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Updated over 8 years ago,
Landlords - How would you write the perfect PM contract?
I started to mention this on another thread that's going, but thought maybe a new thread would be better.
I thought about managing again, and then my sanity came back lol. But, I thought about how I would structure a PM contract that I would have also been happy with, if I was the owner. What I thought of doing, was a straight monthly flat fee with a bonus written into the contract at the end of the year, for zero vacancies.
I thought a fee to find a great tenant would be appropriate. But, after that, a flat fee to manage a property, regardless of the amount of rent. My time would be worth the same amount, regardless of what a tenant is paying in rent. And if there was a vacancy within 12 months, then I would not be paid another fee to find another tenant, and I would not get my bonus.
I'd have options on how to handle maintenance and who I should call, and if the owner wants to be contacted on every decision.
At any rate, I never worked it all out. But, if you could write your own PM contract, what would it include?