When you (as a property owner) engage in a legal relationship with a property management company, you'll be required to sign a Property Management Agreement. This document outlines the legal terms and obligations of the relationship.



Here, we highlight eight crucial aspects of a Property Management Agreement for you to review before entering into this legal relationship. But please read on, as we'll also discuss the most important things that the agreement CAN'T tell you.

Reviewing how easy it is to cancel the agreement may seem unusual, but it's crucial. It demonstrates the property management company's willingness to offer flexibility in case you're dissatisfied with their service. You shouldn't be tied down or penalized for leaving. Ideally, look for a month-to-month agreement that allows you to terminate at any time without penalties.

Our management agreement is month-to-month with NO termination fees or penalties.

It's essential to know how quickly you'll receive your money when a tenant pays rent. You should expect to receive it no later than the 10th day of the month.

We close our accounting cycle on the 10th day of each month and disburse funds through secure ACH transfers directly into your bank account.

Your property management company must have robust maintenance protocols in place to handle repair issues promptly and efficiently, without burdening you. Understand when you'll need to get involved in repair requests.

We handle all repair issues and don't involve you for items under $500.

In the rare event of an eviction, ensure the property management company will handle the entire legal process on your behalf, including preparation and service of legal documents.]

If an eviction is necessary, we oversee the entire legal process from start to finish, at no cost to you.

Property Management Agreements outline the legal relationship but can't express the most critical aspects of your new relationship – expertise, integrity, professionalism, and more. You're not just entering into a transaction; you're entering into a relationship. You should have confidence and trust in the person and company entrusted with your valuable real estate asset.

I hope this information helps you make an informed decision for your property management needs. Please consider me a resource if I can assist you in any way.