Property Management Policies

This guide will explain the Redwood Policies for agents who are providing property management services.

CENTURY 21 Redwood Realty does not offer Property Management Services or provide supervisory oversight for this practice. Below are the reasons why CENTURY 21 Redwood Realty cannot provide such oversight:

Compliance with Laws and Regulations: CENTURY 21 Redwood Realty does not provide training to ensure agents’ familiarity with and adherence to all relevant laws and regulations governing property management, including fair housing laws, landlord-tenant laws, property maintenance codes, and data protection regulations.
Tenant Screening Procedures: CENTURY 21 Redwood Realty does not offer or facilitate tenant screening services, which typically include background checks, credit checks, income verification, and rental history reviews.
Lease Agreements and Rent Collection: While original lease agreements can be executed, efficient rent collection processes, handling delinquent payments, lease renewals, garnishments, and evictions are not managed by CENTURY 21 Redwood Realty.
Property Maintenance and Inspections: Training on regular property inspections, maintenance, and repairs to ensure compliance with safety standards is not provided.
Financial Management: Financial services such as budgeting, accounting, expense tracking, reporting, security deposit handling, and managing financial records accurately and ethically are not offered by CENTURY 21 Redwood Realty.
Insurance and Risk Management: Proper insurance coverage for managed properties, including liability insurance and coverage for risks like floods or fires, is not in place. Complaint or court processes resulting from property management issues are not managed.
Agent Involvement: If an agent wishes to provide Property Management Services, they must set up a standalone company under their own entity, not through Redwood, due to licensure laws prohibiting fee collection outside of the brokerage. Setting up a Property Management Company requires thorough research, compliance with laws and regulations, insurance, financial setup, and proper training.

What if an agent wants to provide Property Management Services?

If an agent wishes to provide Property Management Services, they must first set up a stand alone Company/ Firm under their own Company (not through Redwood). Licensure law prohibits agents from collecting fees from anyone other than their Brokerage. Setting up your own Property Management Company is very involved, you must research the laws, tenant rules, insurance, bank accounts, and be properly trained just like being set up with your own Company.

What if I don’t have my own Company, can I still provide Property Management Services?

Agents without their own company cannot provide Property Management Services and should refer clients to established Property Management Companies.

Questions or Concerns?

Agents can speak to their Principal Broker for any questions or concerns regarding Property Management Services.