Management Agreement

Property Management Agreement

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In consideration of the covenants contained herein:

____________________________________________________________________As Owner and _______________________________________________ as Agent or Manager agree as follows:

The Owner hereby employs the Agent exclusively to rent and manage the property known as: _____________________________________________________________________________

_____________________________________________________________

2. Upon the terms and conditions set forth hereinafter for the period commencing on the _____________ day of ____________________________, 20____, and thereafter for periods of one year at a time.

A. COMPENSATION Owner agrees to pay Agent each month for property management the amount of _____% of gross rents collected.

B. TERMINATION OF CONTRACT Either party may terminate this agreement by serving the other party a sixty (60) day written notice prior to the expiration date of this agreement or the expiration date of the most recent renewal if any.

C. TERMINATION WITH LEASE STILL IN EFFECT Where there is a lease or leases still in effect at the date of termination of this agreement, the Owner agrees to pay the agent the monthly management fee for the unexpired term of the lease or leases.

IV. Responsibilities

The Owner hereby assigns the Manager as agent to handle the following responsibilities

A. Leasing Units
Ø Advertise rentals
Ø Answer phone inquiries about vacancies
Ø Show vacant units
Ø Accept rental applications
Ø Run credit and background checks
Ø Select tenants for approval by landlord/Agent
Ø Accept initial rents and deposits
Ø Negotiate rental leases with approval by landlord/Agent
Ø Sign leases and sign property condition checklist
Ø Give required disclosure forms
B. Property Turnover
Ø Inspect unit upon tenant move-in
Ø Inspect unit upon tenant move-out
Ø Supervise general cleaning of unit upon tenant move-out
Ø Supervise cleaning of floors, carpets and rugs
Ø Paint walls, baseboards, ceilings, lights and built-in shelves, if needed
Ø Order the cleaning of kitchen cabinets, countertops, sinks, stove, oven and refrigerator
Ø Order the cleaning of bathtubs, showers, toilets and plumbing fixtures
Ø Order the repair of doors, windows, window coverings, and mini-blinds
Ø Other:
C. Rent Collection
Ø Collect rents when due
Ø Promote and establish auto draft
Ø Sign and send rent receipts
Ø Maintain rent-collection records
Ø Collect late rents and charges
Ø Inform Owner of late rents
Ø Prepare late rent notices
Ø Serve late rent, pay or quit, and unlawful detained notices
Ø Serve rent increase and tenancy termination notices
Ø Deposit rent collections in bank
Ø Other:
D. Maintenance
Ø Conduct Quarterly drive-by inspections
Ø Conduct semiannual interior inspections
Ø Give rental violation notices when applicable
Ø Change Air & Heat filters 3 times year: FORMTEXT
E. Repairs (arranging for repairs for the Following issues with the owners approval)
Ø Accept tenant complaints and repair requests
Ø Inform Owner of maintenance and repair needs
Ø Categorize and maintain written log of tenant complaints
Ø Plumbing stoppages
Ø Garbage disposal stoppages/repairs
Ø Faucet leaks/washer replacement
Ø Toilet repairs
Ø Stove burners/hinges/knobs repair or replacement
Ø Appliance repair
Ø Light switch and outlet repair/replacement
Ø Heater thermostat repair
Ø Window repair/replacement
Ø Painting (interior/exterior)
Ø Key replacement
Ø Handle all other routine maintenance and repairs
Ø Coordinate repairs with contractors if needed (with owner approval for jobs)
Ø Other:

All agreements between Owner and Manager relating to managing the property (is) specified in this Agreement are incorporated in this Agreement. Any modifications or additions to the Agreement must be in writing and signed by both parties.

Signed this day of , 20 T

Owner

Manager

A. Leasing Units

B. Property Turnover