This is a template created by the Virginia REALTORS® Association. Brokers will need to modify some of the suggestions to suit their individual business.
110 pages
54 KB – 110 Pages
PAGE – 1 ============
Property Management Office Policy & Procedures Manual A Guide for REALTORS ® 201 9 Edition 201 9 © Virginia REALTORS ® , Inc. This is a template created by the Virginia REALTORS ® Association. This form has been exclusively printed for the use of REALTOR ® and Non – Resident members of Virginia REALTORS ® , who may copy or otherwise reproduce this form in identical form with the addition of their company logo. Any other use of this form by REALTOR ® and Non – Resident me mbers of Virginia REALTORS ® , or any use of this form whatsoever by non – members of the association is prohibited without the prior written consent of Virginia REALTORS ® . Notwithstanding the above, no REALTOR ® or n on – r esident member of Virginia REALTORS ® , or any other person, may copy or otherwise reproduce this form for purposes of resale.
PAGE – 2 ============
i © 2019 Virginia REALTORS ® , Inc. Table of Contents 1. COMPANY INFORMATION .. .. .. 9 A. Mission Statement .. .. . 9 B. Vision Statemen t .. .. 9 C. Contact Information .. .. . 9 2. OFFICE POLICIES .. .. 9 A. Office Hours .. .. .. 9 B. Observed Holidays .. .. .. 10 C. Firm Affiliation .. .. .. 10 C. Technology .. .. . 11 D. Internet Use/Social Media .. .. . 11 E. Office Security .. .. .. 12 F. Workplace Securit y .. .. . 12 G. Office Appearance .. .. .. 13 H. Dress Code .. .. . 13 I. Eating in The Work Area .. .. 13 J. Parking .. .. .. 13 K. Document Retention Policy .. .. 14 L. Absences .. .. .. 15 M. Alcohol and Illegal Drug Use .. .. 15 N. Insurance .. .. 16 O. Associate Safety .. .. .. 16 P. Confidentiality .. .. .. 17 3. FORMS .. .. .. . 17 A. Standard Forms .. .. 17 B. Signatory Authority .. .. 17 C. Deadlines .. .. . 17 4. LAWS & REGULATIONS .. .. . 17 A. Virginia Fair Housing Law .. .. 18 B. Licensing .. .. .. 21 5. COMPENSATION AND COO PERATION POLICIES .. 23 A. Commission Payments .. .. . 23 B. Cooperation Policies .. .. .. 23 6. AGENCY .. .. .. .. 24 A. Agency Definitions .. .. .. 24 B. Types of Agency Relationships .. 26 C. Establishing a Brokerage Relationship .. 31 7. DISCLOSURES .. .. . 33 A. Agency Disclosures .. .. . 33
PAGE – 3 ============
ii © 2019 Virginia REALTORS ® , Inc. B. Property Condition Disclosures .. .. 35 C. Leasing Disclosures .. .. 38 8. ESCROW .. .. .. . 38 A. Security Deposits .. .. . 39 B. Application Deposits .. .. .. 43 C. Application Fee .. .. . 44 D. Rent .. .. .. . 45 E. Interest in Escrow Accounts: .. 46 F. Transfer of Escrow .. .. .. 47 9. EVICTIONS .. .. .. 48 A. Notice .. .. .. . 48 B. Unlawful Detainer .. .. 49 C. Eviction .. .. . 50 10. MARKETING .. .. . 52 A. Advertising Policies .. .. 52 B. Fair Housing .. .. 53 C. REALTOR ® Trademark .. .. .. 53 D. Business Cards .. .. . 53 E. Do Not Call / CANSPAM Act .. .. 54 F. Electro nic/Internet/Social Media Advertising .. . 54 G. Required Advertising Disclosures .. . 55 H. Signs .. .. .. 55 I. Prohibited .. .. . 56 J. MLS 57 K. Lockboxes .. .. 57 L. Photographs/Videos .. .. .. 57 M. Agent/Owner Advertising .. .. .. 57 N. Open Houses .. .. . 58 O. Procuring Clients .. .. . 58 11. OWNER POLICIES .. .. . 58 A. Required Documentation .. .. . 58 B. Property Access .. .. 59 C. Reserve Account .. .. .. 59 D. Mortgage Payments and Association Dues .. .. 59 E. Disbursements .. .. .. 59 F. Move – in Condition .. .. 60 G. Pool/Spa Policies .. .. . 60 H. Property Maintenance .. .. .. 60 I. VRLTA .. .. .. .. 60 J. Property Insurance .. .. . 61 K. Brokerage Relationship .. .. 61
PAGE – 4 ============
iii © 2019 Virginia REALTORS ® , Inc. L. Fees .. .. .. .. 61 M. Property Sale .. .. 61 N. HOA/Condo .. .. 61 O. Accounting and Recordkeeping .. .. 62 12. LEASING APPLICATION PROCESS .. .. 62 A. Who Can/Must Fill Out the Application .. .. 62 B. Credit Checks .. .. . 62 C. Verifications .. .. 62 D. Resident Selection Criteria .. .. . 62 E. Denied Applications .. .. 63 F. Guarantors .. .. .. 63 G. Section 8 Program .. .. .. 63 H. Criminal Background Screening .. . 64 I. Conditional Approval .. .. .. 64 J. Fees .. .. .. .. 64 K. Release of Information .. .. . 64 L. Application Following Court Order of Protection .. 65 M. Applicant Identification .. .. .. 66 12. LEASING POLICIES AND PROCEDURES .. 66 A. Contracts .. .. . 66 B. Showings .. .. . 68 13. HOA/CONDO ASSOCIATIO NS .. .. . 69 A. Condominium Act .. .. 70 14. TENANT MOVE IN .. .. . 70 A. Failure to Deliver Possession .. 70 B. Move – In Inspection .. .. 70 C. Keys .. .. .. . 71 D. Scheduling .. .. .. 71 15. TENANT NOTICE PROCED URES .. 71 A. Leasing Notices .. .. . 72 B. Lease Violations .. .. 73 16. TENANT MOVE OUT .. .. .. 74 A. Move Out Inspection .. .. . 75 B. Abandoned Property .. .. .. 75 17. TENANT POLICIES .. .. 76 A. Home Businesses .. .. . 76 B. Age Requirements .. .. .. 77 C. Access to the Property .. .. .. 77 D. Absence and Abandonment .. .. 78 E. Painting .. .. . 79 F. Keys, Locks and Security Systems .. . 79
