Helpful tips

Can a property manager be relied on as an agent?

Can a property manager be relied on as an agent?

You are entitled to rely on the property manager as your agent to carry out the duties, such as inspections, that have been promised. The Agent Indemnity clause that you cite is not uncommon with property managers’ contracts.

Why is there an indemnity clause in a property manager contract?

The Agent Indemnity clause that you cite is not uncommon with property managers’ contracts. Its purpose is to protect the property manager against orders of the Tenancy Tribunal where the agent has not complied with the required maintenance owing to a lack of spending authority from the property owner.

What are the responsibilities of a residential property manager?

Residential property managers are expected to fill vacant rental units at the property. Marketing a rental property, therefore, is part of the job description. They will need to advertise the rentals and post compelling ads to relevant listing sites and other places for advertising rentals.

Who is not responsible in a property management contract?

In general, this clause will protect the property manager, except in cases where they have been negligent. The property manager is not, however, responsible for the negligence of third parties they hire. For example, a property manager is not responsible if they hire a contractor, and the contractor causes damage to the property.

Can a property owner enter into a management agreement?

Entry —The property owner may not enter the property unless they notify the tenant beforehand or get approval from the property manager. You want to make sure the management agreement has a section that says they support Equal Opportunity Housing.

What are the requirements of a property management contract?

For example, the property management company must provide the property owner with copies of all tenants’ leases within 14 days of contract termination; or that all money owed to either party must be paid within 30 days of contract termination.

How much does it cost to terminate a property management contract?

You will often have to pay a fee for terminating the contract early. This fee will vary from a few hundred dollars to having to pay all fees the management company would have accumulated over the remaining length of the contract. You will want to look for a contract that does not require cause to terminate the agreement.