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Updated over 7 years ago,
Property Management Contract Terms
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