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Property Manager Agreement

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Property Manager Agreement Powered By Docstoc
					This is an agreement between a property owner and a property manager for
management services associated with a piece of property. The property owner retains
the services of the property manager and agrees to pay the manager a monthly fee.
The fee can be a flat fee payment or a percentage of the rents collected. This
agreement outlines the property manager’s responsibilities, including collecting rent,
maintenance, occupancy rates, expiration dates of leases, and other matters. This
document should be used by property owners that want to hire a property manager to
supervise a piece of property.
                       PROPERTY MANAGER AGREEMENT
    THIS PROPERTY MANAGER AGREEMENT (the “Agreement”) is made as of
____________, by and between ____________ (hereinafter called "Owner"), and ____________
(hereinafter called "Manager").

    1. Employment: Owner hereby employs Manager exclusively to rent and manage the
       property upon the terms and conditions provided herein.

    2. Relationship: The relationship of the parties to this Agreement shall be that of principal
       and agent, and all duties performed by Manager under this Agreement shall be on behalf
       of Owner, in Owner’s name and for Owner’s account. In taking any action under this
       Agreement, Manager shall be acting only as an agent for Owner, and nothing in this
       Agreement shall be construed as creating a partnership, joint venture or any other
       relationship between the parties or as requiring Manager to bear any portion of losses
       arising out of or connected with the ownership or operation of the property, Manager
       shall not at any time during the period of this Agreement be considered a direct employee
       of Owner. Neither party shall have a power to bind or obligate the other except as
       expressly set forth in this Agreement, except that Manager is authorized to act with such
       additional power as may be necessary to carry out the spirit and intent of this Agreement.

    3. Description of the property: The property or properties to be managed by Manager
       under this Agreement is (are) described as follows:

         ____________

         ____________

    4. Term of Agreement:

The term of this Agreement shall commence on ____________, and end on ____________.
Upon expiration of the above initial term, this Agreement shall automatically be renewed and
extended for a like period of time unless terminated in writing by either party ____________
days prior to the date for such renewal. This Agreement may also be terminated by mutual
agreement of the parties at any time upon payment to Manager of all fees, commissions and
expenses due Manager under terms of this Agreement.

    5. Compensation and Expenses:

Owner shall pay to Manager a monthly fee of ____________, plus any penalty fee indicated in
the rental agreement in the event the renter defaults on the terms of the agreement.
____________ ____________ ____________ ____________

    6. Management Services to be Provided: Manager shall provide the following property
       management services:




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              a. Provide billing of the tenants in the name of Owner for monthly rent, receive rents
                 due, provide receipts therefore to the tenants and notify Owner of any
                 delinquencies with respect to payments of rent;

              b. Maintain full, detailed and accurate records and accounts of all receipts and
                 expenditures with respect to the property, which records and accounts shall be
                 available for review by Owner or his representatives, at any reasonable time;

              c. Send to Owner on or before the ____________ day of each month, a detailed,
                 itemized statement of all property rent and expense receipts incurred during the
                 month;

              d. Advertising of available units;

              e. Promptly report to Owner any and all adverse conditions relating to the property
                 and/or tenants which shall require the attention of Owner;

              f. Serve the proper preliminary notices in the event an eviction is required. Should
                 the tenant contest the eviction and an attorney is required, Owner shall pay all
                 attorney and court costs;

              g. Institute and prosecute actions in the courts, if necessary, to evict tenants and to
                 recover possession of the premises or to recover other sums and damages as may
                 be due to Owner;

              h. Render emergency repairs, when Owner is not readily available, as may be
                 required because of danger to life or property or which are immediately necessary
                 for the preservation and safety of the premises or the safety of the tenants and
                 occupants thereof or are required to avoid the suspension of any necessary
                 services to the premises;

              i. Other Services: _____________________________________________________

    7. Termination: This Agreement may be terminated by either Owner or Manager, at the
       end of the initial term or any following term year upon the giving of ____________ days
       written notice prior to the end of said initial term or following term year.

    8. Limitations on Expenses: Owner hereby gives Manager the following authority and
       powers and agrees to assume the expenses in connection herewith: To hire, discharge,
       and pay all contractors, janitors, and other employees; to make or cause to be made all
       ordinary repairs and replacements necessary to preserve the Premises in its present
       conditions and for the operating efficiency thereof and all alterations required to comply
       with lease requirements, and to do decorating on the Premises; to negotiate contracts for
       non-recurring items not exceeding ____________ and to enter into agreements for all
       necessary advertising, repairs, maintenance, minor alterations, and utility services; and to
       purchase supplies and pay all bills. Manager shall secure the approval of Owner for any
       alterations or emergency repairs in excess of the maximum, if in the opinion of Manager



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         such repairs are necessary to protect the property from damage or to maintain services to
         the tenants as called for by their tenancy.

    9. Indemnity: Owner hereby agrees to hold Manager harmless from any and all claims,
       charges (including attorney fees), debts, demand and lawsuit, claim of personal injury
       and property damage incurred and occurring in, on or about the property, except for acts
       or failures to act, which are intentional, grossly negligent, or as a result of reckless
       disregard.

    10. Applicable Law: This Agreement shall be governed by and construed in accordance with
        the provisions of the laws of the State of ____________. Venue shall be in
        ____________ County, ____________.

    11. Notice: All notices and other communications required or permitted to be given under
        this Agreement shall be in writing and will be delivered personally, or mailed by
        registered or certified mail, return receipt requested, postage prepaid, or sent by reputable
        overnight courier service, or by facsimile or other form of rapid transmission, confirmed
        by mailing as described above, addressed as follows:

                  To Owner:

                  Name:              ____________
                  Address:           ____________
                                     ____________
                  Phone:             ____________
                  Fax:               ____________
                  Email:             ____________

                  To Manager:

                  Name:              ____________
                  Address:           ____________
                                     ____________
                  Phone:             ____________
                  Fax:               ____________
                  Email:             ____________

    12. Counterparts: This Agreement may be executed in any number of counterparts, and
        each such counterpart shall be deemed to be an original instrument, but all such
        counterparts shall together constitute but one Agreement.

    13. Severability: In case any one or more of the provisions contained in this Agreement shall
        for any reason be held to be invalid, illegal, or unenforceable in any respect that disability
        shall not affect any other provision of this Agreement, and this Agreement shall be
        construed as if that provision had never been contained in this Agreement




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    14. Captions: Captions to paragraphs and subparagraphs of this Agreement have been
        included solely for the sake of convenient reference and are entirely without substantive
        effect.

    15. Facsimile Signatures: The parties agree that this Agreement may be executed by
        facsimile and such facsimiles shall be binding as if originals.

    16. Entire Agreement: This Agreement shall be binding upon the parties, and each of their
        respective heirs, executors, administrators, successors and assigns. No amendment is
        valid unless in writing and signed by the parties.

    17. Special Provisions: ________________________________________________

IN WITNESS WHEREOF, the Owner and the Manager have executed this Agreement as of
____________.

 For: OWNER                                                  For: MANAGER
 ____________                                                ____________

 Signed: ______________________________                      Signed: _______________________________
 Name: ____________                                          Name: ____________
 Title: ____________                                         Title: ____________
 Date: ____________                                          Date: ____________




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Description: This is an agreement between a property owner and a property manager for management services associated with a piece of property. The property owner retains the services of the property manager and agrees to pay the manager a monthly fee. The fee can be a flat fee payment or a percentage of the rents collected. This agreement outlines the property manager’s responsibilities, including collecting rent, maintenance, occupancy rates, expiration dates of leases, and other matters. This document should be used by property owners that want to hire a property manager to supervise a piece of property.
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