Inspecting A Rental Property Management Agreement For ...

By:? Elaine Salt

Most landlords who do not have the time to properly manage their rental property almost always opt to hire a property manager.? By doing so, they are getting someone competent and knowledgeable about the business to handle the important tasks associated with being a landlord.? If you would like to hire a manager for your rental property, you have to make sure that you pick the right one.? Before you sign an agreement with a potential manager though, you have to first make sure that the agreement is a fair one.

One of the first things that you need to look at in an agreement with the manager is the rate and the services offered.? You have to make sure that the manager would be able to handle the things that you do not have the time to deal with especially if you are busy with another business or your day job.? Make sure that there are no hidden charges in the agreement so always read the fine print.? You do not want to end up paying for services which you have no need for.

The responsibilities of both you and the manager should also be in the agreement.? This part would tell you what things you will be responsible for depending on the deal you have struck with the management company.? It should also show what things you are not permitted to do as a landlord.? An example of this is directly getting tenants without having them checked by the guidelines set forth by the property manager.

Equal Housing Opportunity should be supported by the property manager.? This should be in the agreement as well as a statement that the manager would abide by the fair housing laws being enforced by local and state agencies.

The liability of the property manager should also be stated in the agreement.? You have to make sure that they cannot use a loophole to avoid any legal action that could be taken against them because of their negligence.? Without this, you could end up answering for the negligence by the manager which is not something pleasant to deal with.

An early termination clause should also be included in the agreement.? This way, if things are not working out well, you can terminate the agreement prematurely as long as you have satisfied the conditions stated in this clause.? This would make it easier for you to reduce the risk for your business.

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