Property Management Business
17. Top Clauses You Can't Miss in Your Property Management Agreement!
Dec 26, 2023
Learn about the essential clauses often overlooked in property management agreements, including owner reserves, lease renewals, and security deposits. Discover practical tips for building and protecting your property management business. Find out about a pest control service and the challenges and strategies for insurance claim work in property management.
30:38
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Quick takeaways
- The property management agreement should include clauses regarding owner reserves and the advanced payment of funds to ensure financial transparency and protect both parties' interests.
- The property management agreement should clearly establish the property manager's authority and responsibilities, enabling them to effectively manage the property and address tenant-related issues without constant approval from the owner.
Deep dives
The Importance of a Property Management Agreement
One of the most critical documents in property management is the property management agreement. It establishes the legal relationship between the property manager and the owner. It outlines essential clauses that should be included in the agreement, such as owner reserves, authority to manage the property, and holding security deposits in a trust account. The agreement should also define the scope of services provided, clarify the responsibilities and liabilities of both parties, and address important aspects like lease renewals, hiring vendors, and owner's cooperation. Regularly reviewing and updating the agreement is crucial for the success and protection of the property management business.
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