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How long are property management contracts?
I'm in the process of buying a 4-plex. The property management company that I want to use wants me to sign a one year contract. I would like to sign a month to month or a six month contract.
Can you tell me the length of most property management contracts?
Thank you.
4 Answers
- OthnielLv 68 years agoFavorite Answer
You can shop around if you want but a year seems reasonable.
The management company will not work as well for you in an uncertain relationship thinking that this month may be their last. Sign for the year and make sure they are doing their job. Don't undermine their authority but hold them accountable for their part of the agreement.
Often they charge 10% of the collected lease proceeds which seems to be standard. Build a good relationship with the manager and learn all you can. Good choice to buy a 4-plex, congratulations.
Check out http://mrlandlord.com/ for other ideas, experiences and tools of the business.
Source(s): Current landlord and former real estate agent - dog maLv 78 years ago
Our property manager requires a year at a time, and we have used her services for many years. If you find a good manager, treat them well and stay the course! Good ones are hard to find.
