Oklahoma Property Manager Agreement
What this document covers
The Property Manager Agreement is a legal document that establishes a professional relationship between a property owner and a property manager. It outlines the terms and conditions under which the property manager is employed to manage a rental property. This agreement differs from other rental documents by focusing specifically on the management relationship, ensuring compliance with state laws and providing clear expectations for both parties.
What’s included in this form
- Identification of the owner and manager, including their responsibilities.
- Description of the property being managed.
- Term of the agreement and conditions for renewal or termination.
- Details on property maintenance responsibilities.
- Notice requirements for termination by either party.
- Severability clause ensuring the remaining agreement is valid if one part is invalidated.
When to use this form
This form should be used when a property owner hires a property manager to oversee the management and operation of a rental property. It is essential in situations where the owner wants to clearly define the roles, responsibilities, and compensation terms associated with the property manager's duties. You may also use this agreement when renewing a property management relationship or establishing new management terms.
Who needs this form
- Property owners looking to hire a professional property manager.
- Property managers seeking to formalize their employment terms.
- Real estate investors managing multiple rental properties.
- Any individual or entity involved in property management roles.
Steps to complete this form
- Identify the parties involved by entering the name of the property owner and the property manager.
- Specify the property by providing both the title and any relevant legal descriptions.
- Determine the term of the agreement and enter the start date.
- Include any specific terms regarding maintenance responsibilities and compensation.
- Review the notice requirements for termination to ensure clarity for both parties.
- Sign and date the agreement once both parties have agreed to the terms.
Notarization requirements for this form
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.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Typical mistakes to avoid
- Failing to clearly define the property management duties and expectations.
- Not including a termination notice period, leading to misunderstandings later.
- Leaving out important details about property maintenance responsibilities.
- Neglecting to specify the payment terms or agreed compensation.
Advantages of online completion
- Convenience of downloading and completing the form from your own home.
- Editability of the document allows you to customize it to fit your specific needs.
- Reliability, as all forms have been drafted by licensed attorneys for legal compliance.
Quick recap
- The Property Manager Agreement formalizes the relationship between property owners and managers.
- Define clear roles, responsibilities, and compensation terms to avoid disputes.
- Review local laws to ensure compliance and validity of the agreement.
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FAQ
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.
A property management agreement is a contract between a property owner and the company or person hired to manage the property.A well-drafted agreement includes a clause about the type of insurance coverage a building owner must carry for the building.
A Property Management Company Needs Strong Communication. Property Managers Must Exemplify Responsive Customer Service. Managers Need to be Exceptionally Organized. Managers Need to Know the Basics of Marketing. A Property Management Company Needs to Have Hands-On Skills.
A good property manager is like a hip dad.A property manager needs to be able to listen and communicate, as well as be proactive and involved, current and knowledgeable. He or she should also be levelheaded and resourceful, personable and articulate.
Setting the rent. Collecting rent and chasing any arrears. Finding good tenants and long-term lease agreements. Property maintenance. Conducting routine inspections. Paying your bills. Administration. Communication.
The property manager can provide full leasing services. They effectively negotiate leases with tenants and prepare those leases for signature. They make suggestions regarding the tenant mix and prospective tenants.
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.
As The Landlord: As an investor or property owner signing a property management agreement is a legal document that allows you to enter into a business relationship with a property management company that allows you to have your property managed for a monthly or agreed upon fee.
Fees and services. The exact breakdown and total of all services and associated fees should be included in the property management contract. The responsibilities of the property owner. Equal opportunity housing. Liability. Contract duration. Termination clause.
