Are you thinking of hiring a property manager for your rental properties? If so, looking at a property management agreement template can help you prepare to work with a manager to keep your properties in the best possible shape for renters. Learn what’s normally covered in these forms and see a sample property management contract form.
What’s Typically Found in a Property Management Agreement Form
While a property management contract template is flexible, depending on the size of your managed property, it usually contains the following clauses:
• Location. You may own several properties. The property management agreement should specify which properties the manager shall manage, and for what time frame (e.g., one year).
• Fees. Typically, property managers charge a fee that’s expressed as a percentage of gross rent collected. Managers may be flexible, so feel free to try negotiating fees if they’re higher than you’d like.
• Liability. It’s typical to find a liability clause in a property management contract that limits the liability of the manager, except in cases of negligence.
• Your responsibilities. You may hire a property manager to do everything from marketing to landscaping and maintenance, or you may prefer to do some tasks and leave others to the management company. Anything you want to retain the option to do yourself should be listed in the agreement. Likewise, all services you expect the management company to perform should be spelled out in detail to avoid confusion.
• Termination. To protect your interests, make sure the contract states the process under which you can terminate the relationship. While you hope the relationship will go well for all sides, you need to be able to walk away if you dislike the management company’s performance. You may want the contract to state that you can get out of the agreement in the event the management company cannot find a suitable tenant in a specific time frame (say, three months). The contract should also specify what happens in the event of termination: for example, when fees are to be paid and when the manager should transfer tenant information to you.
Download a Property Management Contract Sample
Why create a form from scratch when you can customize our sample property management agreement to your liking?
While every property management agreement is specific, since every rental property is unique, there’s no need to start from scratch each time. Many property owners find it convenient to download our sample property management contract, then modify the clauses to reflect the needs of their situation. While countless property management companies may have their own contracts, those are set up to favor them, not you. Our forms protect your stakes.
At American Apartment Owners Association, we know how important it is to protect your investment in your rental property when entering into service agreements with professionals. That’s why we take the precaution of having lawyers review all of our contract templates.
Get the convenience of a downloadable form that you can modify in minutes and the peace of mind knowing that the contract is legally binding. No other online form provider offers the same quality of forms as us.
Do you want to make working with a property manager easy? Then download our form and get started today without needing to consult a lawyer or stress about whether the management company’s generic form adequately protects your interests.
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Note: All forms offered herein are provided only as a guide by the American Apartment Owners Association (AAOA). They have not been reviewed by legal counsel and no warranty, express or implied, is offered. AAOA suggests that you have local legal counsel that is familiar with current laws and ordinances review any forms prior to usage.