Barfoot & Thompson Property Management Agreement: What You Need to Know
As a property owner, managing your rental properties can be a complex and time-consuming task. That`s why many property owners turn to property management companies for assistance. Barfoot & Thompson is a well-known real estate company in New Zealand that offers property management services. If you`re considering partnering with Barfoot & Thompson for property management, it`s important to understand their property management agreement.
What is a Property Management Agreement?
A property management agreement is a legal contract between a property owner and a property management company. This agreement outlines the responsibilities of both parties, including the services that the property management company will provide. A property management agreement typically covers areas such as rent collection, maintenance and repairs, tenant communication, and other property-related matters.
Understanding Barfoot & Thompson`s Property Management Agreement
Barfoot & Thompson`s property management agreement is designed to protect both the property owner and the company. Here are some key things to understand about their agreement:
Services provided: Barfoot & Thompson provides a range of property management services, including marketing the property, finding and screening tenants, collecting rent, managing maintenance and repairs, conducting inspections, and handling lease renewals and terminations.
Fees: Property management fees are a common aspect of property management agreements. Barfoot & Thompson charges a percentage of the rent collected each month for their property management services. Additionally, they charge a fee for any maintenance or repairs that they organize on your behalf.
Ownership of the property: It`s important to note that Barfoot & Thompson`s property management agreement does not transfer ownership of the property to the company. As the property owner, you retain full ownership and control of the property.
Contract term: The property management agreement with Barfoot & Thompson is typically for a fixed term of 12 months. After this period, the agreement can be renewed or terminated by either party.
Communication: Communication is key in any successful property management relationship. Barfoot & Thompson agrees to keep the property owner informed about any issues or developments related to the property. Additionally, they provide the property owner with a monthly statement outlining all income and expenses associated with the property.
Conclusion
If you`re considering working with Barfoot & Thompson for property management services, it`s important to understand their property management agreement. By knowing what to expect, you can make an informed decision about whether or not their services are right for you. Remember to read the agreement carefully and ask any questions or seek clarification as needed. With the right property management company on your side, you can enjoy the benefits of rental property ownership without the stress and hassle of managing it yourself.