February 7, 2011

Best Practice Forms

Having best practice forms in property management is a necessity; not only for compliance but for risk management.

There are many critical forms; this blog is going to address two of them; Applications and Routine (General Inspections).

Agencies always need to be in a position in regards to Applications that evidence can be provided if needed that due diligence was completed when assessing applications and processing them. Best Practice and Sound Risk Management is to ensure that all prospective applicants complete the Agency application form 100% (no blank 'spots') and that the application is verified to the best of the Agent's ability. Not only verified, but ensure that it could be proven. Don't write all over the application form; ensure written checklists and procedures are used so that the procedure can easily be proven if challenged; or if there is an allegation of negligence against the Agency from the Lessor Client.

Routine Inspection Reports are another vital risk management procedure; ensure that detail and diligence can also be proven when carrying out general inspections. Agents need to ensure that their reports state very clearly that the inspection is only visual and that the agency holds no other qualification than that of a Real Estate Agent. Ensure follow up procedures are in place so that any requested instructions are received from the lessor client and advice is provided to tenant's accordingly.

Both the Application Form and General (Routine) Inspection report are non standardised in QLD; meaning that they are not statutory forms. Real Estate Excellence now has a best practice application form, processing tenancy application checklist and routine (general inspection form) available for PLATINUM Exclusive and GOLD Sole Members; there is a small fee for BRONZE Open Members and for NON Members of Real Estate Excellence.

Contact Stacey Holt for more - http://www.realestateexcellence.com.au/

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