Whether you are an investor with multiple rental properties who hires a property manager or a homeowner who decides to have a friend manager their property, you need you need to have a management agreement.
While this can be a positive move, many times it can set the stage for a disaster waiting to happen–if there is no adequately signed rental agreement, better known legally as a property management agreement.
Our article below covers various methods to protect yourself by using a signed rental agreement and it will lessen the chances that anything goes wrong as a property owner or property manager.
What Things Can Go Wrong?
- Late rent payments
- Injury on the property
- Unauthorized repairs or modifications
How Can These Situations Be Avoided?
Many of these scenarios can easily be avoided by stipulating a manager’s job description along with their responsibilities–mutually signed by the property owner and the manager both.
What Should A Property Management Agreement Include
- Duties performed by Management
- Services and Fees
- Dealing with Fees
- Equal Housing Opportunity
- Manager’s Legal Liability
- Owner’s Responsibilities
- Term of Contract and Grounds for Termination
- Handling Eviction Proceedings
Property management rental agreements are not expensive nor difficult to write. However, statutes vary from state-to-state. If you have trouble writing one, then an attorney or someone well-versed in real estate matters may help you. For a free example visit: https://www.rocketlawyer.com/document/property-manager-agreement.rl