By Sunny Mattern, Property Manager – CCAR’s Property Management Committee
Did you know that if you offer to manage property for a fee and don’t know anything about property management, you might be in violation of our Code of Ethics? You may already have a relationship with the investor or homeowner who wants to lease their property, but do you have the property management expertise to accept such a relationship? Does your Broker know and allow you to enter into property management contracts?
Fiduciary duty is a major part of a Property Manager’s job when dealing with security deposits, collection of rents, and offering placement fees. TREC and the Texas Property Code have specifically lined-out rules and regulations on how to deal with these monies. The number one disciplinary action taken against real estate agents is in regard to disputes over misappropriation of funds.
Integrity and competency are just as important. The rules and articles of the Property Code are always being amended and improved to better serve the public. If you, or your Broker, do not know the most current regulations, you could both be in trouble. TREC’s Broker-Lawyer Committee has just revised the most commonly used forms in leasing and property management. Do you know what revisions were made?
Property Management is a specialized section of real estate. Although your real estate license allows you to provide these services, you may need to check with your Broker before accepting such relationships. Many brokerages do not allow their sales agents to provide property management services. Any agent new to this type of transaction should do their due diligence and research before they begin. In addition, CCAR’s Property Management Committee is available to any REALTOR® to answer questions and provide expertise.