Ask Gerald: Property Management-5 Essential Contract Clauses
Q: I don’t have the time to manage our property myself anymore so I’m thinking about hiring a company to do it. How should I protect myself? (5 clauses every property mgmt agreement must have) Jill, Little Rock, Arkansas
A: That’s a great question, Jill. The first thing you’ll need to protect yourself is a written agreement or contract between you and the company or individual that will manage your property. Here are 5 items every property management agreement must have 1. parties to the contract, 2. beginning date of service 3. roles & responsibilities, 4. payment terms and 5. termination clause
Thanks for your question, Jill. For more real estate tips and for information on my real estate coaching program, visit performanceproperty.com. I’m Gerald Lucas and I’ll see you again soon.