What To Look For When Signing A Contract With A Property Management Company
When you enter into a contract with a property management company, you are looking at a long term contract which usually runs from one to two years. Most even come with an automatic renewal clause. This comes into effect when the initial contract is up and may last longer, so it is a good idea to consider this before signing the first contract. There are very few, if any, property management companies that will give you a month to month contract, so you need to make sure that you are content with the contract.
The Termination Clause
This is the most crucial part of the contract between yourself and the property management company. Without a termination clause, you might find yourself trapped into cooperating with a property management company that you are not happy with.
When signing a contract, you need to ensure there is a termination clause. Find out how long the notice period is if you choose to opt out of the contract. Also, you need to see if you have to provide rationale for opting out of the contract. Most companies want a 30 day notice and there is a good chance that you will need to have a reason for trying to get out of the initial contract.
Fees
Fees are not charged by most managers, however, if they are billed it is usually in the amount of $300 - $500 and is one flat fee. If a management company wants monthly payment for the life of the lease, even after terminating the contract, then this requires further investigation. This may show that the property management company is not good at pleasing their customers. Nullify the contract and move on to another property and another property management company.
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