal Requests, the landlord states which services they want to outsource. This is broken into Leasing, Rent Collection and Maintenance categories.
Rent Collection
The process that rent is collected from tenants and when a landlord can expect to receive that payment in their bank account.
E & G Real Estate Services
Burbz Co-Management
4-7 days after rent is paid. A big benefit with Burbz is how we handle rent collections. All payments are set directly to the landlord’s bank account and the co-manager may never hold onto your money if pay through Burbz platform.
Landlords may pay a small fee to expedite the transfer of money, if tenant paid with ACH.
Monthly Management Fees
How much the landlord is expected to pay each month for the coordination of management.
E & G Real Estate Services
Burbz Co-Management
Negotiable with Co-Managers. During the in proposal and interview process, landlords and co-managers may negotiate fees.
Leasing Fees
When a rental unit has become, or will be soon, it will require somebody to create a listing, solicit applicants, screen applicants and coordinate the move-in process. These fees are typically withdrawn from the new tenant’s first months’ rent check.
E & G Real Estate Services
Burbz Co-Management
Negotiated with co-manager. With co-management, the landlord may decide to self-perform some or all portions of leasing tasks. Depending on the services requested, landlords negotiate with interested co-managers.
Contract Length
Every Management Agreement will state a beginning, ending or general duration. This duration is important as it relates to the Termination Clause and states when a landlord can terminate without penalty.
E & G Real Estate Services
Burbz Co-Management
Month-to-month. Burbz provides a free Co-Management Agreement template, although landlords may use their own.
Reserve Account
Since there may be unexpected repairs and expenses for a rental unit, management may require a certain amount of cash held to pay for these expenses. If used, often the next rent check will apply to replenish the reserve account.
E & G Real Estate Services
Burbz Co-Management
There are no reserve accounts on Burbz. Any expense that occurs off-Burbz (i.e. repairs and parts) may be paid directly from the landlord or reimburse the co-manager if they paid upfront. Co-Managers are not allowed to directly spend the landlord’s money.
Late Fees
When a tenant pays late, the lease agreement often defines a penalty for paying past the grace period. Late rent might result in additional work to communicate and coordinate with the tenant. These fees are earned by the manager or landlord depending on the Management Agreement.
E & G Real Estate Services
Burbz Co-Management
Negotiable with Co-Manager. Based on the services required, landlords may keep any percentage of the Late Fees. Based on that percentage, Burbz will allocate immediately when the tenants rent payment is made.
Often, the co-manager servce of selecting the tenant or coordinating late payments will determine if they should earn a portion of Late Fees. Burbz does send email reminders to Tenants to assist; Landlord and Co-Manager only receive emails when rent is paid or officially late.
Termination Fees / Clause
Every Management Agreement has, or should have, a Termination Clause that allows either party to terminate. Typically, there is a penalty fee that landlords must pay.
E & G Real Estate Services
Burbz Co-Management
1-month notice. Penalty Fee is a 1-month’s equilavent of management fees.
Maintenance Coordination & Vendor Selection
When repairs are required, somebody must coordinate the efforts between the Tenants and Vendors. Repairs are not always necessary. If they are, a Handyman / Vendor will be selected and contacted.
E & G Real Estate Services
Burbz Co-Management
Landlords are informed immediately of all maintenance tickets via email. They may request: to self-perform repairs, use specific vendor, or even defer maintenance. Or, they may choose to allow their Co-Manager to handle everything without their involvement.
Property Data After Termination
Property records are required to be kept for several years. Anytime management switches, the property data must be transferred to the new management and may require additional efforts from the landlord. This includes payment records, applications, security deposits, renters insurance, etc.
E & G Real Estate Services
Burbz Co-Management
No transfer necessary. On Burbz, all of the property data belongs to the landlord. Therefore, if a a co-manager is unassigned from the property, all of the data is still accessible by the landlord. This eliminates any headache from transferring.
For Sale Clause
Management Agreements may state if the property is sold at any time under their management then a commission must be paid. Regardless if the manager was the agent or even involved in the transaction.
E & G Real Estate Services
Burbz Co-Management
Never! This is a dirty clause that is thrown into far too many Management Agreements. Co-Managers may be licensed real estate agents and landlords may hire them, however, it is not a requirement. Landlords may use any agent of their choosing.
Interested in getting co-management proposals?
Request proposals.
Interview. Hire. Co-Manage.
Request proposals. Interview. Hire. Co-Manage.
Start today by filling out our Request For Proposal form. Describe the services you seek assistance with. The first step to managing differently and in control.
Disclaimors
Co-Manager Terms: Burbz has no authority of what services a co-manager may choose to perform or rates to charge. Co-Managers are independent contractors and have ultimate authority on their services and rates.
Co-Management Agreement: Burbz does provide a free CMA to use as a reference. This is not an official legal document and landlords may choose to have their attorney review. However, landlords and co-managers may decide to utilize their own and change the terms. The terms listed on this page reflect what is on our free CMA. For example, co-managers may require longer minimum contract durations or termination fees.
Licensed Co-Manager: There are specific services that require a real estate license (i.e. leasing, rent collection), and some that do not (i.e. maintenance coordination). Landlord and Co-Manager should research local licensing requirements to verify which services can be done with or without a license. Co-Managing, in full or parts, may or may not be legal in every state
Property Manager Facts: The information listed for this particular property management company may not reflect their official/final terms and rates. Landlords are still encouraged to call and verify all information. Some property managers publicly provide their terms and rates.
How is Co-Management different?
Whereas traditional property management excludes the landlord, co-management includes the landlord. Gone are the days that landlords have to rely blindly on and trust their property managers.
Co-Management is built on the partnership of a landlord and a local independent co-manager to help assist with your management needs.
Same management tasks. Different approach.
Control
Managing a rental property has many tasks. Landlords decide which task to self-perform and which to hire out. Fully outsourced or partially. We let you decide.
Transparency
Since you’re in control, it’s crucial to have access to everything related to your rental. Simultaneously receive alerts and notifications as your co-manager.
Flexible
Every rental, portfolio, and landlord are different. There is not a single solution. Adjust your co-management strategy as your portfolio grows to fit your needs.
Interested in getting co-management proposals?
Request proposals.
Interview. Hire. Co-Manage.
Request proposals. Interview. Hire. Co-Manage.
Start today by filling out our Request For Proposal form. Describe the services you seek assistance with. The first step to managing differently and in control.