Are there specific clauses in a property management agreement to be mindful of?
Here are some topics in an agreement that have my concern:
- Waive the requirement for approval from owner for any repairs or maintenance of any one item under a specified amount (one company is asking for $600…). There is no monthly cap.
- Indemnify, defend and hold harmless the management company.
- Name the management company as an insured part on insurance policies.
- Serve all documentation, records and disclosures in owners name.
- Grant access to regular credit checks on the property owner.
Are these typical in a property management agreement? The asks seem extreme in my opinion. However, that being said, this is my first time requiring the assistance of a management company due to relocating out of state.