Our Property Management Agreement Template will allow you to hire a property management company to manage your rental real estate.
What You Should Know Before Using our Property Management Agreement Template
A property management agreement is a legal document between a property owner and an agent whom you have contracted to manage that property. The agreement is a way to protect yourself as a property owner while making clear what work the agent will do.
The Duties of a Property Manager
The main duties of the property manager deal with taking care of any and all tenants and seeing to their needs and requests. It also means looking after the maintenance of the property, hiring inspectors to look after the property, collecting rent from tenants, and interviewing prospective tenants.
What to Do Before Signing a Property Management Agreement
There are a few things to know before signing any agreement to work with a specific property manager. First, do a bit of research on the company. Make sure that the property manager has a license in the state where they manage your property. Finally, talk to your accountant about deducting the cost of the property manager from your income on the property.
Be sure to understand everything the agreement says. Ask for clarification when necessary. If your agreement is complicated make sure that an attorney looks over the agreement.
Finally, think about whether or not you will give the property manager power of attorney for dealing with the property.