Property Management Contract Terms

[KC Zhang]

I'm in the process of hiring a property manager in IL and found some terms in one property management contract hard to agree to. I'm fairly new to owning properties in IL, and want make sure these terms reasonable practice in IL. 

Here are the terms I'm having problems with: 

"Owner agrees to pay a one-time early termination fee of $1500 if said contract is cancelled in the first year (Note: they require 3 year contract), plus $100 for every month remaining on said contract"

".... If at any time owner does not authorize necessary repairs or adjustments that affect the well being and or safety of person, or if manager determines at any time that for any reason, continued representation of owner may adversely affect the reputation of manager, manager may unilaterally terminate this agreement by giving owner 60 days written notice prior to first day of the month. Manager shall be paid as above-agreed through the date of termination."   

These terms are one sided in favor of the property manager. No where in the contract that it mentions owner can terminate the contract if property manager does not perform property management duties, etc. Am I fussing over a minor thing or shall I try to add terms to protect my interest or look for other property managers? 

Thanks 

[Kim Meredith Hampton]

@kc 

@KC Zhang the manager must have had some problems in the past, hence the reason for the large termination fee. Personally, I think that's crazy. We do a 60 day notice with $250 cancellation fee. 

I agree with the 2nd part because there are some unscrupulous people out there who shouldn't be a landlord, ignore necessary repairs, take weeks to get back to you with approval, they try and send a unlicensed person to do repairs that don't know what they are doing and don't call the tenant..... the list goes on and on. In the end, we as PM's look bad and the tenants give us bad reviews

Sorry for the soap box, but PM's work 24 hours a day , 376 days a year at very little compensation. So, although the PM above is excessive, I totally get where they are coming from.

If you like their business model, negotiate the fee