The Real Estate Encyclopedia
What Is Involved When Negotiating A Property Management Agreement?
Category - Real Estate Information Sources - Real Estate Information General

A written management agreement is negotiated between the owner and the person or firm that will manage the property.  States may have specific laws regarding such agreements, but generally, the following must be included to establish the scope of the agents authority:

       Identification of the parties

       Legal description of the property

       Statement of owners purpose

       Duties and responsibilities of the manager

       Responsibilities of the owner

       Rate and schedule of compensation

       Accounting and report requirements

       Starting date, termination date and provisions for renewal options

       Amount and method of determining the minimum security deposit to be collected from the tenants for each unit managed

       Procedure for returning or retaining the security deposit

       Provision setting forth the conditions under which the manager is authorized to pay expenses of the property being managed

       Signatures of parties

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Specialized Real Estate - Property Management
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