The Exclusive Property Management Agreement serves as the foundational document for professional property management services in the United States. This contract type is essential when property owners wish to delegate complete management authority to a professional firm while maintaining clear oversight and accountability. The agreement typically includes detailed provisions for property maintenance, tenant management, financial reporting, and emergency procedures, while ensuring compliance with federal, state, and local property management regulations. It's particularly important for owners who require comprehensive property management services while protecting their interests through clearly defined performance standards and responsibilities.
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1. Parties: Identifies the property owner and property management company with full legal names and addresses
2. Background: Explains the context of the agreement and property details
3. Definitions: Defines key terms used throughout the agreement including 'Property', 'Services', 'Term', and other relevant definitions
4. Scope of Services: Details the specific services the property manager will provide, including rental, maintenance, financial, and administrative services
5. Term and Termination: Specifies duration of agreement and conditions for termination by either party
6. Compensation: Details management fees, commissions, reimbursable expenses, and payment terms
7. Authority and Responsibilities: Outlines specific powers granted to the property manager and their duties
8. Insurance and Liability: Specifies required insurance coverage and liability allocation between parties
9. Compliance with Laws: Requires compliance with all applicable federal, state, and local laws including Fair Housing Act
10. General Provisions: Standard contract clauses including notices, assignment, governing law, and entire agreement
1. Emergency Protocols: Procedures for handling emergency situations and after-hours responses
2. Construction Management: Terms for managing property improvements, renovations, or major repairs
3. Environmental Compliance: Specific environmental management requirements and procedures
4. Reporting Requirements: Detailed requirements for financial and operational reporting to property owner
1. Schedule A - Property Details: Detailed description of managed property/properties including addresses and specific features
2. Schedule B - Fee Schedule: Breakdown of all management fees, commissions, and additional charges
3. Schedule C - Maintenance Schedule: Regular maintenance activities and responsibilities
4. Schedule D - Insurance Requirements: Detailed insurance requirements for both parties
5. Schedule E - Service Level Agreement: Specific performance metrics and service standards
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