zack childress-Hiring a professional property manager for handling the daily operations that your property requires is easy. Depending on the type of property he/she will have to take additional responsibilities like handling financial operations, such as tax payments, payroll and maintenance bills, dealing with evictions, leases, complaints/emergencies, move outs and several other tasks, which is not that easy. And as a result, for this multitasking they charge more.
When you hire a property manager or take up the service of a property management company, it is imperative that you look over their management agreement and understand exactly what you are agreeing to. This article will explain you some of the most essential things that you have to ponder into when you are signing a property management agreement.
Zack Childress-Contract Duration and Termination:
Don’t settle on a long agreement until you have known their proven results. Unfortunately, property management companies will not sign a contract that is less than a year and you will not be able to terminate their services you are not satisfied. With that said, it is essential to have a way out of the contract just in case if the management company is not performing as agreed. So, review the termination clause thoroughly and make sure you are able to terminate the contract if you are unhappy with the service. Remember, sometimes you may have to pay a fee for early termination, so this will be even more intimidating, hence clarify as you sign.
Equal opportunity housing:
You want to make sure the management contract has a segment that says they hold up Equal Opportunity Housing. It ought to say they stand for, by both the state and federal fair housing laws.
Liability:
Here comes the most important part of the property management agreement that restricts the property manager’s liability, known as hold harmless clause, this will protect the property manager with the exception of cases where they have been inattentive. The property manager is not, however, in charge for carelessness of third parties they take into service. For instance, a property manager is not answerable if they sign up an outworker/ contractor, and the outworker /contractor causes damage to the property. To defend yourself from such things, you should make sure there is a “reasonable care” clause in the contract. For example, the property manager will not be held legally responsible if “reasonable care” has been taken when appointing a third party- in simple they must do an investigation and not take into service of a contractor/ outworker with a history of bad reviews or complaints against them.
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