ANNUAL PROPERTY MANAGEMENT AGREEMENT
THIS AGREEMENT made and entered into on _________________________ by and between ______________________________________________ hereinafter referred to as "OWNER," and Investor Friendly Property Management & Realty Services Inc. hereinafter referred to as “MANAGEMENT COMPANY."
WITNESSETH: For and in consideration of the mutual covenants contained herein, the parties hereto agree as follows:
The OWNER hereby employs Investor Friendly Property Management & Realty Services Inc.exclusively and solely to rent/lease and manage the property described as: _____________________________________________________________________________upon the terms and conditions hereinafter set forth.
This Agreement shall be for a period of 12 months commencing ____________. If the OWNER terminates this agreement within the first six (6) months, OWNER agrees to pay Investor Friendly Property Management & Realty Services Inc. 1 month’s full rent to be paid by check made payable to Investor Friendly Property Management & Realty Services Inc. along with written notice of such termination sent by certified mail to 4735 Randag Dr. N. Ft. Myers FL 33903
Terms of Contract
The OWNER expressly grants to Investor Friendly Property Management & Realty Services Inc. herein the following authority:
A. Full management and control of said property with authority to collect all rents and other monies and securities from tenants in property, and issue receipts.
B. To prepare and negotiate new leases and renewals of existing leases in which new leases and renewals of existing leases. Manager is authorized, for and on behalf of owner, to execute leases, rental agreements and the power to grant an option to purchase the subject property, only the owner can execute the option.
C. To have minor repairs made, to purchase necessary supplies and to pay all bills and charge same to OWNER. On improvements and repairs that shall exceed $250.00 in cost (except for emergency repairs), Owner’s approval shall be obtained first.
D. To serve vacate notices and any other applicable legal notices upon tenants and to prosecute in the name of the OWNER, and at the OWNER's expense, legal actions to evict tenants and recover rents, employing for these purposes a reputable attorney and when circumstances permit, such attorney as OWNER may designate. To file an eviction with our firm, it will cost $525.00 per eviction. Or call directly to Bill Bertha at 239-267-3425 to save money.
E. Investor Friendly Property Management & Realty Services Inc. is empowered with such other general authority and power as may be necessary or expedient to carry out the spirit and intent of this agreement with respect to the leasing, renting, management, and operation of the property hereinbefore described.
F. The OWNER shall be responsible for and pay all reasonable and necessary expenses incurred by Investor Friendly Property Management & Realty Services Inc.in connection herewith.
Investor Friendly Property Management & Realty Services Inc. Responsibilities:
Investor Friendly Property Management & Realty Services Inc.agrees to accept the following responsibilities:
A. To use diligence in the management of the premises for the period and upon the terms herein provided, and agrees to furnish Investor Friendly Property Management & Realty Services Inc. services for the renting, leasing, operating, and managing of the herein described premises. However Investor Friendly Property Management & Realty Services Inc. does not guarantee the payment of rentals by the Tenants but will make every effort to collect same when and as they become due.
B. To render monthly statements of receipts, expenses, and charges and to remit to OWNER receipts less disbursement, which will include advertising, repairs, and other applicable charges. In the event the disbursements shall be in excess of the rents collected by Investor Friendly Property Management & Realty Services Inc. the OWNER hereby agrees to pay such excess promptly upon demand of Investor Friendly Property Management & Realty Services Inc.
C. OWNER shall receive benefit of all savings, discounts, or rebates obtainable from contractors or supplies.
D. To deposit all receipts collected for OWNER (less any sums properly deducted or otherwise provided herein) in an account separate from Investor Friendly Property Management & Realty Services Inc. personal escrow account. However, Investor Friendly Property Management & Realty Services Inc.will not be held liable in the event of bankruptcy or failure of a depository and shall not be held liable for bad checks or money not collected.
E. All owners must notify our office and make us aware of any fourclouser's or bankruptcy proseedings affecting any property that we have under management. This will allow us to properly manage your investment for you. You can still rent it while under either of these situations. We will charge one month rent if not notified in advance of either of these situations.
F. If the property is vacant at time of management takeover we will need a $250.00 deposit per property to cover advertising expenses until we can get it rented.
Management fees are 15 % of the gross monthly rents and deposits only when rented. In addition, any late charges or returned check charges accrue to Investor Friendly Property Management & Realty Services Inc.as compensation for additional time and expense incurred in the collection of delinquent rents.
For purposes of this Agreement, all notices required herein shall be deemed to have been served upon the other party when mailed to the following addresses or to such other addresses as shall be changed in writing, properly notifying the other party.
H Phone / Cell: _____________________________________________________________
Investor Friendly Property Management & Realty Services Inc.
(239) 246-0277 Fax: (239) 791.1186
Please list any and all contact numbers for you on an added page.
This Agreement shall be and become binding upon the heirs, successors and assigns of the parties hereto.
Signed and Agreed
Investor Friendly Property Management & Realty Services Inc. REPRESENTATIVE
Remember not to forget to also fax in a copy of this agreement, Direct deposit form & a W9 is a must before we can start to market your property.