Ohio Property Manager Agreement
About this form
The Property Manager Agreement is a legal document that outlines the terms and conditions under which a property manager is hired by a property owner to manage rental properties. This agreement differs from other leasing documents by specifically addressing the relationship and responsibilities of the property manager, ensuring compliance with state statutory law.
Key parts of this document
- Identification of the parties involved: the property owner and the property manager.
- Description of the property being managed.
- Terms of the agreement, including duration and renewal conditions.
- Termination clauses for both parties.
- Maintenance obligations of the property manager.
- Severability and modification clauses to ensure legal enforceability.
When this form is needed
This Property Manager Agreement is essential when a property owner wants to hire a professional manager to oversee the operations of a rental property. It is needed to define the responsibilities, rights, and working dynamics between the property owner and the manager, which helps prevent potential disputes in the future.
Who should use this form
- Property owners seeking to hire a professional property manager.
- Property management companies looking to formalize agreements with property owners.
- Individuals managing rental properties who need clarity on their responsibilities and rights.
How to complete this form
- Identify and enter the names of both the property owner and the property manager.
- Provide a detailed description of the property being managed.
- Specify the term of the agreement and conditions for automatic renewal.
- Include clauses for termination and maintenance responsibilities.
- Ensure both parties sign and date the agreement.
Is notarization required?
This form usually doesn’t need to be notarized. However, local laws or specific transactions may require it. Our online notarization service, powered by Notarize, lets you complete it remotely through a secure video session, available 24/7.
Common mistakes to avoid
- Failing to clearly define the property being managed.
- Omitting specific termination clauses.
- Not specifying payment terms for the property manager's services.
- Neglecting the necessity for both parties' signatures.
Why use this form online
- Instant access to professionally drafted legal templates.
- Editability allows customization to fit specific needs.
- Convenient download and storage options for easy access.
- Compliance with legal standards, reducing the risk of errors.
Form popularity
FAQ
Check For a Cancellation Policy. There is a likely a specific cancellation policy in your management agreement. Send the Cancellation Notice in Writing. Prepare For Possible Costs. Make Sure the Management Company Notifies the Tenant. Collect Necessary Documents and Materials. Tell Them Why You're Cancelling.
Government Issued Real Estate License & REALTOR® License: Many states, including Ohio, require that a property manager have a real estate broker's license, as well; the only exception to this law is a property owner.
Most property managers are required to hold a property management license or a real estate broker's license in order to conduct real estate transactions, which includes those related to managing and leasing rental properties. Only a couple of states do not have this requirement.
The percentage collected will vary, but is traditionally between 8% and 12% of the gross monthly rent. Managers will often charge a lower percentage, between 4% and 7%, for properties with 10 units or more or for commercial properties, and a higher percentage, 10% or more, for smaller or residential properties.
Property management isn't worth the money to some investors.One important note, even if you choose to manage your own properties it pays to have a backup plan in case you're no longer able to handle them. For others investing in real estate, there's no way they'd choose to manage their own rental properties.
Undertake a certificate-level course in real estate. To become licensed as a property manager in your state, you can complete a Certificate IV (QLD and NSW) or a Certificate of Registration or Licensing Program (all states).
What is a property manager's first responsibility to the owner? To realize the maximum profit on the property that is consistent with the owner's instructions.
A property manager costs approximately 7-10% of your total rental income, however the services and expertise offered by a good property manager is worth much much more than this fee, plus in many cases the agents service fee is tax deductable.
In Ohio, subject to limited exceptions, property management companies must have a real estate broker's license. While there is no specific Ohio statute governing property managers, Chapter 4735 of the Ohio Revised Code governing Real Estate Brokers is dispositive.
