Chapter 3
Managing Owner Relations

Nature of the relationship

l   Employer-employee

l   Principal-agent

l   Formal fiduciary (trust)

The Management Contract

l    Identification of the property and parties

l    Contract period

l    Manager's responsibilities

    Monthly reports and disbursements

    Authority for leasing

    Manager's authority to contract for owner

    Operation of property

l    Owner's responsibilities

l    Management fees for agent managers

    Flat or fixed fee vs percentage fee

    Leasing fees

    Antitrust issues

Takeover procedures
(Look at checklist on pp.63-64)

Continuing Owner-manager Relations

l   Monthly reports

l   Personal contract

l   Renewal of contract