Will I need a property management contract or agreement?
Yes. In order to establish service with a property management company the home owner will need to sign an agreement with the management company it intends to hire. A standard legally binding document will outline the property management companies responsibilities as well as tasks or liabilities that remain with the home owner.
Typically the document will name all parties involved and state the address and/or legal description of the property. It will outline 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
- Collection of rent or late fees
- Policies for responding to tenant issues and concerns
In addition to this the document will also outline home owner responsibilities, the cost of services and length of agreement. The agreement between the home owner and property management company is essential because it establishes the framework between the two parties by detailing what will occur during the length of the agreement.