If you`re looking to hire a property manager to take care of your rental property, it`s important to have a solid property management contract in place. This document outlines the responsibilities and duties of both parties, preventing any misunderstandings or disputes down the line. Additionally, a well-written property management contract can help protect your investment and save you from potential headaches.

To help you get started, we`ve compiled a sample property management contract that you can use as a reference. Keep in mind that this is just a template and should be customized to fit your specific needs and circumstances.

Introduction

This section should clearly state the purpose of the agreement and the parties involved. It should include the name and address of the property owner and the property management company.

Services to be provided

This section outlines the specific services that the property management company will provide. This may include things like marketing the property, screening tenants, collecting rent, handling maintenance and repairs, and enforcing lease agreements. Be sure to include any additional services that you want the property management company to provide.

Fees and payment

In this section, you should detail the fees that will be charged by the property management company and when they will be paid. This may include a management fee, leasing fee, and/or maintenance fee. It`s important to be clear about what is included in each fee and any additional costs that may be incurred.

Term and termination

The term of the contract should be clearly stated, as well as any renewal options. Additionally, this section should outline the circumstances under which either party can terminate the contract, as well as any notice requirements.

Liability and insurance

It`s important to protect yourself and your property by making sure that the property management company has adequate insurance coverage. This section should detail the types of insurance that the property management company must carry, as well as any liability or indemnification clauses.

Dispute resolution

In the event of a dispute between the parties, it`s important to have a process in place to resolve it. This section should outline the steps that will be taken to resolve any disputes, whether through mediation, arbitration, or litigation.

Conclusion

A well-written property management contract is a crucial component of any successful rental property management relationship. By clearly outlining the expectations and responsibilities of both parties, you can help ensure a smooth and profitable rental experience. Use this sample contract as a starting point, and be sure to consult with an attorney before finalizing any legal documents.