New STR property manager looking for rental contract help

New STR property manager looking for rental contract help

Property Manager · Lenexa, KS · Member since 2019 · 18 posts · 3 votes

Happy Wednesday! I'm transitioning from turning my own LTR into a STR in the KC metro. I was having conversations with various friends about what I'm doing to self-manage and they started asking if I'd manage theirs! So here I am building a new business. I've put together a good tech stack to launch from. I want to use a rental agreement. Anyone have a template or an outline they'd be willing to share?

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John UnderwoodPro Member
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
5mo

Are you licensed and insured to manage other people's properties?

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  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    5mo

    Are you licensed and insured to manage other people's properties?

  • Clifford R FowlesPro Member
    OP
    Property Manager · Lenexa, KS · Member since 2019 · 18 posts · 3 votes
    5mo

    Great question! I appreciate the concern to be compliant. I'm working on my local business license today and researching the need for further licensing. My initial ChatGPT convo doesn't lead me to think I need more for Kansas but I'll continue with my city. For insurance I just started that conversation with my agent.

  • Mike GrudzienPro Member
    Lender · Eugene, OR · Member since 2019 · 2k+ posts · 1k+ votes
    5mo

    Get a rental agreement from an attorney...

  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    5mo

    Hey @Clifford R Fowles, you definitely want to follow @John Underwood and @Mike Grudzien advice and get all those ducks in a row.

    Seeing as you have never managed a STR before (I am assuming) you are essentially taking over others investments and working on their behalf. That's real money and you want to make sure everything is spelled out in a proper rental agreement.

    Also, get insurance for operators as well as an umbrella policy. 

  • Andrew SteffensBusiness Member
    Tampa, FL · Member since 2022 · 3k+ posts · 3k+ votes
    5mo

    I would consult with a Real Estate / Business attorney to check compliance and make sure your rental agreement is good for KS.  Mine here in FL is probably fairly useless for you.

  • Collin HaysBusiness Member
    Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
    5mo

    Are we discussing a rental agreement, a homeowner client agreement, or both?

    Both of mine are 2 pages. PM me your address and I will email you a copy of both.

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