Maximum One –
Agent as Property Manager - No Longer Accepted at Maximum One (6/1/14)
- AS OF 6/1/14 - MAXIMUM ONE WILL NO LONGER OFFER PROPERTY MANAGEMENT SERVICES
- Minimum Management Fee at Maximum One is $85
- Agent is responsible for handling repairs, proceeding with
evictions, chasing down late rent or non-payment of rent, handling any
landlord/tenant disputes, etc
- Agent needs to keep all records – financial & otherwise
- We currently do NOT have online payment for tenants
- Currently, if a tenant pays by check, we have a 10 day hold
on those funds before we can pay the Landlord
- Agent needs to keep financial records of money coming in
& going out
- Agent will need to prepare a report of what is to go on the
Landlord’s 1099 at the end of the year
- All monies, rents/fees/etc. will be run through Maximum One and
agent needs to keep specific & accurate records for end-of-the-year
reporting
- Agent must take a minimum 3 hour CE class on Property
management within 3 months of taking on a property to manage or hold an
Associate Broker’s License
- Must use GAR contracts
- Maximum One Transaction Fees on Property Management is paid
on an 80%/20% split regardless of the Commission Plan the agent has with
Maximum One for other transactions
- Maximum One Transaction Fees on Property Management do not go
towards Agent’s annual cap
- Maximum One will pay the Landlord through a Direct Deposit
only
- Maximum One requires a W9 form on all Landlords
- Maximum One Property Managers may only manage their clients’
properties regarding rents / repairs / maintenance issues (no management
of HOA dues, Mortgage payments, Property Taxes, Utilities, etc.)
- There is a bookkeeping fee of $7.50 / transaction / property
/ month on any payments / fees paid on behalf of a property over 2 / month
(excluding processing rent)
Outside Referral
·
Agent may send an
outside referral to any management company of their choice as well
