What's standard agreement term period?

Question

I was wondering what common Prop Manager agreements are for.

I just found an apartment in a new area and the Prop manager wanted to have a one year term with automatic renewal for double the term.  Is that standard?

Also what if I'm not ok with a prop manager performance are there any ways to break a contract if they're not performing?

Susan O. · Answer

I asked the property manager for a short term contract.  He quickly said he would do a normal 30 day notice to break the contract either way and said that's fine and more common

Susan O. · Answer

I'm just wondering in general for a10 unit property or properties in general if they usually have long terms like 1-2 year periods that you can't break a contract. This is a property in florida the current management has 3 more months on their contract. But their contract says it will re-lease for another double term period so that would be 2 years.  Seems excessive.

Locally, I have a contract with my property manager who has a 'break clause' of 60 day either way.  Owner or property manager can give a 60 day notice

James Wise · Answer

For smaller properties you are looking at 1-3 year terms. Larger properties tend to a go a bit longer. IE 5 year terms.

Nathan Gesner · Answer

The common practice is to renew for the same term. If it's a one-year lease then you renew for an additional year.

The great thing about America is that we're free to run our business the way we see fit. If that's what the Landlord wants, you'll have to decide if you're willing to accept it.

Alex S. · Answer

Read the contract, they should list all the terms.