Understanding the Property Management Agreement
The property management agreement or landlord agent contract is the foundation of your relationship with the managing agent. This legally binding document outlines the services provided, fees, responsibilities of both parties and the terms of the agreement.
Key aspects to pay close attention to include:
- Services Included: Clearly define the scope of services, such as rent collection, tenant screening, property inspections, property maintenance, and handling legal issues.
- Fees and Payment Schedule: Understand the property management fees, including any upfront costs, monthly charges, and commission structures.
- Duration and Termination: Specify the length of the contract and the conditions for termination by either party.
- Responsibilities: Outline the responsibilities of both the landlord and the managing agent, ensuring clarity and accountability.
- Dispute Resolution: Agree on a process for resolving any potential disputes.