Partnership Built on Trust
Our property management agreement clearly outlines the services we provide, our responsibilities, your responsibilities, and the terms of our partnership. We believe in transparency and want you to understand exactly what you're getting when you work with Options Property Management.
Agreement Overview
Our property management agreement is a legally binding contract that establishes the relationship between you (the property owner) and Options Property Management. The agreement typically has a one-year term with automatic renewal provisions, and can be terminated with 30-60 days written notice by either party.
Services Included
🏠 Marketing & Leasing
- Professional photography
- MLS and online listing distribution
- Tenant screening and selection
- Lease preparation and execution
- Move-in coordination
💰 Rent Collection
- Online payment portal
- Automated rent collection
- Late fee enforcement
- Delinquency management
- Eviction processing if needed
🔧 Maintenance Management
- 24/7 emergency response
- Vendor coordination
- Repair oversight
- Preventive maintenance
- Competitive bid procurement
📊 Financial Reporting
- Monthly owner statements
- Owner distributions
- Trust account management
- Expense tracking
- Year-end tax documents
🔍 Property Inspections
- Move-in/move-out inspections
- Quarterly drive-by inspections
- Annual interior inspections
- Photo documentation
- Condition reports
⚖️ Legal Compliance
- Fair housing compliance
- Required disclosures
- Lease agreement updates
- Regulatory filings
- Eviction proceedings
Fee Structure
Our management fees are straightforward and competitive:
Monthly Management Fee
Residential Properties: Typically 8-10% of monthly collected rent
Important: Fees are only charged on rent actually collected. If the tenant doesn't pay, you don't pay our management fee for that month.
Leasing Fee
One-time fee charged when we place a new tenant, typically equivalent to one month's rent or 50-100% of first month's rent. Covers marketing, showings, screening, and lease preparation.
Additional Services
Additional services like evictions, major project coordination, or special requests are billed separately at agreed-upon rates. All charges are disclosed upfront.
Owner Responsibilities
As the property owner, you retain certain responsibilities:
- Maintain adequate property insurance
- Pay property taxes and HOA fees (unless covered by management agreement)
- Approve non-emergency expenses over specified threshold (typically $500)
- Maintain reserve funds for repairs and expenses
- Comply with applicable laws and regulations
- Provide accurate property information and documentation
Manager Responsibilities
Options Property Management commits to:
- Act in your best interests as a fiduciary
- Manage the property professionally and diligently
- Comply with all fair housing and landlord-tenant laws
- Maintain separate trust accounts for client funds
- Provide timely and accurate financial reporting
- Respond to tenant and owner communications promptly
- Coordinate all necessary repairs and maintenance
- Keep detailed records of all transactions
Termination Provisions
Either party may terminate the agreement with proper notice:
- By Owner: 30-60 days written notice (varies by agreement)
- By Manager: 30-60 days written notice
- Early Termination: May be subject to fees if property is currently leased
- Transition: We provide all records and assist with transition to new management
Trust Account & Financial Management
All owner and tenant funds are held in separate trust accounts at FDIC-insured financial institutions, in compliance with California Department of Real Estate regulations. Your funds are never commingled with company operating funds.
Monthly Financial Cycle
Days 1-5: Rent collection and deposit
Days 5-10: Expense processing and reconciliation
Day 10: Owner distributions processed
Day 15: Monthly statements delivered
Insurance Requirements
Property owners must maintain adequate insurance coverage including:
- Property Insurance: Dwelling and liability coverage
- Landlord Policy: Specific coverage for rental properties
- Liability Insurance: Minimum $1 million recommended
- Loss of Rents: Covers lost income during repairs (recommended)
Options Property Management must be named as "Additional Insured" and "Certificate Holder" on your insurance policy.
Modifications & Updates
The property management agreement may be amended with written consent of both parties. We periodically update our agreements to reflect changes in law, industry best practices, or service offerings. You'll be notified of any material changes.
Getting Started
To begin working with Options Property Management:
- Contact us for a complimentary property consultation
- Receive a customized management proposal and agreement
- Review the agreement and ask any questions
- Sign the agreement and provide necessary documentation
- Complete the onboarding process (property info, keys, vendor details)
- We begin marketing (if vacant) or managing your tenancy
Ready to Get Started?
Contact us today to receive a customized property management agreement and proposal for your property.
Request Agreement