So you’re thinking of partnering with a property management company. You’ve probably been on Google and have done some searching, maybe you’ve called a few to chat, but before you decide on who to hire you should do one thing – dive into the property management contract!
The document that establishes a relationship between you and your property manager should never be seen as an afterthought. After all, embedded in this document are the rules of engagement for both parties, the services you will receive, what fees are applied and when (if any!), and what rights you, as the owner, have.
Electing to skim over this contract is pretty much the same as choosing not to even talk to a property manager before you hire them. Don’t let a great initial impression and professionalism take you away from the fact that this document is vastly important and you need to know what is inside of it. Again, not all property managers are made the same!
As with any contract, the fine print is never fun to read. Thinking long term, however, if you do this right the first time and hire the best property manager for you, you may never have to go through this process again for several years or ever. Here you’ll find the fees associated with service you’ll receive, how the company will handle...