This Management Agreement made this __ day of _________, 201_, between ___________, hereinafter referred to as “Owner” and Keller Williams Realty South Shore, hereinafter referred to as “Broker/Agent”. In consideration of the mutual promises and covenants herein contained, Owner and Broker/Agent agree as follows:
PRIMARY TERM: It is mutually agreed by and between the parties that this management agreement shall be binding upon the parties’ successors, estate and assigns and shall remain in full force and effect until termination pursuant to the terms of this paragraph. The term shall begin on the 12th, day of January, 2012 and will be in effect for one year and will automatically renew for successive year periods at the anniversary date so long as there has not been a thirty (30) day written notice prior to the next term given by either party to terminate. Termination by OWNER is effective when actually physically received by BROKER/AGENT. In the event this agreement is terminated by OWNER, the BROKER/AGENT shall continue to receive the rental commission set forth below as long as the tenant(s) placed on the property by BROKER/AGENT shall remain in the unit. All monies expended by BROKER/AGENT shall be paid to BROKER/AGENT prior to this cancellation and BROKER/AGENT is authorized to withhold any sums owed to BROKER/AGENT from monies held prior to the final disbursement to OWNER. BROKER/AGENT reserves the right to terminate this agreement with thirty (30) days written notice to OWNER at any time, or, immediately with written or verbal notice if in the opinion of BROKER’S/AGENT’S legal counsel, OWNER’S actions or inactions are illegal, improper or jeopardize the safety or welfare of any tenants or other persons. BROKER/AGENT may at its option continue to hold OWNER liable for any commissions due, fees due or monies owed BROKER/AGENT if the tenant(s) remain in the property after such termination by BROKER/AGENT.
· AGENT: Owner hereby appoints Broker/Agent as the sole and exclusive renting and management Broker/Agent of Owner’s property located in Hillsborough County at: _____________________________________. RENTING: Broker/Agent shall use his or her best efforts in securing and keeping premises rented to desirable tenants. Time is of the essence while premises remain vacant. Broker/Agent may enlist the services of other real estate brokers.
· ADVERTISING: Broker/Agent shall at his expense advertise the premises, prepare and secure renting signs, circular matter and other forms of advertising when deemed necessary by Broker/Agent. (Whenever available for rent)
· NEGOTIATION OF LEASE: All inquires for any leases or renewals of such shall be referred to Broker/Agent, and all negotiations connected therewith shall be conducted solely by or under the direction of Broker/Agent.
· COLLECTION OF RENT: Broker/Agent shall use his or her best efforts in the management of the property and due diligence in collecting the rent and other charges or fees owed by Tenant. Broker/Agent will retain half of any late fees collected. Before occupancy, Tenant shall pay a security deposit of no more than $25.00 less than the rent, any pet fees, and the first month’s rent. All rents will be prorated to become due and payable on the 1st of every month.
· LEGAL PROCEEDINGS: Broker/Agent may, in the name of and at the expense of the Owner, institute any and all legal actions or proceedings for the collection of rent and/or other fees, or for the removal of tenants or other persons therefrom. Such expense may include the engaging of counsel for any such matters. Owner authorizes Broker/Agent to use any funds held in escrow towards such related expenses.
· REPAIRS: Broker/Agent is authorized, in the name of and at the expense of the Owner, to make or cause to be made such ordinary repairs, and/or alterations of the premises as may be advisable or necessary and to purchase such supplies as may be advisable or necessary. Broker/Agent may exceed any limit that is set by Landlord in the case of emergency or in the event that the Landlord fails to respond to request to exceed repair limit within 72 hours of being notified.
· DISBURSEMENTS: Compensation to Broker/Agent and payment of any expenses shall be deducted from the monthly rent. Remaining proceeds and original repair invoices will be mailed to Owner by the 15th of each month. In the event that money advances are made on behalf of the Owner by Broker/Agent, Owner shall reimburse Broker/Agent promptly. An annual profit and loss statement will be mailed to Owner in time for tax preparation each year.
· SALE OF PROPERTY: In the event the described premises are to be disposed of by sale, lease purchase/option, during this agreement or any extension, Owner shall recognize Keller Williams Realty South Shore as the exclusive agency. This agreement shall be binding on the parties hereto, their heirs, executors, administrators, successors, and assigns, and may not be changed orally but in writing and signed by all parties.
· MORTGAGE PAYMENTS: Owner shall be responsible for payment of mortgage, insurance, taxes, homeowner fees and the like, unless provided elsewhere in this agreement.
· HOLD HARMLESS REIMBURSEMENT: Owner agrees to hold Broker/Agent harmless for damages to, or injuries to, persons or property, by reason of any cause, either in or about the premises, or elsewhere Broker/Agent is carrying out the provisions of this contract, or acting under the express or implied directions of Owner. Owner agrees to hold Broker/Agent harmless for any failure to secure tenant for the Owner, any cancellation by Tenant, and/or failure of Tenant to pay any rents or monies due.
· COMPLIANCE WITH LAWS: Broker/Agent reserves the right to terminate this agreement immediately with verbal notice if in the opinion of Agent’s legal council, Owners actions or in-actions are illegal, improper, or jeopardize the safety of welfare of Tenants or other persons.
· INSURANCE: Tenant will be advised to obtain their own policy to cover their contents. Owner should contact insurance agent for whatever coverage is deemed necessary for the protection of the interests of both Owner and Broker/Agent.
· COMMISSION AGREEMENT: OWNER hereby agrees to pay as follows: For securing TENANT for each new lease, a fee of 100% of one full month’s rent. A management fee equal to 10% of the monthly gross receipts for subsequent months, 0% on pet fees and 50% of late fees collected whenever such late payment affects timely payment of proceeds.
· DAMAGES or MISSING ITEMS: Broker/Agent is not responsible for damage to the premises or items missing, switched out, lost or damaged under any circumstances, including but not limited to, theft, vandalism or negligence of tenant(s) or their guests. In furnished units, an inventory will be checked by Broker/Agent or Broker’s/Agent’s representative at departure. In the event tenant(s) damage the premises or owes any monies to the Owner, Broker/Agent is given the exclusive authority to determine in its professional judgment the amount due, charge the tenant(s) accordingly and/or settle with the tenant(s) upon advice of Broker’s/Agent’s legal counsel. Broker/Agent is given the power to make claims upon the security deposit on behalf of Owner and Broker/Agent shall not be held liable for any failure to make claim(s) on any damages which were not readily apparent to Broker/Agent.
· HURRICANES, TROPICAL STORMS, ACTS OF GOD: Broker/Agent shall not be responsible to take any precautionary measures to avoid any damages from any acts of god unless agreed to in writing between Broker and Owner.
·Vintage Real Estate Services is independently owned and operated and not affiliated with Keller Williams Realty South Shore.
· Vintage Real Estate Services is contracted to act as escrow agent for Keller Williams Realty South Shore. Vintage Real Estate services will hold security deposit in escrow and process all rent payments.
· Team Brumbach Realty Group will list the property for rent @ $1100.00 per month.
SPECIAL INSTRUCTIONS
Accepted & approved this day of , ______
OWNER(S): (Print)___________________ (Print)
(Sign)______________________________ (Sign)________________________________
Social Sec #
Mailing Address:
Phone: _______________________________
Email address:
Agent for OWNER: Keller Williams Realty South Shore
By:_______________________________________
Joel Brumbach
Realtor / Property Manager
Getting Started with Property Management
Full Property Management Details
Partial Property Management Details
Partial Poperty Management Agreement