It's imperative to thoroughly review a contract so there is a mutual understanding between both parties. This will help prevent confusion and eliminate unnecessary disputes.
Astoria, NY (PRWEB) October 29, 2014
Metropolitan Pacific Properties, New York City’s leading real estate property management company, announces several issues that property owners should address before signing a contract with a property management company.
“The purpose of a contract is to determine what services a property owner will or will not receive. It also involves the property manager’s rights and the costs involved,” says Steve Osman, CEO. “It's imperative to thoroughly review a contract so there is a mutual understanding between both parties. This will help prevent confusion and eliminate unnecessary disputes.”
Mr. Osman suggests that property owners take heed to the following tips below before signing a contract.
Property Management Fees and Services
Property managers should thoroughly read their property management contract. It is important to know what will be included in their services, for example, maintenance repairs, filling vacancies, etc. It is also important that they are clear on the services that may not be included, such as: screening new applicants, collecting rent and other services.
Equal Housing Opportunity
All property management contracts should include a statement that they support Equal Housing Opportunity. This statement should mention that their company adheres to federal and state fair housing laws.
Contract Cancellation Clause
Every property management contract should include a cancellation clause. The clause should mention when the management company has the right to cancel a contract. It should also mention when the ‘property owner’ has the right to cancel.
In addition, the contract agreement should include a list of duties that must be completed at the time of cancellation. A property management contract should also include that the property management team must provide the property owner with copies of all tenant leases within a certain amount of days after cancellation. If there is any money owed by either party, it should mention that it must be paid in full within a certain amount of time.
Metropolitan notes that its contracts are distinctly “all-inclusive.” There are no additional management fees charged to a particular property for services such as project management, ECB regulatory hearings, paper copies/mailings, etc. “There are no hidden costs in the fine print,” says Osman.
To find out more information about Metropolitan Pacific Properties’ real estate management services in New York, call (718) 626-4400 or visit: http://www.metpacproperties.com.
About Metropolitan Pacific Properties:
Metropolitan Pacific Properties is a New York property management team that has been managing properties for over two decades. The property management team has more than 30 years of experience combined in managing residential, commercial, government, and institutional properties. The company’s blog is also a helpful resource for clients: blog.metpacproperties.com/searching-new-property-manager-5-things-signing-dotted-line.