Forums » Tenant Management

long term management fee

  • March 23, 2016 12:22 PM PDT

    I have someone who wants me to manage their home for them. They are moving and want me to collect the rent and to deal with repairs and potentially finding new tenants.

    We agreed on a 12% monthly management fee. My question is would it be wise for the two of us to have a contract to state what my responsibilities are?

    • 2 posts
    March 24, 2016 12:37 PM PDT

    of course it is always wise to have any sort of agreement in black and white.   but you should check your state law when it comes to accepting compensation for real estate transactions.   make sure you don't have to hold a license or not and what stipulations come with it.   i know in Virginia we can manage property without one you just can't do any leasing activities...

    • 27 posts
    March 27, 2016 9:54 PM PDT

    Yes having a legal contract will clearly state your responsibilities and duties towards the rental property  which will help in avoiding any conflicts later on.

    • 8 posts
    April 4, 2016 3:21 AM PDT

    The letting of properties in the community management scheme. Specifically, carrying out the property agent's function in renting properties on behalf of home owners who would like to let their particular unit out as an investment

    • 8 posts
    April 13, 2016 2:50 AM PDT

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    • 9 posts
    April 17, 2016 4:48 PM PDT

    Victor makes a good point.  

    List your responsibilities (collect rent, rent reviews, arrange maintenance), List the owners (advise any local government/council issues, pay invoices, overall responsibility for property), you may wish to mention limits on disbursements (maintenance) etc that you pay out on their behalf, contract breaking terms such as break fees or notice periods. In Auckland 1 months notice by either party is standard, but some companies do fixed property management contracts.  

    Have a read up of our property management overview and some of the key points.

    Keep in mind that you can't contract out of the law and that good faith and fair operating will help ensure a happy relationship with your client.  

    • 5 posts
    September 16, 2016 11:02 AM PDT

    I don't have much to say. I agree with everybody that you definitely need to sign the agreement. It's better to ask for consultation from real estate lawyer once than be sorry many times after.  

    • 4 posts
    March 31, 2018 11:21 PM PDT

    i am new comer here,,, so i learn much more from thank you all!



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