This is a sample Property Management Agreement. A property management agreement is between a property owner and a manager that is hired to maintain the property. It is common for the manager to be paid a percentage (%) of the total revenue generated from the property plus fees for maintenance, leasing, and evicting tenants.
Each agreement should outline the steps your property manager will take to resolve tenant complaints or disputes, so everyone is on the same page.
It’s wise to read the fine print. Sometimes agreements include fees for maintenance, inspections, or other services that might catch you off guard.
You can typically expect regular updates, like monthly reports on income and expenses, but it’s good to clarify this with your property manager upfront.
If they’re not pulling their weight, you can refer to the agreement. Most have clauses that allow you to address issues or even terminate the contract.
Yes, but you’ll need to check if there’s a specific notice period you must give and any conditions attached to ending the agreement.
Usually, these agreements run for a year, but some can be shorter or longer, depending on what both sides agree on.
You’ll want to keep your eyes peeled for terms that outline the responsibilities of both parties, like maintenance duties and how rent collection works.