When you have decided to hire property manager/management company then you should review the contract carefully. You must know their roles and responsibility that they will perform for managing your property. Read the terms and conditions carefully and know that how they are going to help you. So, here are the essential parts of a property management that you should pay close attention to:
Table of Contents
Services and Fees
Of course you will pay them for what they will provide you. A property manager has so many roles and responsibilities but not every company will provide you every services. You should carefully read about the type of the services they will provide you. What services are included in the fee or for which services they will charge you additional fee and what type of services will not be done at any circumstances. Everything will be written on the agreement and sign only after reading it carefully.
Responsibilities of a property owner
Well the agreement will also include the responsibilities or work of the property owner. The second part of the agreement includes your responsibility as the landlord. What are the things you are obligated to do and what you are prevented. You have to keep reserve fund for the property manager that they can use to maintain and manage the property and for making repairs. Many property managers don’t want the landlord to hire the tenant as they will don’t want to take the responsibility of a tenant that is not hired by them. Even when the landlord or property owner wants to enter the property they have to give proper notice to the tenant or notify the property manager before entering the property. If you are not agreeing to these part then you can talk over it with your property manager. Have look of property management agreement.
Equal Opportunity Housing
You want to make sure that the property management company has a section that includes that they support equal opportunity housing. They will follow the both state and federal fair housing laws.
The duration is another essential part of the agreement. You surely don’t want to invest on a company which is new for you and you don’t know that quality of their services. So, you can keep the short duration for this but many property management companies in Maryland will not sign a contract less than a year. In this case, you should review the termination clause and make sure that you can terminate the contract if you are unhappy.
This part should include that when and in what circumstances a property manager can terminate the contract or even the landlord can also terminate it. You may have to pay fee for terminating the contract early.
From now whenever you will hire property management company in Maryland or anywhere in USA then you should carefully review the agreement before signing it.