Property Management

Sample Contract - Condominium Associations Dear Property Owner: Thank you for considering At Home Real Estate Group, Inc. for your property management needs. It would be our pleasure to assist you with the management of your rental property. I would like to take a moment to follow up with you regarding our property management capabilities. I hope you will take the time to go over the information provided to you. Many of our services are laid out in the enclosed information letter. One of the great aspects of our company is that we can tailor our services to meet your individual requirements. Please bear in mind that my job is to provide you with the type of services that best fit your needs. You will find that our services far outweigh our modest fees and are cost saving to you in time and labor. You’ll quickly notice the large discounts in maintenance, renovations, cleaning, landscaping, and other services due to the many contractors, electricians, carpenters, cleaners, painters and plumbers that we utilize on a regular basis. We look forward to welcoming you to our “At Home” team and family of friends! Sincerely, Liz Vickerman Director Property Management Page Harding Property Management Sample Condominium Association Management Agreement between The owners of ("the Owner") and At Home Real Estate Group, Inc. (the "Manager") This document will set forth our understanding regarding the management of your CONDOMINIUM at Property Address, Area or City, MA. In order to facilitate the maintenance, appearance and upkeep of the premises, and to protect the economic value thereof and in consideration of the mutual covenants contained herein, we hereby agree as follows: 1. You shall hereinafter employ the Manager exclusively to care for, manage and operate the premises pursuant to the terms of the Agreement from the date hereof for a period of one year, unless sooner terminated as provided herein. Thereafter the agreement shall automatically be renewed for successive one-year periods unless terminated by either party by thirty (30) days prior written notice of non-renewal. Notwithstanding the foregoing, this Agreement may be terminated at any time upon 30 days prior written notice by either party if the other party materially breaches the terms and conditions hereof or for the good cause described in said notice. 2. The Manager accepts such employment and shall have the following powers and duties: a. To perform and observe your obligations to, and administer the obligations of, any current owners/tenants of the premises according to the terms of any agreement by the condo association. b. To enforce such rules and regulations that is established for the premises by the condo association as amended from time to time. c. To collect all condo fees and other income due from owners, contracts or other agreements with respect to the premises and to deposit same (less any sums properly deducted hereunder) in the Condominium Association account held at Citizens Bank separate from the Manager's other business. You agree, however, that the Manager shall not be liable in the event of the bankruptcy or failure of said depository nor for the delinquency for any of the association members. d. To make or cause to be made and to supervise repairs and alterations of the premises as requested by the association members and to purchase supplies and pay all bills therefore from the monies in the Condominium Association Account. The Manager agrees, however, to secure your prior approval on any such expenditure in excess of $600 except if in the opinion of the Manager, such repairs are necessary to protect the premises from damage or to maintain services to the owners/tenants as called for in the condominium documents and/or leases or other agreements. e. If required by individual unit owners, to advertise the availability for rental of the premises, and to negotiate written leases or other tenancy agreements and, on the unit owners behalf, to execute and deliver such leases or agreements; provided, however, that all proposals and the final terms of any agreement to let the premises shall be in accordance with the Condominium Documents. f. To render to you monthly, quarterly or yearly financial statements upon the direct request of an association member or trustee of the condominium. We will provide copies of any receipts for, repair/maintenance expenses, and charges and remit to you upon request a sum representing receipts for that period less any appropriate disbursements by the Manager, including the management fee described herein. In the event such disbursements shall exceed the monies collected by the Manager, you agree to pay promptly such excess upon the demand of the Manager. 3. The foregoing powers and duties of the Manager, however, shall exclude any right or obligation to commence on your behalf any legal proceeding (except non payment of condo fees or rents) with respect to the premises or to make any payments on your behalf due under any mortgage affecting the premises or any payments on account of real estate taxes or other assessments affecting the premises. 4. To provide 6-D certificates to unit owners and assist in the sale of any of the individual units by providing condominium documents, condo questionnaires or other information, as required by banks and other lenders for transfers or refinancing. (See below for additional fees.) 5. In connection with the services provided by the Manager hereunder, you agree as follows: a. That the services so performed by the Manager are performed as your agent and all obligations or expenses properly incurred hereunder by the Manager shall be on your behalf and at your expense. The Manager shall not be obligated to make any advance to you or on your account of or to pay any such sum except out of funds in the Association Account. b. To save the Manager harmless from all damage suits in connection with the management, operation and leasing of the Premises and from liability from injury suffered by any employee or other person whomsoever, and to carry at your own expense, necessary insurance adequate to protect the premises and the interests of the parties hereto. The Manager also shall not be liable for any error of judgment or for any mistake of fact or law, or for anything which it may do or refrain from doing hereinafter, except in cases of willful misconduct or gross negligence. c. That no shareholders, partners, affiliates or officers of the Manager shall be personally liable for the observance or performance of the