PROPERTY MANAGEMENT AGREEMENT
This form is provided ‘AS-IS’ without any warranty of any kind, expressed or implied, statutory or otherwise. Any use of this form is at your own risk.
While the information contained herein is designed to provide accurate and authoritative information in regard to the subject matter covered, it is offered with the understanding that the presenter(s) are not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert advice is required, the services of a competent professional should be sought.
Personal Note from AIG:
I’m not a huge fan of management companies personally. I think it’s almost always a relationship destined for destruction. As good as it sounds, I have yet to find a property management company to manage my rentals who’s done the job I expected (or they promised to do) and I think it’s because they’re overworked, underpaid and simply don’t/can’t care as much about collecting your rent and keeping your houses up as you do. If it goes vacant for a month, they’re not the one feeling the pain of paying a mortgage with no income to offset it.
Having said that, here’s a mgmt agreement I’ve used with mgmt companies before. It’s not magical, but you never know when you might need a simple property management agreement handy. So here you go. I’ve also used it in times when I wanted/needed to temporarily “manage” a property I had under contract to purchase – if, for example, part of the deal was that I’d content with evicting the problem tenants. Having an agreement like this in place prior to closing on my purchase gave me the freedom/leverage to personally get the eviction process or cash-for-keys process started ahead of time. And the sellers are happy to agree, as long as they don’t have to deal with their stinky tenants anymore.