05 Nov What to Expect in a Professional Property Management Agreement
Everyone says hindsight is 20/20. All too often, property owners end up in the middle of bad deals because they just didn’t read the small print or weren’t sure what they were getting into. This can even happen with property management companies. Here at MPS, we are committed to our clients and strive to treat them with respect during each stage of the management process.
If you are a homeowner or property owner, it is imperative that you choose the right professional property management company. This will ensure that your property is a lucrative venture for you and not a money pit. All good relationships between landlords and professional property management companies should be made official with a management agreement or contract.
This might include things like a due diligence clause, which is defined as “the amount of diligence which a reasonable and prudent man would exercise under the circumstances.” It means that the management company promises to do its best when managing your property. Professional property managers have an extra duty of diligence since management contracts imply that we are experts in rental property management.
MPS offers expert property management services that you can depend on.
Other parts of contracts refer to communication and notification. You should always be in the know, so to speak, about what is going on with the management of your property. Accounting is another possible section. Each state has different laws about how accounting procedures of licensed property managers are carried out. You should be able to expect a professional property management company, such as MPS, to follow all laws to the letter and send the right amount of money at the agreed upon date each month.
There might also be sections that apply to agreement termination, repairs, and eviction issues. No matter what the specifics are, you should be able to understand what you can expect where all these subjects are concerned and feel confident that you are getting treated fairly by a reputable company.
Having these clauses in a management agreement doesn’t necessarily guarantee everything always goes perfectly. But choosing MPS as your professional property management representative will ensure that you can feel confident your property is being cared for and your tenants are treated with respect. The bottom line is that you will know you can relax and trust us to do the job you hired us to do.