Property Management Agreement Templates - Download PDF & Print
What Is a Property Management Agreement?
A Property Management Agreement is a document that outlines the business relationship between a property owner and the entity or individual hired to manage this property. It covers all the responsibilities of the parties, their legal liabilities, and insurance coverage for the property.
Alternate Name:
- Property Management Contract.
A simple Property Management Agreement will protect your interests if:
- You own a property and wish to retain a company or person to manage the building or apartment.
- You own a property management company and want to have written proof of negotiated terms and conditions with the owner of the property.
You may create a Property Management Agreement using our online form builder or download one of the ready-made contracts through the links below.
This document puts into detail the responsibilities that the property managers are accountable for.
The benefits of drafting a Property Management Contract include the following:
- It sets the standard of performance for both participants;
- It provides a definite time frame once a party chooses to terminate the contract;
- It is essential to protect you from liability;
- It provides a structure for a beneficial partnership between the property manager and the owner.
Property Management Agreement Templates by State
What Items Must Be Included in a Property Management Agreement?
Every Property Management Agreement form must contain the following information:
- Purpose. Briefly describe the subject of the contract.
- Manager's Responsibilities. You may include several duties in the agreement, for example, advertising of the property, collection of rent, repair, and maintenance, legal proceedings.
- Compensation. State the sum of money the manager will receive for the work.
- Period. Specify the duration of the agreement.
- Termination. The parties may negotiate this provision adding conditions they deem necessary, for instance, reimbursement for any expenses incurred before the date of termination.
- Severability. If any provision of the agreement becomes unenforceable or invalid, that part will be severed from the rest of the contract and other provisions will continue in full force.
- Liability. Indicate the responsibility in cases regarding injuries or personal claims against the property - for example, when the manager was aware of a health hazard and did not fix it.
- Signatures. The manager and the owner must also write down their names and the date the deal is made.
How to Get out of a Property Management Agreement?
There are several steps you need to take to properly terminate a Property Management Contract:
- Reread your agreement to find a specific reason to end the contract. Some agreements will allow you to cancel the agreement without a just cause.
- Understand the costs that may occur - some agreements will charge a fee for early termination.
- Give advance notice to the other party of the contract. The termination clause usually requires between thirty- and ninety-days-notice to terminate the deal. Make sure your notification is sent by certified mail, not by e-mail.
- Notify the tenants about the change in property management and let them know the whereabouts of their security deposits.
- Get copies of all the paperwork - records of security deposits, and possible expenses.
Looking to find out more? Check out these related contracts and agreements:
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This document puts into detail the responsibilities that the property managers are accountable for.
This is a contract between the owner of a property and an on-site property manager. An on-site manager performs property management functions on a premises and is responsible for the day-to-day operations of a particular property.
This template is drafted in Alabama in order to designate a property manager for real estate in instances when the original owner does not have the time or opportunity to do so themselves.
This template is used in Alaska and gives permission for the owner of a property to delegate an individual that will be in charge of managing their property.
This template is created in Arizona between the owner of a property and an individual that they are hiring to manage their property on their behalf.
This template gives an individual legal permission to manage and maintain a property as allowed by the owner of the property in the state of Arkansas.
This template is signed between the owner of a property and a person who the owner has selected to manage their property in the state of California.
The owner of a property in Colorado may use this template in order to give another person the authority and legal power to manage a property belonging to the owner.
In Connecticut, this template is used to form an agreement between the property owner and the party that they have selected to manage their property.
This is a legal document used in Delaware and signed between the owner of a property and the party they have hired to manage their property for them.
For individuals residing in Florida, this type of template would need to be signed between the property owner and the party that will be managing their property.
This template is used in Florida and signed by a business or individual agreeing to manage a property and the owner of the property.
This template is required in Hawaii when a property owner wants to assign a manager to look after their property and take care of all questions relating to rent and finances.
This type of template is signed in Idaho between the owner of a property and the individual or company they want to hire to look after and manage their property.
This template is used in Illinois and gives permission for another party to act as a property manager, as allowed by the owner of a property.
This template is used in Indiana and clearly lays out the terms and conditions agreed upon by the owner of real estate and the managing party, responsible for managing their property.
This template permits a manager of a property in Iowa to carry out certain functions, as described in the agreement and allowed by the owner.
This template is required in Kansas to legally document the permission of an individual to manage a property by the owner.
In Kentucky, this template is signed as a legally binding document between the owner of a property and the party that they have selected to manage the property in question.
This template is used in Louisiana to clearly detail the agreement formed between the owner of real estate and the individual/company that they have hired to maintain and manage their property.
Residents of Maine may use this template to detail the conditions agreed on between the owner of a property and the individual acting as the property manager.
This is a legal document used in Maryland and signed by a real estate owner and a party being hired to maintain their property for them.
Residents of Massachusetts may use this template to specify details about an agreement formed between a real estate owner and the individual or company managing the property on behalf of the owner.
This template is used in Michigan and gives permission for the owner of a property to delegate an individual that will be in charge of managing their property.
This type of template is used in Minnesota between the owner of a property and the person (or company) representing them in terms of property management.
In Mississippi, this type of template is used as a legal agreement that is composed when an owner of a property selects a party to manage their property (or properties) on their behalf.
This template is used in Missouri and gives the owners of real estate the right to delegate a property manager to carry out specific functions that are detailed in the agreement.
This template is used in Montana to allocate a property manager for a property in cases where the owner cannot carry out these functions due to having insufficient time to do this independently.
This template allows the owner of a property to select an individual or company that will be tasked with managing a property in the state of Nebraska.
This template is drafted in Nevada in order to designate a property manager for real estate in instances when the original owner does not have the time or opportunity to do so themselves.
This template provides an individual with permission to maintain and care for a property in the state of New Hampshire, which is allowed by the owner of the real estate.
This template is used in New Jersey between the owner of a property and someone that the owner wants to manage their property.
This template is drafted by a property owner in New Mexico which allows them to give another individual the power to manage a property that belongs to the owner.
In New York, this template is used to create an agreement between a real estate owner and the individual or company that has been chosen to manage the property of the owner.
This is a legally binding template used in North Carolina and signed between the property owner and the company or individual they have hired to maintain their property.
For individuals living in North Dakota, this type of template should be signed between both the property owner and the individual or company that will be maintaining their property for them.
This type of template is used in Ohio and signed by a company or person that is in agreement to manage a property as well as the owner of the property.
This template is needed in Oklahoma when a real estate owner plans on assigning a manager to maintain their property and take care of all questions regarding rent as well as finances.
This template is used in Oregon and gives permission for the owner of a property to delegate an individual that will be in charge of managing their property.
This template permits another party to legally manage a property with full permission from the owner of the property in the state of Pennsylvania.
