Property Management Agreement Template

Owner:: [Property Owner's Full Name / Company Name]

Address:: [Owner's Address]

and

Manager:: [Property Manager's Full Name / Company Name]

Address:: [Manager's Address]

Together referred to as the "Parties."

1. Property Description

The Owner hereby appoints the Manager to manage the following property: [Full Address and Description of the Property] (the "Property").

2. Term

This Agreement shall begin on [Start Date] and shall remain in effect until [End Date] or until terminated by either Party in accordance with Section 9.

3. Scope of Services

The Manager agrees to perform the following duties: • Advertise and lease available units • Collect rent and deposits • Manage repairs and maintenance • Handle tenant complaints and communications • Maintain records and provide monthly financial statements • Ensure compliance with local laws and housing regulations

4. Manager Compensation

The Manager shall receive compensation as follows: • [X]% of collected monthly rent, OR • Flat fee of $[X]% of collected monthly rent per month

Additional fees (e.g., for leasing, repairs, or emergencies) must be pre-approved by the Owner unless stated otherwise.

5. Owner Responsibilities

The Owner agrees to: • Provide all necessary documentation, including proof of ownership • Maintain appropriate property insurance • Fund large repairs and capital improvements as needed • Reimburse the Manager for authorized expenses

6. Financial Handling

The Manager shall: • Open and maintain a separate bank account for property income and expenses • Provide detailed monthly reports to the Owner • Keep all financial records available for inspection

7. Liability and Indemnification

The Manager shall not be liable for any losses due to the condition of the Property or actions of tenants, unless resulting from gross negligence or willful misconduct. The Owner agrees to indemnify and hold the Manager harmless from any such claims.

8. Insurance

The Owner shall maintain property and liability insurance naming the Manager as an additional insured party.

9. Termination

Either Party may terminate this Agreement with 30 days' written notice. In the event of breach, termination may occur immediately. Upon termination, the Manager shall return all property records, keys, and funds.

10. Governing Law

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

11. Entire Agreement

This Agreement represents the entire understanding between the Parties and supersedes all prior discussions, agreements, or understandings, whether oral or written.