Signing a Contract from a Property Management Company?
The sole determiner of what services you or will not be given, what costs you will incur and what rights you will have in the relationship is the contract you sign with the property management company. It should not be viewed as just a mere o requirement.
Don’t let positive impressions about the company’s professionalism and ethics make you less attentive when reviewing the actual terms of the contract. Not reading the contract thoroughly is the same as not interviewing the property manager before you hire them. This can lead to misunderstandings about the the property management services that are included, property management fees, the way tenants are treated and what you must do and/or owe in the event you want to end the bond. Make sure to ask questions about anything that is vague. The contract is designed to create a clear and concise mutual understanding of how the relationship will work in all predictable situations where a disagreement could arise. Also, ask for the property managements’ contract ahead while you are still talking to and interviewing several property management companies. This way you get a clear picture of what each company is accurately offering early on while you have a number of existing options.
Most property management contracts aren't exactly what you would call spellbinding. It is important that you are very much aware what is in the contract, what may be negotiable or modifiable and how, in any way, it might affect your relationship with the management company. Bear in mind that nothing is set in stone and if you take issue with a certain point, feel free to ask about it and see if they are flexible. While hiring a lawyer to review the property management contract is not totally necessary, it is suggested if you feel uneasy or just want to make sure you aren't missing anything.