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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:

  1. You own a property and wish to retain a company or person to manage the building or apartment.
  2. 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.

"Property Management Agreement Template"

Rate (4.7 / 5) 17 votes
Size: 154 KB
3 pages

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.

What Items Must Be Included in a Property Management Agreement?

Every Property Management Agreement form must contain the following information:

  1. Purpose. Briefly describe the subject of the contract.
  2. 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.
  3. Compensation. State the sum of money the manager will receive for the work.
  4. Period. Specify the duration of the agreement.
  5. Termination. The parties may negotiate this provision adding conditions they deem necessary, for instance, reimbursement for any expenses incurred before the date of termination.
  6. 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.
  7. 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.
  8. 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:

  1. 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.
  2. Understand the costs that may occur - some agreements will charge a fee for early termination.
  3. 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.
  4. Notify the tenants about the change in property management and let them know the whereabouts of their security deposits.
  5. 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:

Documents

52

"Property Management Agreement Template"

Rate (4.7 / 5) 17 votes
Size: 154 KB
3 pages

This document puts into detail the responsibilities that the property managers are accountable for.

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Service Contract Template Business

"On-Site Management Agreement Template"

Rate (4.5 / 5) 20 votes
Size: 73 KB
3 pages

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.

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Service Contract Template Business

"Property Management Agreement Template" - Alabama

Rate (4.7 / 5) 21 votes
Size: 121 KB
9 pages
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Service Contract Template Business

"Property Management Agreement Template" - Alaska

Rate (4.8 / 5) 26 votes
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Service Contract Template Business

"Property Management Agreement Template" - Arizona

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Service Contract Template Business

"Property Management Agreement Template" - Arkansas

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Service Contract Template Business

"Property Management Agreement Template" - California

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Service Contract Template Business

"Property Management Agreement Template" - Colorado

Rate (4.6 / 5) 33 votes
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Service Contract Template Business

"Property Management Agreement Template" - Connecticut

Rate (4.7 / 5) 14 votes
Size: 121 KB
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Service Contract Template Business

"Property Management Agreement Template" - Delaware

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Service Contract Template Business

"Property Management Agreement Template" - Florida

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Size: 121 KB
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Service Contract Template Business

"Property Management Agreement Template" - Georgia (United States)

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Size: 121 KB
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"Property Management Agreement Template" - Hawaii

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"Property Management Agreement Template" - Idaho

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"Property Management Agreement Template" - Illinois

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Service Contract Template Business

"Property Management Agreement Template" - Indiana

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Service Contract Template Business

"Property Management Agreement Template" - Iowa

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Service Contract Template Business

"Property Management Agreement Template" - Kansas

Rate (4.4 / 5) 33 votes
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Service Contract Template Business

"Property Management Agreement Template" - Kentucky

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Service Contract Template Business

"Property Management Agreement Template" - Louisiana

Rate (4.6 / 5) 12 votes
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Service Contract Template Business

"Property Management Agreement Template" - Maine

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Service Contract Template Business

"Property Management Agreement Template" - Maryland

Rate (4.8 / 5) 29 votes
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Service Contract Template Business

"Property Management Agreement Template" - Massachusetts

Rate (4.3 / 5) 33 votes
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Service Contract Template Business

"Property Management Agreement Template" - Michigan

Rate (4.4 / 5) 14 votes
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Service Contract Template Business

"Property Management Agreement Template" - Minnesota

Rate (4.5 / 5) 21 votes
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Service Contract Template Business

"Property Management Agreement Template" - Mississippi

Rate (4.6 / 5) 7 votes
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Service Contract Template Business

"Property Management Agreement Template" - Missouri

Rate (4.7 / 5) 12 votes
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Service Contract Template Business

"Property Management Agreement Template" - Montana

Rate (4.8 / 5) 22 votes
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Service Contract Template Business

"Property Management Agreement Template" - Nebraska

Rate (4.3 / 5) 21 votes
Size: 121 KB
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Service Contract Template Business

"Property Management Agreement Template" - Nevada

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Service Contract Template Business

"Property Management Agreement Template" - New Hampshire

Rate (4.5 / 5) 10 votes
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Service Contract Template Business

"Property Management Agreement Template" - New Jersey

Rate (4.6 / 5) 24 votes
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Service Contract Template Business

"Property Management Agreement Template" - New Mexico

Rate (4.7 / 5) 23 votes
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Service Contract Template Business

"Property Management Agreement Template" - New York

Rate (4.8 / 5) 6 votes
Size: 121 KB
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Service Contract Template Business

"Property Management Agreement Template" - North Carolina

Rate (4.3 / 5) 22 votes
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Service Contract Template Business

"Property Management Agreement Template" - North Dakota

Rate (4.4 / 5) 10 votes
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Service Contract Template Business

"Property Management Agreement Template" - Ohio

Rate (4.5 / 5) 15 votes
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Service Contract Template Business

"Property Management Agreement Template" - Oklahoma

Rate (4.6 / 5) 27 votes
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Service Contract Template Business

"Property Management Agreement Template" - Oregon

Rate (4.8 / 5) 5 votes
Size: 121 KB
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Service Contract Template Business

"Property Management Agreement Template" - Pennsylvania

Rate (4.8 / 5) 21 votes
Size: 121 KB
9 pages
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Service Contract Template Business