PAGE – 5 ============
iv © 2019 Virginia REALTORS ® , Inc. G. Renter Insurance .. .. 80 H. Property Maintenance .. .. .. 81 I. Utilities .. .. .. 81 J. Noise .. .. .. 82 K. Criminal Activity .. .. .. 82 L. Tenant Death .. .. . 82 M. Family Abuse .. .. . 83 N. Early Termination (Non – Military) .. .. 83 O. Rent .. .. .. . 84 18. ANIMAL POLICY .. .. 86 A. Pet Policy .. .. . 86 B. Assistance Animals .. .. . 86 19. DISASTER AND BUSINES S CONTINUITY PLANNIN G .. 89 A. Fire or Casualty Damage .. .. . 89 B. Disaster Contingency Planning .. 89 20 VENDOR POLICIES .. .. .. 89 A. Insurance Requirements .. .. . 90 B. Licensing Requirements .. .. .. 90 C. Other Documentation .. .. 90 D. Keys/Access .. .. .. 90 E. Hiring Authority .. .. 90 F. Billing .. .. .. .. 90 21. SMOKE/CARBON MONOXID E DETECTORS .. . 90 A. Landlord Obligations .. .. . 90 B. Tenant Obligations .. .. . 91 C. Maintenance/I nspections .. .. 91 22. PROPERTY INSPECTIONS .. .. . 91 A. Occupied Properties .. .. .. 91 B. Tenant Relocation .. .. 92 23. PROPERTY MAINTENANCE .. .. .. 93 A. Landlord Obligations .. .. . 93 B. Pest Control .. .. 94 24. VACANT PROPERTIES .. .. . 95 25. MOLD .. .. .. 95 A. Move in Inspections .. .. .. 95 B. Tenant Obligations .. .. . 96 C. Landlord Obligations .. .. . 96 D. Tenant Relocation .. .. .. 96 E. Testing and Remediation .. .. . 97 F. Managemen t Obligations .. .. . 97 26. LEAD BASED PAINT .. .. . 98
PAGE – 6 ============
v © 2019 Virginia REALTORS ® , Inc. A. Disclosures .. .. . 98 B. Vendor Certification/ Remediation .. 98 27. TRANSFER OF THE RENT AL PROPERTY .. 98 A. Sale of Property .. .. 98 B. Foreclosure .. .. . 99 28. EARLY TERMINATION BY MILITARY PERSONNEL . 100 A. Servicemembers Civil Relief Act .. .. 100 B. VRLTA .. .. . 102 APPENDIX A .. .. .. . 104 DEFINITIONS .. .. . 104 APPENDIX B TABLE OF PROVISIONS THAT MUS T BE REVIEWED 105 APPENDIX C LIST OF RESOURCES .. 107
PAGE – 8 ============
7 © 2019 Virginia REALTORS ® , Inc. 1. ter of negotiation between the Broker and his or her client, and is not fixed, controlled, recommended , or maintained by any persons not a party to the compensation a greement. 2. Compensation paid by a Listing Broker to a Cooperating Broker in respect to any l isting is established by the Listing Broker in the offer of compensation, and is not fixed, controlled, or maintained by any person other than the Listing Broker. Policy Statement Regarding Discrimination and Fair Housing It is the policy of Virginia R EALTORS ® and its members to comply with the REALTOR® Code of Ethics, local, state and federal fair housing laws and provide for fair housing throughout the Commonwealth of Virginia, to all its citizens, regardless of race, color, religion, national origin , sex, elderliness, familial status, disability, sexual orientation, or gender identity. Antitrust Statement The Company maintains a strong policy against any antitrust involvement by the C ompany, its agents or employees. Few obligations can be taken more seriously than this area. The Company requires each person associated with it to be knowledgeable about antitrust concerns. By signing this manual, you acknowledge your understanding of antitrust principles. titrust resources at https://www.nar.realtor/field – guides/field – guide – to – antitrust . Two areas are primary antitrust concerns: Price Fixing : Price fixing means any agreement, setting, consent to, suggestion or implication with a competitor regarding a fee to charge. This includes fees charged to the public, fees split among brokers and fees paid to agents. “Agreement” can be overt, covert, express or implied. It i s very broad based and can even be suggested or implied by casual conversation with any competitor. Accordingly, the Company, its agents and staff are prohibited from discussing with competitors any aspect of the fees the C ompany charges or how total fees are split. The Company deter mines its charges based on the C ompany’s own independent internal analysis of its expenses, its revenue, its desired profit level and its choice of the type and level of service it desires to provide. In any discussion with a member of the public about our charges (such as a t a listing appointment), the only acceptable answer about why the C ompany charges what it does is the foregoing explanation. Do not be drawn into a discussion about company fees as
