Hiring property management companies and services for real estate properties.
PROPERTY MANAGEMENT AGREEMENT
This Property Management Agreement is made on [DATE] between [PROPERTY OWNER] ("Owner") and [MANAGEMENT COMPANY] ("Manager").
1. PROPERTY DESCRIPTION
Manager agrees to manage the following property: [PROPERTY ADDRESS], consisting of [PROPERTY DETAILS].
2. MANAGEMENT SERVICES
Manager shall provide: tenant screening, rent collection, maintenance coordination, property inspections, and financial reporting.
3. MANAGEMENT FEE
Owner agrees to pay Manager [PERCENTAGE]% of monthly rental income or $[FLAT FEE] per month as management fee.
4. LEASING AUTHORITY
Manager is authorized to lease the property, screen tenants, execute lease agreements, and handle tenant relations.
5. MAINTENANCE AND REPAIRS
Manager may authorize repairs up to $[AMOUNT] without prior approval. Larger expenses require Owner's written consent.
6. FINANCIAL REPORTING
Manager shall provide monthly financial statements and remit rental income less fees and expenses by the [DAY] of each month.
OWNER: _________________ MANAGER: _________________
[OWNER NAME] [MANAGEMENT COMPANY]
Date: ___________ Date: ___________
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A Property Management Agreement is a comprehensive legal contract between property owners and professional management companies that establishes terms for managing residential or commercial real estate investments, protecting owner interests while ensuring efficient property operations. Essential for landlords, real estate investors, property owners, and management firms, this agreement defines services, fees, responsibilities, and authority for tenant relations, maintenance, rent collection, and financial reporting. The contract typically includes provisions for leasing authority, repair authorization limits, management fees, insurance requirements, and performance standards. Critical for property owners who need professional management services to maximize rental income, maintain property value, ensure legal compliance, and handle day-to-day operations while minimizing personal involvement and liability.