How is a Property Manager Paid:
Property owners can employ a property manager directly or employ him indirectly through a contract with a property management agency. A property management’s fees are usually percentage fees, and sometimes a flat fee. Percentage fees are a good incentive to the manager to improve the income of the building. A flat fee is usually more appropriate when the property is a condominium complex.
Regardless of the type of fee structure, a written agreement between the property owner and the manager is very important, as the manager will be responsible for the owner's real estate. The contract should include the following items:
- List the responsibilities of the manager
- List the responsibilities of the owner
- State the fees and rental commissions
- Include the date of the agreement
- List the authority of the manager
- Specify the length of time of the contract
- Must be signed by both of the parties
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