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Property Management Agreement Template

 
 

Owned by:
[Client.Company]

Managed by:
[Sender.Company]

Meet Your New Manager
What to Expect
     Responsibilities of manager
          A. Exclusivity of services
          B. Rent collection
          C. Scope of manager’s expectations
Agency Appointment
Limitation of Liability
Insurance
Manager Compensation
Rental Rates
Terms and Termination
Property Management Agreement

Meet Your New Manager

PandaTip: In this section, you can take some of the formality out of the contract signing process by being conversational but also informative about your management company. Highlight some of the properties you already manage so your prospective new client can see the kind of work you’re known for. Keep it brief for maximum impact.

new-home-ownersWhen you hire [Sender.Company], you will be partnering with a leader in property management in [Location] for the past [Time.Period]. Our clients receive the highest standards of service from a team of professionals who ensure the seamless operation and maintenance of your property 24 hours a day.

Our clients include multi-unit residential properties, single-family homes, office spaces, retail locations, and more:

What to Expect

PandaTip: This is the meat of the contract proposal, where you can give your prospective new client an idea of how you will manage their property. The template includes the basics, but if there is something special your company offers, be sure to include it here.

Responsibilities of manager

Under the terms of this property management agreement, [Client.Company], hereby referred to as “Owner,” authorizes [Sender.Company], hereby referred to as “Manager,” to perform business-related transactions on behalf of Owner for the property at [Number.Street] in [City], hereby referred to as “Property.” Manager is given full authority to carry out all lawful necessary steps to fulfill this agreement.

A. Exclusivity of services

Manager has the exclusive right to manage and lease Property for the duration of this agreement. Both parties agree that Manager has sole cause of any lease of, or agreement to any lease of, Property, whether made in writing or orally.

B. Rent collection

Manager will collect from tenants rent payments on or before the due date, and issue receipts to tenants. Owner will be paid out all income monthly in a manner of their choice, minus Manager pay and expenses incurred. Manager will provide a monthly accounting of all rent payments for Owner’s records. Disbursement to Owner will occur on or before [Disbursement.Date] each month, as long as tenants have fully paid rent. Manager assumes responsibility of any rent payment disputes with tenants.

check boxPayment by check

check boxPayment by electronic transfer

C. Scope of manager’s expectations

keys-homeproperty-mgmt

Agency Appointment

Manager shall be considered an agent of Owner, given full authority to perform necessary actions to evict tenants and/or collect unpaid rent. Manager has the right to enter Property at any time during the length of this property management agreement.

Limitation of Liability

Manager, and all employees or independent contractors hired by Manager, shall have no liability under this agreement, including such liability related to injury to persons or damage to Property under Manager’s supervision, except in instances of gross negligence or willful misconduct by Manager.

Insurance

Owner is responsible for obtaining and paying for general liability insurance and other necessary insurance to protect the interests of Manager and all associated personnel.

Manager Compensation

Owner agrees to pay Manager under the following conditions:

Rental Rates

Manager shall base rent prices on commercially reasonable rates for the region in which Property is located. Manager is given discretion to rent units in Property at a minimum and maximum rate within [Dollar.Figure] of previously agreed upon rates. Manager shall present offers to Owner for review and consideration if they fall above or below previously agreed upon rates. Unit rental prices are as follows:

Type of UnitPrice Range
Studio, 1 bathroom, 450 sq. ft.$500-700/month
1 bedroom, 1 bathroom, 700 sq. ft.$900-1100/month
2 bedroom, 2 bathroom, 1100 sq. ft.$1300-1500/month

Manager will be responsible for advertising of units, tenant screening for credit worthiness and ability to pay monthly rental rate. Manager will be responsible for obtaining lease agreements, renewals, and terminations; and to take all necessary legal actions to recover unpaid rent or tenant costs associated with damage to Property or its furnishings.

Terms and Termination

Screen Shot 2016-03-29 at 8.49.01 AMManager and Owner enter into this property management agreement on [Contract.Start.Date]. This agreement shall automatically renew after one year unless Owner provides 60 days prior notice in writing to Manager.

Property Management Agreement

This property management agreement begins as of [Day.Month.Year] and is entered into by [Client.FirstName] [Client.LastName] and [Sender.FirstName] [Sender.LastName] for the Property at [Number.Street] in [City].

[Sender.FirstName] [Sender.LastName] of [Sender.Company][Client.FirstName] [Client.LastName] of [Client.Company]
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