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Residential property management companies offer full range of management services for your properties. Owners of residential properties prefer to employ the services of management property firms because it gives them the maximum return on their investments. However, to ensure that you get the best out of the management company, you have to make sure that certain clauses are included in the contract.
When you let a specialist supervise your property, you know it would be maintained properly. They have the knowledge and the expertise to properly manage your property. One of their main functions is to ensure that you have almost 100% occupancy at any given time. Residential management property companies act as the lynchpin between you and the tenants.
Functions Relating To Tenancy
They perform a variety of management functions relating to tenancy. They would advertise and market your property to attract prospective tenants. Then they ensure that you have reliable and good tenants. They will keep you informed about the latest safety regulations. They are responsible for collecting rent, deposits and giving eviction notice when the tenancy comes to an end. They also ensure that your property is rented out as soon as possible.
The property manager conducts regular inspections of the property and gives you regular feedback. Besides this, the residential management property companies are also responsible for carrying out all the repair work as and when needed.
It is obvious that employing the services facility management firm ensures that your properties and tenants are properly taken care of. However, to ensure that your relationship with the company is always smooth, you must read the contract thoroughly before signing it.
Certain Clauses That Should Be In The Contract
It would also help if you ensure that certain clauses are definitely included in the contract. One of the most important clause that should always be included is the due diligence clause. This clause means that the facility management company is promising to do its best when managing your property or properties. Since it is implied in the contract, the residential facility management companies take extra care to ensure that the properties under their care are managed properly.
Communication and notification clause should definitely be in the contract. This ensures that the company will always let you know what is going on and how things are being managed.
The contract should ensure that the management property company will follow the laws relating to accounting procedures. Ensure that the contract mentions when the checks would be deposited, what happens to the deposits deposited by the tenants and when you will be provided with a statement.
You should also ensure that there is an eviction and termination clause in the contract. Some residential management property companies do not include this clause in their contracts and this creates a problem later on.
As mentioned above, the management property company handles all repairs. This would be included in the contract. However, you have to ensure that instead of the hold-harmless clause you have the reasonable care clause. According to the hold-harmless clause, the management company is not responsible for negligent and default acts of the people they hire for repair work.
The reasonable care clause ensures that they take appropriate care when they hire anyone for repair work. It is true that the residential facility management companies cannot be responsible for people over whom they have no control, however, they are responsible if they hire someone who has a history of bad work and they knew about it or should have known.
Lastly, you should ensure that there is a termination agreement in the contract. Find out what it would cost you if you terminate the contract before time.
Presence of these clauses ensures that you have a solid contract in your hand.
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