Why is a Property Management Agreement Important?
You may be wondering, why do I need a property management agreement? As with any contract, a Property Management Agreement protects both parties by defining roles and responsibilities. Whether you have one rental or several hundred, the time needed to market, lease, attend to maintenance issues, answer tenant calls, and maintain accounting is a daunting task. That said, having a property management agreement in place allows owners to step away comfortably. Ideally, knowing the firm they choose has their best interest in mind. A Property Management Agreement provides owners with all of the necessary terms and clauses related to a rental unit’s management. Furthermore, the signed contract aids in minimizing misunderstandings or disputes over responsibilities.