Manager's obligations hereunder, all such liability being limited to the assets of the Manager. d. To pay the Manager, as compensation for the performance of the services hereunder, the following amounts: (i) Our Fees For Property Management: We strive to keep our management fees as reasonable as possible to have a minimal effect as on your bottom line. Our management fee is small when compared to the services we provide and the cost savings to you and your property. Our fee structure is as follows: (i) Start up costs for Condos $150 (ii) General Fees Condo Associations: 2 units $75/month (basic services) Condo Association 3-15 units $100 (+ $20 per units 4+) (basic services) Administrative fee $5 per property per month (For Example a 9 unit condominium would incur a month management fee as follows: $100(first three units) + ($20 x 6 units=$120) + 5 admin fee = $225/month) *basic services would include such items as follows: • establishing an EIN number for the association • Collecting and managing condo fee payments • Notifying owners of amounts due to the association. • Pursuing delinquent condo fee accounts • Paying bills for the association • Budgeting • Managing all banking account(s) • All association accounting and Monthly reconciliation of banking accounts • Arranging, setting up and/or establishing contracts for most general repairs and maintenance when requested by the owners (not paying for the actual service) for such items as follows: o snow shoveling and sand & salt o driveway plowing o common area cleaning o common area rug shampooing o Landscaping, fertilization, spring and fall cleanups. o extermination o common area touch ups o Exterior cleaning, trash removal and so forth. We rely on the association members to communicate with the property managers the services that they wish to have performed either on a one time or ongoing basis. (iii) Capital improvements and major repairs: Capital improvements/major repairs between $1-$999 are included in basic fees 3% of capital improvements/major repairs between $1000-$1999 (if we handle project) 4% of capital improvements/major repairs between $2000-$2999 (if we handle project) 5% of capital improvement/major repairs between $3000- Up (if we handle project) 5% charged to the individual unit owner of any capital improvements/major repairs that are within the units of condominiums and are outside the realm of the Condominium Association. (iv) Special Charges and Fees Soliciting quotes for contractors etc. Fee will be deducted from the percentage we receive upon completion of job .$75-$150 Preparation & Notarization of 6-D certificates $75 Condominium Documents (copies) .$75 Obtain Condominium Documents from Registry $75 Insurance Policy ..$50 Insurance Binder for Re-Finance .$50 Condominium Meetings (in excess of annual meeting...$75 per) On site inspections, meetings, and so forth, in excess of those outlined in the basic contract will be billed at a rate of $75/hour When required by individual owners: Rental Management (under separate contract) 8% of gross monthly rents. Reimbursements for any items as described above shall be deducted from the monthly remittance check and/or association bank account by check. (iii) Other Fees and Charges: Inspections for Section 8 rentals.............................................................................$100 Other Inspections $100 Housing Court Appearance.........................................................................................$150 Over 3 hours in Court..................................................................................................$150 Standard rental fee is 1 month rent. Managed properties are one at a reduced rate of one half month rent plus $150 administrative fee. (This applies except where the property is a newly management property established at the time of renting the property). Start up fees for new accounts (One time charge includes paperwork, establishment of EIN if necessary, opening of banking accounts, etc.) ....$150 (IV) Any work performed to your managed property will be directly billed to your account. We do not take a mark up on any work except as outlined above for capital improvements or major repair projects. We will pay from your funds the agreed upon invoice amount we receive from the contractor, handyman, electrician, plumber, landscaper, painter, cleaner, carpenter or other professional or worker that was hired to perform such work. (V) For Leasing: One half of the monthly rent provided for in any lease or other tenancy agreement for the premises as negotiated, executed and delivered by the Manager during the term of this agreement or, as market conditions permit, the tenants may pay the entire fee or as negotiated at the time of the agreement. $150 rental administrative fee will apply. (VI) Reimbursements for any items as described under Section 2(e) shall be deducted from the remittance check and/or Trust Account on a monthly basis. (VII) Account Minimum Balances: Property owners agree to keep a minimum of $500 in the account at all times to cover operating expenses. If the mortgage is being paid from the account the property owners agree to keep a minimum of one month’s mortgage payment plus $500 in the account at all times. 6. Contacting us and other items. (I) At Home Real Estate Group will generally staff the administrative office Monday through Friday between the hours of 9am and 4pm. Hours may vary. Please understand that on certain occasions the property managers may be away from the office while on site at the managed properties, attending to banking or other property needs. (II) We will maintain a 24 emergency phone number (and back up phone numbers) for the home owners and/or tenants to be used for EMERGENCY purposes ONLY on weekends, holidays and after regular business hours. Non emergency needs will be addressed during regular business hours or as scheduled in advance. (III) At Home Real Estate Property management staff will be available by telephone during business hours only. We will also be available via e-mail which is checked throughout the work day. The property managers will be available by cell phone after regular business hours for EMERGENCY PURPOSES ONLY. Signed, _________________________ Kenneth Osherow, Director and/or Liz Vickerman, Property Management Director At Home Real Estate Group, Inc Agreed and Accepted: _____________________________ Date_________ Trustee/owner _____________________________ Date__________ Trustee/owner _____________________________ Date__________ Trustee/owner