PM Agreement Explained

Property Management Agreement :

  1. How Easy Is It To Cancel The Agreement?

Property management companies should offer flexibility, allowing you to end the partnership if you’re dissatisfied with their service. They should not bind you with restrictive contracts or impose termination fees or penalties.

Our management agreement operates on a month-to-month basis with no termination fees or penalties

  1. Are The Fees Hidden in the Agreement?

It’s reasonable for the company to charge fees for their services, but it’s important to ensure those fees are transparent and fair. Hidden fees buried within the agreement may indicate a lack of honesty about the costs you’ll incur.

-View our fee structure at the link below : View Our Pricing

  1. How Soon Will I Receive My Funds?

    When tenants pay rent, it’s important to know how quickly the property management company processes the payment and transfers the funds to you.

Timely payments are essential, so ensure you receive your funds no later than the 15th of the month.

  • We finalize our accounting cycle by the 10th of each month and securely transfer funds directly to your bank account via EFT.
  1.  What Guarantees Are Offered?

Two common concerns for property owners are:

  • What happens if a tenant doesn’t pay rent and needs to be evicted?
  • What if a tenant causes damage to the property?

It’s important to know how the property management company will handle these situations and what support they provide.

While timely rent payments can’t be guaranteed, does the company offer to re-rent the property for free or cover legal fees on your behalf? Similarly, while property damage isn’t always avoidable, will they take responsibility for certain issues, like pet damage?

Guarantees like these are rare, so be sure to ask, “What specific guarantees do you provide?”

These services are included in our premium plan—click here to learn more!

  1.  What Is the Maintenance Threshold?

One of the key benefits of hiring a property management company is that they take care of routine maintenance and repair issues, so you don’t have to deal with the daily hassles of property upkeep.

At some point, the toilet will run, the sink will drip, or the oven will stop working. For the safety of your property and compliance with health and safety regulations, it’s crucial that your property management company has clear and effective maintenance protocols.

These protocols should outline:

  • What repairs are the tenant’s responsibility versus the owners.
  • What qualifies as a maintenance emergency.
  • When to repair versus replace.
  • When and how you, as the owner, will be involved.

Ensure you fully understand when your involvement is required for repairs.

  • We manage all repair issues and only contact you for items exceeding $500.

What Your Property Management Agreement Doesn’t Reveal

Property management agreements, drafted by attorneys, focus on outlining the legal framework between the property owner and the property management company. However, they often fail to address the most critical aspects of the partnership.

These documents can’t convey the qualities that truly matter, such as expertise, integrity, honesty, professionalism, responsiveness, compassion, and wisdom. These attributes are essential to evaluate before choosing a property management company.

This isn’t just a business transaction—it’s the beginning of a relationship. You need to feel confident and trust the person and company responsible for safeguarding your valuable real estate asset.

I hope this information helps you make a well-informed decision about your property management needs. Feel free to reach out if I can assist you further in any way!