Owners
What a property management agreement should define
Authority, scope and reporting — the questions to settle before handing over the keys.
A good management relationship starts with a written agreement that is specific about what the manager can and cannot do. Ambiguity tends to surface at the worst moment — an urgent repair, a late payment, a tenant's notice.
Scope of service
List the services included: tenant and lease records, rent schedules, inspections, maintenance coordination, reporting. Equally, list what is not included.
Maintenance authority
Agree a threshold below which the manager may approve work, and a process for anything above it. A vendor quote should never be treated as approval.
Money and records
Decide who collects rent and deposits — the owner or the manager — and how receipts are verified and recorded. A tracking record is not the same as money held.
Reporting and review
Agree how often you will receive updates, what they will include, and when the agreement will be reviewed.
- Occupancy and lease milestones
- Scheduled and verified rent
- Open maintenance and approvals
- Upcoming inspections
This article is general information, not legal, tax or investment advice. Please consult qualified advisors for decisions about a specific property.
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