What is a Property Management Agreement?

What is a Property Management Agreement?

A property management agreement is a contract between a property owner and a property management company that outlines the terms and conditions of the relationship between the two parties. The agreement specifies the services the property management company will provide, the responsibilities of both the property owner and the property management company, and any compensation or fees the property management company will receive.

The agreement covers rent collection, maintenance and repair, tenant screening and placement, rent increases, lease renewals, and eviction proceedings. It may also include information on insurance coverage, the duration of the agreement, and how it can be terminated.

The property management agreement provides a clear understanding of both parties expectations and obligations and helps avoid misunderstandings or disputes down the road.

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