Property Management Agreement Template – Washington

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

Owner retains Manager for [Full Address], including structures, common areas, and exterior grounds (the "Property"). Manager will maintain a current inventory of access codes and keys.

2. Term

This Agreement runs from [Start Date] to [End Date]; thereafter it continues month‑to‑month unless 30 days' notice is given. Either Party may request renegotiation of fees prior to renewal.

3. Scope of Services

Manager will market vacancies, screen applicants, draft leases, collect rent and deposits, and enforce lease obligations. Manager coordinates maintenance, prioritizing life/safety and weather‑related issues, and secures bids for work above $[Threshold]. Monthly reports include a rent roll, arrears summary, expense ledger, and maintenance log.

4. Manager Compensation

Fee: ☐ [X]% of collected rent of collected rent ☐ Flat $[X]% of collected rent.

Leasing fee: $[Leasing Fee];

renewal fee: $[Renewal Fee].

Capital project oversight above $[Capital Threshold] billed at [Y]% subject to Owner approval.

5. Owner Responsibilities

Owner funds an operating reserve of $[Reserve], maintains required insurance, and authorizes non‑routine repairs as needed. Owner remains responsible for taxes, mortgage, and HOA dues if applicable.

6. Financial Handling

Manager uses a separate operating account, pays authorized expenses, and remits net proceeds by the [Day] of each month. Owner may inspect financial records upon [X] business days' notice.

7. Liability and Indemnification

Manager is not responsible for losses due to tenant acts, vendors, or weather events except where caused by Manager's gross negligence or willful misconduct. Owner agrees to indemnify Manager subject to this limitation.

8. Insurance

Owner shall maintain property and liability insurance and name Manager as additional insured, providing proof upon request.

9. Termination

Either Party may terminate with 30 days' written notice or immediately for material breach. Manager will transfer funds, records, and keys within [X] business days after termination.

10. Compliance and Notices

Parties shall comply with housing, fair‑housing, and consumer‑protection laws. Notices via certified mail or courier; email copies may be provided for convenience.

11. Governing Law; Entire Agreement

This Agreement is governed by Washington. Entire agreement; changes only by signed writing; severability applies.