Episode 26: Ironclad Management Agreements. At least less leaky ones. Pro Tips Inside!

The conversation covers key aspects of drafting a rental management agreement, including legal considerations, responsibilities, commission, payment expectations, term of the agreement, maintenance cost threshold, and miscellaneous clauses. The hosts emphasize the importance of consulting an attorney, outlining responsibilities, and including specific clauses for various scenarios.TakeawaysConsult an attorney before drafting and sending out a rental management agreementEvery page of the rental management agreement needs to be signedOutline the responsibilities of the manager and the owner in the agreementClearly outline the commission and how it is calculatedInclude a clause for maintenance cost threshold and minimum amount for repairs without owner approvalInclude clauses for natural disasters, rate decisions, and marketing usage of the propertyInclude clauses for indemnity, additional insured on the liability policy, and forum selectionInclude clauses for liability, loss, expenses, and obtaining licensesInclude clauses for refunds, no guarantees, and term of the agreementInclude clauses for act of God, habitability, and pet policiesChapters00:00 Introduction and Disclaimer09:09 Commission and Payment Expectations19:05 Maintenance Cost Threshold and Miscellaneous Clauses