HIRING A PROPERTY MANAGER

Property management contract

A property management contract is a legally binding document between the owner of a property or portfolio and the property manager or management team hired to oversee it. A management contract is a standard requirement when hiring a manager to take over an investment property; a fair contract will protect both the owner and the manager, and clearly define each person"s role for the term of the agreement.

In general, a property management contract will always contain the same basic types of information. The contract will name all parties and give the address and/or legal description of the property. It will define the responsibilities of the manager or management team and include some or all of the following items: provision for advertising and renting the property; outline for maintenance, repairs and housekeeping; terms of financial tracking and responsibilities like the collection of rent or late fees; policies for responding to tenant issues and concerns; stipulations for 24 hour emergency services; requirements for ordering supplies for the building; and an outline of any rules and regulations to be enforced which were set forth by the owner in the tenant leases. The contract will also outline the responsibilities of the owner, which largely deal with communication with the manager or management team. All fees and commissions of the manager, and the term for which the contract is valid are also included. The agreement includes all information, the dates in which the agreement is in effect, and is signed and dated by both parties.1

Property management contracts are a staple of the real estate management industry and they are an essential and valuable way for a property owner to protect himself and his investment. Regardless of the type of property, a strong, fair, management contract is the foundation for a successful working relationship between an owner and property manager.

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