As a commercial landlord, engaging the services of a property manager is a smart option. Management company charges are one of the issues commercial landlords have to face. Management companies deal directly with tenants. They help landlords deal with issues easily resolved without the landlord’s involvement. You’re free from any hassle with tenants. However, you’ll still have issues to resolve with the property manager.
The level of mangement fees should be reasonable. Management fees and other obligations as well as responsibilities must be in writing. A contract or agreement will bring clarity to every aspect of a contract between the landlord and property manager. The landlord and the property management company need clarity on contractual relationship. The landlord should supply a breakdown of management fees for the benefit of the property manager and tenant.
The lease agreement will include the management fees. Tenants need to understand what price they pay for each service delivered by the management service. Management fees are payable to the landlord, who in turn pays the management company. The services and fees provided will appear in the lease agreement for the benefit of the landlord, tenant and management company. They could include charge arrears, management information for tenants, liaising with tenants, attending to the property’s works and services, ensuring tenant and landlord are compliant.
Service fees pricing appears in the lease agreement. The agreement clearly states if the fees will increase over a period of time. It should also state when and how much fees will increase. Management fees are included in the definition of a service charge. Management service fees should be reasonable and in line with any increases in inflation rates.
If you’re a commercial property landlord, please get in touch to discuss your lease agreement. SG
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