PM Contracts

[Andy Tomaswick]

Hi All,

I had a bad experience with my first PM company, where they were unable to rent a property at a price I had been previously renting it at for over 3 months.  When I attempted to get rid of them, I realized that in the contract we had agreed to use them as our property manager for a year, and that we would have to use their real estate agent if we wanted to sell the property.  Newbie mistake in this case.

I wanted to get a better feel for PM contracts in general - is it normal to have the tie up for a year?  I think I would want to vet that the PM actually knows what they are doing (especially in terms of getting renters into the property) before I sign a long-term contract with one.  

Anybody have any suggestions on how to structure a future contract so I don't end up in that trap again?  I appreciate the advice!