When it comes to hiring a property management company, the contract is your road map to a smooth and successful partnership. At Oak City Properties, we know this document can seem a little overwhelming at first, but it’s crucial to understand every detail. After all, this contract defines how we’ll care for your property, handle tenants, and protect your investment.
To make things easier, we’re here to walk you through the key elements you should look for in your property management contract. Whether you’re new to property management or a seasoned investor, understanding these points will give you confidence and clarity as we work together to maximize your property’s potential.
1. Scope of Services
Your property management contract should clearly outline all the services we’ll provide. At Oak City Properties, we pride ourselves on offering full-service management, but not all companies do the same. Look for details about:
- Tenant Placement: Who’s responsible for advertising, screening, and leasing?
- Maintenance and Repairs: Will your manager handle repairs, and how will they be authorized?
- Rent Collection: Does the company collect rent and manage delinquencies?
- Financial Reporting: Are monthly and annual reports included?
Clarity here helps you avoid surprises and ensures we’re all on the same page about what’s covered.
2. Fees and Payment Structure
Understanding how much you’ll pay and when is vital. A transparent property management company will break down fees clearly. Expect to see details about:
- Management Fees: Typically a percentage of the monthly rent or a flat fee.
- Leasing Fees: Charged when we place a new tenant in your property.
- Maintenance Fees: Costs for repairs or upkeep.
- Additional Charges: Are there charges for inspections, evictions, or administrative tasks?
We keep these fees straightforward at Oak City Properties because we know transparency is the foundation of trust.
3. Communication and Reporting
Effective communication is key to a successful partnership. Your contract should outline how often you’ll hear from us and in what format. For example:
- How and when will we provide updates on your property?
- Will you receive monthly financial reports?
- How quickly do we respond to your questions or concerns?
We believe in proactive communication at Oak City Properties, so you’ll always know what’s happening with your investment.
4. Tenant Responsibilities
The contract should also clarify what’s expected of your tenants and how we’ll enforce those responsibilities. This includes:
- Who handles utilities, landscaping, or HOA dues?
- The process for late rent payments and evictions.
- Lease terms and conditions we enforce.
We take care of these details so you don’t have to, but it’s important you understand how they’ll be managed.
5. Maintenance and Repairs Protocol
One of the biggest concerns for property owners is maintenance. Your contract should spell out how repair requests will be handled, including:
- Approval Limits: Will we seek your approval for repairs over a certain amount?
- Preferred Vendors: Do we use a network of trusted contractors?
- Emergency Procedures: How do we address after-hours or urgent issues?
At Oak City Properties, we ensure your property stays in excellent condition while keeping costs manageable.
6. Liability and Insurance
A good property management contract will outline liability protections for both parties. This section should cover whether the property manager carries liability insurance, your responsibilities as the property owner, and how potential disputes will be handled.
We want to ensure both you and your property are protected, and this section makes that clear.
7. Contract Termination
Lastly, look for details about how and when the contract can be ended. Key points to understand include:
- Required notice for termination.
- Any fees for ending the contract early.
- How unresolved issues, like unpaid rent, will be addressed.
At Oak City Properties, we design our contracts to be as flexible and fair as possible because we want our clients to stay with us because they’re happy, not because they’re locked in.
Your Partner in Property Management
We know property management contracts can feel like a lot to navigate, but we’re here to guide you through the process. At Oak City Properties, we aim to make everything as clear and straightforward as possible from our services to our agreements.
When you partner with us, you’re not just signing a contract; you’re building a relationship with a team that cares about your success. Ready to learn more? Contact us today, and let’s discuss how we can make your property ownership journey smooth and stress-free.
Oak City Properties is Here to Help
At Oak City Properties, we’re here to support your real estate journey, whether you’re a seasoned flipper or just starting. We provide custom solutions and competitive quotes that tailor our services to what you really need. Our full property management service will work with you each step of the way when renting and maintaining your property. We believe hiring a property management company should be a transparent process built on trust and doing our absolute best to take care of your investment.
Want to learn more about our commitment to effective real estate investing and property management? Contact us today via the form below or call (919) 232-9222.
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