PAGE – 9 ============
8 © 2019 Virginia REALTORS ® , Inc. “the standard rate,” “t he Board rate,” “the typical rate” or the like. If questions arise about other company’s fees, suggest that the potential client call several competitors and ask about their rates. Boycotting Competition : It is also a violation of federal law to make an y agreement, express or implied, with a competitor to boycott or otherwise not deal with a third party . Even if it were implicit and not overt, it could be construed as an illegal boycott. The Company prohibits any agent or staff member from making any a greement or suggestion with a competitor, including an indivi dual agent, that he/she or the C ompany will not deal with a third broker or agent, vendor, or other third – party service whether it be a listing company, tenant ‘s brokerage, or any other broker or agent. This includes comments made in social settings and/or on social media.
PAGE – 10 ============
9 © 2019 Virginia REALTORS ® , Inc. 1. COMPANY INFORMATION A. Mission Statement [ A mission statement is a formal summary of the aims and values of a company, organization, or individual. It is intended to clarify the ‘what’ and ‘who’ of a company . ] B. Vision Statement [ A vision statement adds the ‘why’ and ‘how’ as well. As a company grows, its objectives and goals may change. ] C. Contact Information The B roker generally will be available during normal business hours to discuss real estate matters. In the case of an emergency after business hours , the B roker may be contacted at this number: __________________________________________________________________ . If the Broker cannot be reached, the Associate should not act until he or she is able to contact the B roke r. In the B Office: Managing Broker: Office Phone: Home/Other Phone: Supervising Broker: Office Phone: Home/Other Phone: 2. OFFICE POLICIES A. Office Hours Monday: Tuesday: Wednesday: Thursday: Friday: Saturday: Sunday:
PAGE – 11 ============
10 © 2019 Virginia REALTORS ® , Inc. Note: The above hours are standard business hours for opening and closing the office. Associates who are independent contractors and/or licensed a gents set their own hours and appointment times. B. Observed Holidays The office will not be open during standard business hours on the following holidays Holiday Date Observed C. Firm Affiliation i. Joining the Brokerage All new Associates must sign an Independent Contractor Agreement or other employment agreement . Copies of the signed agreement will be provided to both the A ssociate and the B roker. All Company rules stated herein must be followed and your acknowledgment of such rules is evidenced by your signature of receipt of this manual. It is important that you keep a copy of this document as it is legally binding and provides information on your rights and responsibilities. ii . During Affiliation Broker and Associates at their separate expense shall keep their licenses issued by the Virginia Real Estate Board in active status, and both at their separate expense shall pay all fees, including license fees and taxes owed to any federal, state, or local governmental jurisd iction and arising out of their respective activities as real estate broker and as real estate salespersons, and neither shall be liable for such fees or taxes owed by the other in the event that the license issued to Broker or Associate by the Virginia Re al Estate Board is revoked, suspended, or not renewed for any reason, this agreement shall automatically terminate. All dues or other expenses of Associate arising out of the membership of Associate in any organization, including organizations of brokers, salespersons or both shall be paid by Associate, and Broker shall not reimburse Associate for such payment. Associate may not incur any fees or expenses for services, supplies or materials without prior approval from the B roker if they would bind the B ro ker and/ or Company .
54 KB – 110 Pages