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Real Estate / Property Management Agreement Template
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Real Estate / Property Management Agreement Template
This Real Estate / Property Management Agreement (the “Agreement”) is entered into as of [Effective Date] by and between:
Owner: [Owner Full Legal Name], address: [Address] (“Owner”).
Manager: [Manager/Company Legal Name], address: [Address] (“Manager”).
Owner and Manager may be referred to individually as a “Party” and collectively as the “Parties.”
1. Property
1.1 Property Address: [Full Address].
1.2 Property Type: ☐ Single-family ☐ Multi-family ☐ Condo ☐ Commercial ☐ Other: [Type].
1.3 Units (If Applicable): [Number/Unit list].
1.4 Included Areas (Optional): [Parking, storage, amenities].
2. Appointment and Term
2.1 Appointment. Owner appoints Manager as the exclusive property manager for the Property.
2.2 Start Date: [Start Date].
2.3 Term (Select One): ☐ Month-to-month ☐ Fixed term until [End Date].
2.4 Renewal (Optional): ☐ Auto-renew ☐ Renewal by written agreement.
3. Manager Duties
3.1 Leasing and Marketing (Select All That Apply):
☐ Advertise vacancies ☐ Show the property ☐ Screen applicants ☐ Collect application fees ☐ Prepare lease for Owner approval ☐ Execute leases on Owner’s behalf (if authorized)
3.2 Tenant Relations:
☐ Collect rent ☐ Enforce lease rules ☐ Handle complaints ☐ Coordinate notices (as permitted) ☐ Move-in/move-out inspections
3.3 Maintenance and Repairs:
☐ Coordinate routine repairs ☐ Approve vendors ☐ Supervise work ☐ Emergency response
3.4 Records and Reporting:
☐ Maintain rent rolls ☐ Provide monthly statements ☐ Track expenses ☐ Deliver year-end summary
4. Owner Responsibilities
4.1 Owner will provide accurate property information and required disclosures.
4.2 Owner will maintain required insurance and pay the mortgage, property taxes, and HOA fees unless otherwise stated.
4.3 Owner will fund the reserve described in Section 6.
5. Leasing Authority and Rules
5.1 Rental Criteria (Optional): [Min credit, income ratio, pet policy].
5.2 Lease Term Range: [Minimum/maximum term].
5.3 Rent Minimum: $[Amount] (or “market rent”).
5.4 Concessions: Manager may offer concessions up to $[] with Owner approval required above that.
5.5 Owner Approval Required For: ☐ All new leases ☐ Leases above [] months ☐ Pets ☐ Smoking exceptions ☐ Other: [List].
6. Money Handling and Reserve
6.1 Operating Account: Rent will be deposited into: ☐ Owner account ☐ Manager trust account ☐ Other: [Details].
6.2 Disbursements: Manager may pay property expenses from the operating account as authorized.
6.3 Reserve Fund: Owner will maintain a reserve of $[Amount].
6.4 Emergency Repairs: Manager may authorize emergency repairs to protect persons/property without prior approval.
7. Fees and Compensation
7.1 Management Fee: ☐ []% of monthly collected rent ☐ $[Flat fee]/month.
7.2 Leasing Fee (Optional): $[Amount] or []% of first month’s rent.
7.3 Renewal Fee (Optional): $[Amount] per renewal.
7.4 Maintenance Coordination Fee (Optional): $[Amount] or [__]% of repair cost.
7.5 Other Fees (Optional): [List].
7.6 Late Fees/NSF Fees: Collected late fees: ☐ retained by Owner ☐ retained by Manager ☐ split: [Details].
8. Repairs and Spending Limits
8.1 Approval Limit: Manager may approve repairs up to $[Amount] per occurrence without Owner approval.
8.2 Above Limit: Owner approval required unless emergency.
8.3 Vendor Selection: Manager may select vendors, subject to Owner preferences: [Preferred vendors].
9. Insurance and Liability
9.1 Owner will maintain property insurance naming Manager as additional insured if requested.
9.2 Manager will maintain: ☐ general liability ☐ E&O (if applicable) ☐ other: [Types].
9.3 Limitation. Manager is not responsible for hidden defects or tenant acts beyond Manager’s reasonable control.
10. Termination
10.1 Either Party may terminate with [] days’ written notice.
10.2 Termination for cause: immediate termination for material breach not cured within [] days after notice.
10.3 Upon termination, Manager will deliver keys, records, and remaining funds within [__] days, subject to final accounting.
11. Notices
11.1 Notices must be in writing and delivered to the addresses above.
12. Governing Law
12.1 This Agreement is governed by the laws of [State/Country].
13. Entire Agreement
13.1 This Agreement is the entire agreement regarding property management.
Signatures
By signing below, the Parties agree to this Real Estate / Property Management Agreement as of the Effective Date.
Owner: [Owner Full Legal Name]
Date: [Date]
Signature: ___________________________
Manager: [Manager/Company Legal Name]
Name/Title: [Signer Name, Title]
Date: [Date]
Signature: ___________________________
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Easy-to-understand jargon
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Details
Learn more about
Real Estate / Property Management Agreement Template
Click below for detailed info on the template.
For quick answers, scroll below to see the FAQ.
Click below for detailed info on the template.
For quick answers, scroll below to see the FAQ.
REAL ESTATE / PROPERTY MANAGEMENT AGREEMENT TEMPLATE FAQ
What is a property management agreement?
A Property Management Agreement is a contract between a property owner and a property manager (or management company). It defines the manager’s responsibilities such as marketing vacancies, screening tenants, collecting rent, coordinating repairs, handling notices, and keeping records.
What should be included?
Key terms include: property details, management scope, leasing authority, fee structure, repair limits, owner approvals, trust/operating account handling, reporting frequency, insurance, compliance responsibilities, and termination.
How are property managers typically paid?
Common structures include a monthly management fee (percentage of rent or flat fee), leasing fees for new tenants, renewal fees, and maintenance coordination fees. This template includes all common fee fields and approval limits.
Who is responsible for legal compliance and notices?
Managers often handle day-to-day compliance tasks, but owners remain responsible for ensuring the property is run lawfully. This template uses careful language and allows you to specify who prepares and sends notices, while avoiding legal advice.
Can the manager spend money without approval?
Usually the agreement sets a repair/expense limit. Above that amount, the manager must get owner approval except emergencies. This template includes an emergency exception and an owner approval limit.
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