Friday, June 19, 2009

The Property Management Contract

Dear Property Manager --

What should be included in a property manager's contract. We are considering hiring a small company for a commercial property we own, and it seems there are things missing.

Thank you,
George, Concord NC

Dear George:

The manager will be taking on significant responsibilities, and they should all be included in the contract. The contract should have at least the following:

1. The names of all parties to the contract
2. The legal property address
3. Clearly define the responsibilities of the property manager and the owner
4. Give a breakdown of all fees including management, maintenance, marketing and commissions for leasing or real estate sales.
5. Define beginning and end dates for the contract
6. Have a place to sign and date for both the manager and the owner.

Besides that, many contracts will go into elaborate detail on clauses and how responsibilities are handled. I always feel that the more information the better, and recommend that you have an attorney review this and any contract.

If you have any additional questions about property management options in Concord, please give us a call at 704.973.9017.

Property Manager

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