What Is Included In The Agreement With Property Management Company In Henrico VA

There are several important and essential sections in a Property Management agreement in Henrico VA. You should pay very close attention while drafting so that you are safe as a landlord during the entire tenure through which the manager takes control of your property. You should understand all the points, what it means and whether or not all the verbal discussion points are included. Usually, a proper property management agreement should comprise of the following six points including the fees, services provided, responsibilities, duration of the contract, and clauses for termination. If and only if all these components are there ion the agreement you can rest assured that you would have a tension free property management.       

Fees And Services Provided

For Property Management agreement in Henrico VA, the services provided by the management company and the fees that you have to pay for it should be mentioned. You should be very clear about the services that are included within the specified amount of fees and what additional payment you have to make if in case there are some added responsibilities during emergencies. The services excluded should also be clearly mentioned along with those included and leave nothing for any verbal agreements. Services and fee structure should be broken up precisely so that there are no surprises at the end of the contract and any misunderstandings.        

Responsibilities of The Owner

The next important part of the Property Management agreement in Henrico VA is the duties and responsibilities along with the restrictions of you as a landlord. You may have an obligation to set up a reserve fund on specific balance system which would be accessible to the property manager for regular maintenance, daily obligations, and other emergencies and make sure it does not fall below the agreed balance. You may also be asked to acquire proper insurance for the property. Your restrictions may include putting your tenant who has not been selected according to the guidelines of the property manager along with the limitation of your entry to the premise.   

Opportunity And Liability

There must be a section in the Property Management agreement in Henrico VA supporting Equal Opportunity Housing according to the law of the state. Apart from that, the Hold Harmless Clause should also be there which mentions the liability of the manager which would protect the manager from some cases for which they were not negligent. For example, they are not liable for any damages caused by the third party they hired. To protect your liability, you should add the Reasonable Care Clause in the property management agreement.

Duration And Termination

The shortest duration of any agreement is for one year, and it is better to stick to it so that you can renew it after each year if you have the confidence and faith of the property manager and are happy with their services provided. But for the time in between when you are unhappy with the service or the property manager, there should be a clear clause for such interim cancellation mentioning the notice period, termination fees, reasons for it and obligations. For more information visit Our Website