The Management Agreement forms the foundation of the relationship between the property owner and the management company. It establishes the terms of the relationship, the fees, and how to end the agreement when something goes wrong. It establishes waivers and indemnities. It helps avoid costly liabilities. It is what we go to when things don’t work out on the operational side of the relationship. When owners push back, we can refer to this agreement to remind them of what they agreed to in writing. This is a key document in your business model.
After more than 20 years of managing rentals for over 3000 owners we have had many opportunities to address conflicts and disagreements. We’ve had numerous chances to examine this agreement from every perspective of what the owner and we have agreed to. We never wanted to get to that point but we have discovered that the more our volume grew the chances of a dispute with our owner/client became greater, perhaps even inevitable.
This original document was crafted by an experienced and highly regarded professional property manager. Over the next 20 years we would substantially modify this document based on its practical application and from the viewpoint of professional experience. We attended the school of hard knocks and took this document along for the ride. We offer it to you now, so that you won’t need to go back to school, or suffer the heavy cost of having ambiguous or absent provisions in this important relationship-governing document. It’s the best document of its kind that we know.
Most documents of this nature are originally drafted by an attorney. That’s good from the perspective of law compliance, but it can be totally impractical operationally and may not be the best document for you or your company. Only practitioners practicing daily in this industry understand the subtle nuances that affect this relationship. Of course we are compliant with governing laws, but more importantly we created a document that will actually spell out practical solutions when problems arise, or help us avoid problems altogether.
Our belief is that if we create a document that anticipates potential issues and provides clear guidance on what to do in those cases, we can avoid having to deal with those headaches, period. We have found that good written policy has guided us smoothly and safely through those proverbial mine fields.
But fear not, this document has been reviewed by numerous attorneys over the years. Numerous is the operative word here. We have found that every attorney that reviews this document bases their opinions on their own, individual experience gained from knowledge of the law, related litigation, and dispute settlements. The more attorney’s opinions, we think the better.
Because this document will become a statement of your company policies, you are able to edit this document at will and adapt it to your unique operation. Customize it to fit your needs but don’t hesitate to have a lawyer in your state review your changes to insure legal compliance.
You can download this management agreement with (or without) the supporting (housekeeping) documents (Management Agreement Package 2). While the Management Agreement 1 works well as a stand-alone agreement, it is even more effective when used in conjunction with all the other documents listed below.
With this Management Agreement Package 1, you will receive:
- A fully editable Management Agreement document that you will add your name to, make some dollar (and percentage) changes, and be up and running in minutes; plus,
- A full Management Agreement document filled-in with instructor training notes after every paragraph (10 pages long) addressing each issue in detail; plus,
- The Property Leasing/Management Agreement Exhibit Package which includes all the exhibits and forms we need to add to the agreement:
- Legal Description of Property to be Managed
- No Oral Promises
- Property Condition at Hand Over and Utility Services, Exhibit
- Owner/Tenant Security Indemnity
- Mold, Mildew, Particulate Matter, Mildew (Discoloration) and Moisture Disclosure
- Flood, Licensed Owner, & Lead Based Paint Disclosure
- Limited Power of Attorney for Utility Services
- IRS Form W-9
- Electronic Debit/Credit Authorization
- Turnkey Oversight Agreement
- The often overlooked but incredibly important Owner Handbook. This is the document that lets the owner know how we intend to manage his/her property and puts everything in writing to be easily accessible by the owner and the property manager.
- A “Summary of Management Agreement Docs” document that details all of the documents in the package.
You would pay an attorney several thousand dollars to get these documents and you still wouldn’t have all the author’s experience and all the money-making ideas.
Forms and documents are Mac and PC compatible. Files are in Microsoft Word format for easy editing. If you cannot work with Word files, let us know and we will send you a format that works with what you have.
All forms and documents are fully editable.
All forms and documents are download only.