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Updated almost 7 years ago on . Most recent reply
Property Management Agreement Questions
Hi all,
I'm interviewing my first ever property management company tomorrow. They sent me an example of their management agreement and I don't know what's typical and wanted some feedback on a couple points, if anyone doesn't mind helping :)
1. Is it common for a property manager to contract an owner for a period of time, like a year, and require that the agreement remains in place as long as a tenant they placed resides in the property, and for the agreement to renew without notice unless the owner provides 30 days notice?
2. Is it common for the property manager to require first right to an Exclusive Right to Sell listing contract for no less than 180 days if I choose to sell or dispose of the property?
3. Is it common for the property manager to require the owner to provide the property manager evidence of ownership of all properties under management, and sufficient hazard insurance for the same and for the owner to complete a detailed property information questionnaire for each property?
They said it was an "example" management agreement, so I assume that means it's negotiable?
Thanks so much!
P.S. this is for a property and PM in Indianapolis.