Property Management Agreement Generator

What is a Property Management Agreement?

A Property Management Agreement is a legal contract between a property owner and a property management company or individual manager that establishes the terms and conditions for the professional management of real estate. The agreement defines the manager's responsibilities, owner's obligations, fee structure, maintenance protocols, financial reporting requirements, and other important aspects of the property management relationship.

Key Sections Typically Included:

• Parties Identification
• Property Description and Address
• Agreement Term and Renewal
• Manager's Duties and Responsibilities
• Owner's Obligations
• Fee Structure and Compensation
• Maintenance and Repair Protocols
• Tenant Management Procedures
• Financial Management and Reporting
• Insurance Requirements
• Hold Harmless and Indemnification
• Termination Conditions
• Dispute Resolution

Why Use Our Generator?

Our Property Management Agreement generator helps you create a comprehensive document that clearly establishes the parameters of your property management relationship. By defining responsibilities, fee structure, maintenance protocols, and reporting requirements upfront, both the property owner and manager can maintain a productive professional relationship with clear expectations and boundaries.

Frequently Asked Questions

• Q: What specific manager responsibilities should be included?

  • A: The agreement should detail all services the manager will provide, including tenant screening and selection, lease execution and enforcement, rent collection and processing, maintenance coordination, vendor management, periodic property inspections, financial reporting, lease renewals, and handling of tenant complaints. It should specify communication protocols with both owners and tenants, emergency response procedures, and the manager's role in legal proceedings such as evictions. The document should also clarify which duties are included in the base management fee versus those that incur additional charges.

• Q: How should maintenance and repair authority be structured?

  • A: The agreement should establish clear spending authority limits, specifying what dollar amount the manager can approve without owner authorization for routine repairs versus emergencies. It should outline the procedure for obtaining multiple bids for larger projects, detail how repairs are documented and reported to owners, and address whether the manager can use in-house maintenance staff versus independent contractors. The document should also specify any markup or management fee applied to maintenance costs and establish protocols for after-hours emergency situations.

• Q: What financial reporting should be required?

  • A: The agreement should specify the frequency of financial reports (monthly, quarterly), detail the specific reports to be provided (income and expense statements, rent rolls, bank reconciliations, maintenance records), and establish the timing for disbursements to property owners. It should address how security deposits are handled, outline record-keeping requirements and retention periods, and specify whether the manager will assist with tax documentation. The document should also establish protocols for year-end reporting and whether the manager will coordinate with the owner's accountant.