What can you tell me about property management and how to terminate the contract?

Answer by  patti (29325)

A property owner contracts with a property manager to tend to the property in his absence. The responsibilities range from lawn mowing to collecting rent to marketing the property, depending on the agreement. The contract likely contains information about reasons for termination of the contract. Otherwise, if the management company is not performing as agreed, that may be grounds.

Answer by  snazzysnert (47)

A property manager will collect income and pay expenses as an agent for you. This is ideal for an absentee owner of rental properties, or someone with too many properties to manage alone. To terminate the contract, read the provisions for termination first. It may allow for termination without cause after, say, 30 days written notice.

Answer by  DavidS (1517)

First you have to know what stipulations are broken in the contract in order to terminate it. If a leasee has failed to pay rent or has destroyed property, then depending upon your contract you may be able to terminate it. I would suggest checking with a lawyer prior to doing this just to be sure that you are legal.

Answer by  patti (29325)

Grounds for termination of the contract should be detailed in the contract itself. Review the paperwork to see what is required for termination.

Answer by  Craig61 (358)

Each agreement has it's own cancelation clause. Unless the management company is seen to have been negligent in the management of your property I would suggest following the cancelation terms found in your contract.

Answer by  withluck (1745)

Look over your contract with your property management firm and you should find that there are paragraphs that will address how either party can terminate the contract. Make sure all communication is documented in writing, and a release is signed by all parties acknowledging the termination.