Why you should not do leasing or property management:
- Property management is the most litigious side of real estate.
- As a realtor, if you do not have an additional property management rider, your errors and omissions insurance will exclude any transaction with a lease provision.
- The Tennessee Landlord Act calls for security deposit accounts separate from all other accounts.
- The Real Estate Commission calls for all owner accounts to be monitored separately.
- The property manager is responsible for any shortcomings in any of those accounts, including money fronted by the manager.
- The Landlord tenant act calls for specific procedures for collection and disbursement of security deposits.
- As a property manager, you are responsible for all vendors and work you order to the property.
- Your job is to protect the asset of the homeowner.
- Your personal property is specifically excluded from any errors and omissions insurance.
VPM is fully licensed and insured to assist your clients in property management. We have several programs to provide flexibility and solutions to any leasing needs.
