Real Estate Property Management Agreement

This Real Estate Property Management Agreement ("Agreement") is made and entered into on [Month Day, Year], by and between:

Owner

• Name: [Your Name]

• Address: [Your Address]

• Phone: [Your Number]

• Email: [Your Email]

Manager

• Name: [Manager's Full Name or Company Name]

• Address: [Manager's Address]

• Phone: [Manager's Phone Number]

• Email: [Manager's Email Address]

RECITALS

WHEREAS, Owner is the legal owner of the property described below and desires to engage Manager to provide property management services for said property;

WHEREAS, Manager represents that it has the qualifications, expertise, and resources necessary to manage and operate the property in a professional manner;

NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained, the parties hereto agree as follows:

1. PROPERTY

The property subject to this Agreement is located at:

• Address: [Property Address]

• City, State, ZIP: [City, State, ZIP]

• Legal Description: [Legal Description of Property, if applicable]

2. APPOINTMENT

Owner hereby appoints Manager as the exclusive agent for the management of the Property, and Manager hereby accepts such appointment, subject to the terms and conditions set forth herein.

3. MANAGER'S DUTIES AND RESPONSIBILITIES

Manager agrees to perform the following duties and responsibilities in managing the Property:

a. Rent Collection

• Collect rent and other income from tenants in a timely manner.

• Issue receipts and maintain accurate records of all financial transactions related to the Property.

b. Tenant Relations

• Advertise and show the Property to prospective tenants.

• Screen and select tenants in accordance with fair housing laws and Owner’s criteria.

• Prepare and execute lease agreements with tenants.

• Handle tenant inquiries, complaints, and requests for repairs.

c. Property Maintenance and Repairs

• Arrange for and oversee maintenance and repairs to keep the Property in good condition.

• Conduct regular inspections of the Property and report to Owner on the condition of the Property.

d. Financial Reporting

• Provide Owner with monthly financial statements, including income and expense reports.

• Maintain detailed records of all transactions and expenditures.

e. Compliance with Laws

• Ensure that the Property and its management comply with all applicable federal, state, and local laws and regulations.

f. Lease Enforcement

• Enforce the terms of the lease agreements, including pursuing legal action for eviction if necessary.

4. AUTHORITY

Manager shall have full authority to make decisions and take actions necessary for the effective management of the Property, including but not limited to:

a. Contracting with third parties for repairs, maintenance, and services, provided that Manager obtains Owner’s approval for any single expenditure exceeding [$0] or for contracts exceeding [0 years] in length.

b. Representing Owner in negotiations with tenants and third parties concerning the Property.

c. Taking legal action on behalf of Owner, including eviction proceedings and legal claims related to the Property.

5. COMPENSATION

Owner agrees to pay Manager the following fees for the services provided under this Agreement:

a. Management Fee

A monthly management fee of [Percentage]% of the monthly gross rental income.

b. Leasing Fee

A one-time leasing fee of [Percentage]% of the first month's rent for securing new tenants.

c. Maintenance and Repair Costs

All costs for maintenance and repairs shall be paid by Owner, except as specifically included in Manager’s fees.

d. Other Fees

Any other fees or costs incurred by Manager in the performance of its duties, provided that such fees are pre-approved by Owner.

6. TERM AND TERMINATION

a. Term

This Agreement shall commence on [Month Day, Year] and shall continue for a term of [0] months, unless terminated earlier in accordance with this Agreement.

b. Termination

• Either party may terminate this Agreement upon [0] days' written notice to the other party.

• Upon termination, Manager shall promptly deliver to Owner all records, keys, and other property of Owner, and shall account for all funds collected on behalf of Owner.

7. INDEMNIFICATION

Owner agrees to indemnify and hold Manager harmless from any and all claims, liabilities, and expenses arising out of Manager’s performance of its duties under this Agreement, except for claims resulting from Manager’s gross negligence or willful misconduct.

8. INSURANCE

Owner agrees to maintain adequate insurance coverage for the Property, including liability insurance, and shall provide Manager with proof of such insurance upon request.

9. ENTIRE AGREEMENT

This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter hereof.

10. AMENDMENTS

This Agreement may be amended or modified only by a written instrument executed by both parties.

11. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of the State of [State].

12. DISPUTE RESOLUTION

Any disputes arising out of or relating to this Agreement shall be resolved through [mediation] in [City, State], and the decision of the mediator/arbitrator shall be binding upon the parties.

13. NOTICES

All notices required or permitted under this Agreement shall be in writing and delivered to the addresses set forth above or to such other address as either party may designate in writing.

IN WITNESS WHEREOF, the parties hereto have executed this Real Estate Property Management Agreement as of the day and year first above written.

OWNER

[Your Name]

MANAGER

[Full Name]

[Title]

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