If you hire a property management company to represent your property, you will allow them to do all the important daily business of the apartments and the tenants who live there. In addition, you make a considerable financial decision – but wise. According to legal resources site NoLo, property managers are responsible for a handful of programs under the typical contract. In particular, these commitments address serious concerns such as bed bugs, injuries, vandalism and property crimes. There are two ways to get closer to a property management agreement. 1. Overview Successful property management starts with good documentation, and most homeowners will launch a lease agreement with a rental application. A rental application allows a lessor to organize and evaluate applicants for real estate and to use the information provided to conduct credit and background examinations for these individuals. Together, this information can be used to select tenants who rent quickly and take good care of the property.
An owner may also protect himself from allegations that he or she has selected candidates for unacceptable and discriminatory reasons. In general, a property management agreement always contains the same types of basic information. The agreement will designate all parties involved and provide the address and/or legal description of the property. It will describe the responsibilities of the manager or management team and will include some or all of the following: the provision of advertising and leasing of the property; The contours of maintenance, repair and financial management; concepts of financial prosecution and responsibilities, such as collecting rental or late fees; Guidelines to address tenants` problems and concerns 24-hour emergency services provisions; The requirements for ordering supplies for the building; and outlines all the rules and regulations to be adopted by the owner in the leases. The contract will also outline the responsibilities of the owner, who are primarily involved in communication with the manager or management team. All executive fees and commissions, as well as the length of time for which the contract is valid, are also included in the contract. The contract contains all the contact information, the dates on which the contract is in force and is signed and dated by both parties.1 In addition to your obligations as landowners, this section of the property management contract also highlights tasks that you can no longer perform.