What To Know About Property Management Agreements
The written agreement between a property manager and an owner is called a property management agreement. Property management agreements specify the responsibilities of property owner and the property manager, such as:
- Term of the agreement
- Authority to spend
- Payment of expenses
- Fiduciary responsibilities
- Limitations of management
Gorman Real Estate has been managing rental homes and apartments on the Monterey Peninsula for many decades. Like other property management companies, Gorman Property Management has a written property management agreement with all of our clients. But Gorman Property Management does not believe that clients should be locked into a long-term management agreement. We feel that if we are doing our job, there is no need to legally obligate our clients to a long-term agreement.
How Gorman Real Estate Management is Different
Our property management agreement allows clients to terminate management at any time and for any reason. It’s our way of guaranteeing satisfaction with our service. If at any time our clients are not entirely happy with Gorman Property Management’s management of their rental home or apartment, our clients may simply terminate the agreement.
Life is too short to continue to do business with someone just because a contract says you have to. That’s why we at Gorman Property Management don’t lock our clients into long-term property management agreements.