A well-crafted commercial property management agreement is a crucial tool for establishing a clear and legally binding relationship between a property owner and a property management company. This document outlines the terms and conditions governing the management of the property, ensuring that both parties understand their respective roles and responsibilities.
Key Components of a Free Commercial Property Management Agreement Template
Property management agreement template – free to use
1. Parties Involved:
Clearly identify the property owner and the property management company. Include their full legal names and addresses.
2. Property Description:
Provide a detailed description of the property, including its address, legal description, and any specific features or amenities.
3. Management Services:
Outline the specific services that the property management company will provide. This may include:
Marketing and leasing
Rent collection and accounting
Maintenance and repairs
Tenant relations
Insurance administration
Property inspections
Legal compliance
4. Term and Termination:
Specify the duration of the agreement, including any renewal options or termination clauses.
Clearly define the circumstances under which either party can terminate the agreement.
5. Fees and Expenses:
Detail the fees and expenses that the property owner will be responsible for paying. This may include:
Management fees
Marketing costs
Insurance premiums
Property taxes
Utility bills
Maintenance expenses
Legal fees
6. Insurance Requirements:
Specify the types and amounts of insurance coverage that the property owner must maintain.
7. Default and Remedies:
Outline the consequences of a breach of contract by either party and the remedies available to the non-breaching party.
8. Governing Law and Dispute Resolution:
Specify the governing law and jurisdiction for any disputes arising from the agreement.
Consider including provisions for mediation or arbitration as a means of resolving disputes.
State that the agreement constitutes the entire understanding between the parties and supersedes any prior or contemporaneous agreements.
10. Notices:
Specify how notices must be given between the parties, including the preferred method of communication.
Design Elements for Professionalism and Trust
Clear and Concise Language: Use plain language that is easy to understand for both parties. Avoid legal jargon and technical terms.
Consistent Formatting: Maintain consistent formatting throughout the document, using headings, subheadings, and bullet points to improve readability.
Professional Layout: Choose a clean and professional layout that enhances the overall appearance of the document. Consider using a serif font for the main body text and a sans-serif font for headings.
White Space: Use ample white space to create a visually appealing and easy-to-read document. Avoid overcrowding the page with text.
Branding: If applicable, incorporate the branding elements of the property management company into the template. This can help build trust and credibility.
Additional Considerations
Customization: The template should be flexible enough to accommodate the specific needs and requirements of different commercial properties and management situations.
Legal Review: It is highly recommended to have the agreement reviewed by an attorney to ensure that it complies with applicable laws and regulations.
By carefully considering these key components and design elements, you can create a professional and effective free commercial property management agreement template that protects the interests of both the property owner and the property management company.
