Property Management Agreement

A Property Management Agreement is a legal contract between a property owner and a property management company or individual. Key elements include:

1. Identification of parties involved

2. Property details and address

3. Scope of services provided by the manager, such as:

   – Rent collection

   – Maintenance and repairs

   – Tenant screening and management

   – Financial reporting

4. Fee structure and payment terms

5. Duration of the agreement

6. Responsibilities of the property owner

7. Termination clauses and notice periods

8. Liability and insurance requirements

This agreement clearly defines the roles and expectations of both parties, helping to prevent misunderstandings and disputes. It protects the interests of the property owner while giving the manager the authority to act on their behalf. A well-drafted agreement ensures efficient property management, maximizes rental income, and maintains the property’s value. It’s advisable to review and update the agreement periodically to reflect any changes in property management laws or practices.