Hi, it’s Lou Brown. I am back with another of our 101 cash flows accelerators. And one of the things that we’re focused on in this part of the series is Property Management. Proper property management. Informed property management. And one of the most important things you can do in property management is to have excellent documentation. And not only to have actual excellent documentation, but also to train your residents to be a good resident. So what we do is we have a signing ceremony, we call it the signing ceremony and we invite the resident to come into our office. But if you don’t have an office set up a location, it could be a hotel lobby, it could be the local waffle house, Denny’s, where ever that you can have a quiet place, you can sit to be there for a while in a comfortable environment, not at the empty house so that you’re going to rent to them or the apartment sitting on the floor.
That’s not comfortable for anybody. And it’s not conducive for learning and for education because that’s exactly what we use the signing ceremony for. We want our residents to be educated and trained to be a good resident, so we use that document, the standard rental agreement loaded with profits under, and protection and negotiation. When we are sitting down with them to do the signing ceremony. Now we typically say, please get a babysitter for your kids. This is going to be focused. We need everyone who’s going to be a signatory on the agreement, which means everyone in the house is 18 years of age or older, must appear at the signing ceremony and then together we’re going to go through the documents so you could fully understand what you’re agreeing to. And then when they get to the signing ceremony, we have already got our documents down.
They’re very professionally done. The way our forms is laid out, I mean it looks like an attorney prepared all of these documents. They’re very consistent, they’re concise, they match and they have a flow. There’s a step by step process. I teach that to you. In fact, that’s available to you in our Property Management. This is volume eight of our Street Smart System and this is available at StreetSmartInvestor.com it comes with the forms disc and six hours of CDs that walk you through Proper Property Management. And one of the things that we do at the signing ceremony is go through all the documentation with the resident and literally we give them a copy all complete and we have a copy and we together read that document. So literally we’re reading them each thing, we’re going over each paragraph so that there is no confusion and they actually initial every page, they signed a document at the end. There is no confusion about who was present at the time at the meeting. And that’s your opportunity to train your residents to be a good resident. There’s a lot more to that conversation in volume eight.
I hope this has been helpful to you. Do share it. Do like it. Do love it. Do subscribe. And I will see you soon. Yeah, baby! Take care.
If you want to listen to our Podcast, click here:
