Clearly outline the specific services that the property manager will provide, such as advertising, tenant screening, rent collection, maintenance, and lease administration.
This Property Management Agreement (the "Agreement") is entered into on [Document.CreatedDate] , by and between [Owner.FirstName] [Owner.LastName] (the "Owner") and [Sender.Company] (the "Property Manager").
Clearly outline the responsibilities of the property owner, such as providing accurate property information, covering property-related expenses, and cooperating with the property manager.
The Owner appoints the Property Manager to manage the following property/properties (the "Property"):
(List the addresses and details of the properties)
The Property Manager agrees to perform the following services (the "Services"):
Advertising and marketing the Property to potential tenants Tenant screening, selection, and placement Rent collection and accounting Maintenance and repairs coordination Lease and agreement administration Regular property inspections Other services, as agreed upon by the partiesThis Agreement shall commence on (start date) and continue for an initial term of (number of years/months). After the initial term, this Agreement shall automatically renew for successive terms of (number of years/months) unless terminated by either party with written notice at least (notice period) prior to the end of the then-current term.
Under the terms of this property management agreement, [Owner.Company] , hereby referred to as “Owner,” authorizes [Sender.Company] , hereby referred to as “Manager,” to perform business-related transactions on behalf of Owner for the property at Number.Street in City, hereby referred to as “Property.” Manager is given full authority to carry out all lawful necessary steps to fulfill this agreement.
The Property Manager shall receive compensation for the Services as follows:
A monthly management fee of (management fee amount) or (percentage) of the gross monthly rental income, whichever is greater.
An additional fee of (fee amount) for finding and placing a suitable tenant. Reimbursement for any authorized out-of-pocket expenses incurred in performing the Services.The Owner agrees to provide the following:
Accurate and up-to-date property information Sufficient funds to cover property-related expenses, repairs, and maintenance Cooperation with the Property Manager in fulfilling their obligations under this AgreementInclude provisions that allow either party to terminate the agreement in certain circumstances. This could be due to a breach of contract, non-payment, or other valid reasons. Specify the notice period required for termination.
Either party has the right to terminate this Agreement using a written notice if the other party breaches any agreement terms or for any other lawful reason. In the event of termination, the Property Manager shall provide a final accounting and return any unused funds to the Owner.
This Agreement shall be governed by and construed in accordance with the laws of [Sender.State] .
This Agreement constitutes the entire agreement between the parties and supersedes any prior understandings or agreements, whether written or verbal, relating to the Property Management Services.
By signing below, the Owner and the Property Manager acknowledge that they have read and understood the terms of this Agreement and agree to be bound by its provisions.
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A property management agreement is a contract between a property owner and a person or a business that would manage the property. It defines the responsibilities of both sides, remuneration for the manager, indemnity for the owner, and so on. Having a property management agreement protects the manager and the owner and claifies expectations.
The key components of a management agreement include:
These provisions cover the most important issues, though other elements could also be included in special situations
The purpose of a property management agreement is to get the parties’ expectations about each other clearly defined and give them a straightforward solution in case of any conflict. A written agreement supercedes a verbal one and is admissible in courts, so the clearer it is the better.
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