Exhibit A
PROPERTY MANAGEMENT AGREEMENT
This PROPERTY MANAGEMENT AGREEMENT (this “Agreement”) is made effective as
of the __ day of ________________, 2017 (the “Effective Date”), by and between Two
Doors Realty, LLC, an Oklahoma limited liability company (“Manager”), and
____________ (“Owner”).
WHEREAS, Owner owns certain real property held for rental purposes (the “Property) as
identified on Exhibit A hereto; and
WHEREAS, Manager is a real estate broker licensed by the Oklahoma Real Estate
Commission and legally qualified to provide property managements services;
NOW THEREFORE, Owner and Manager agree as follows:
1. Management Services.
1.1 Tenants. Manager will use diligent efforts to identify and place qualified
tenants in the Property throughout the term of this Agreement.
1.2 Authorization to Lease. Owner hereby authorizes Manager to sign lease
agreements in connection with the Property. Rent will be at fair market value
as reasonably determined by Manager or set as Owner designates in writing.
1.3 Collection of Rents. Manager will collect all rents. Manager will pay rents to
Owner each month by ACH transfer as soon as practicable, less a deduction
for Manager’s fees (as described in Section 2), and any outstanding repair
costs incurred by Manager in connection with the Property.
1.4 Minor Repairs. Owner authorizes Manager to make any repair costing less
than $200 that Manager deems reasonably necessary. Manager will promptly
notify Owner of all such repairs.
1.5 Major Repairs. Manager will make non-emergency repairs exceeding $200
only with the written authorization of Owner. If Manager determines that an
emergency repair is required to (i) prevent further damage to the property or
(ii) resolve any issue that could reasonably be perceived as a threat to tenant
safety, then Manager will make such repair and promptly notify Owner, and
Owner will promptly reimburse Manager for all such expenditures. All
repairs will be performed by independent contractors chosen by Manager
(unless Owner designates a particular repair person).
1.6 Late Notices; Evictions. Manager will execute standard leases requiring
tenants to pay on the 1
st
of each month, with a late fee required if rent has not
Exhibit A
been paid by the 5
th
. If a tenant fails to timely pay rent, Manager will, within
48 hours, send a 5-day “pay rent or quit” notice to such tenant. If tenant does
not pay during the 5-day period, Manager will consult with Owner to
determine whether to retain an attorney to file a Forcible Entry and Detainer
(eviction) petition or to attempt to negotiate a move out date with the tenant.
Owner will promptly reimburse Manager for all notice expenses, court fees,
service of process fees and attorney fees in connection with any eviction
filings.
1.7 Deposits. Manager will collect and hold all security deposits in compliance
with Oklahoma law. Any pet deposits will be non-refundable and will be
charged as additional rent payable to Owner.
1.8 Reports. Manager will provide log-in information that will allow Owner to
generate financial statements and reports at any time. Manager will also
provide such reports promptly upon request.
2. Fees.
2.1 Rent Fee. Owner agrees to pay to Manager a fee equal to eight percent (8%)
of all rent collected (up to $150 per unit, per month).
2.2 Placement Fee. Upon the placement of each new tenant, Owner will pay
Manager a fee of $200. However, Owner will not be required to pay more
than one placement fee per unit, per calendar year.
2.3 Application Fee. Manager is authorized to charge a reasonable application fee
to all prospective tenant applicants. Manager will retain all application fees.
3. Lease Provisions. Tenant leases will contain the following provisions, unless Owner
directs otherwise (in writing):
1 year term (minimum);
Electronic rent deposits are considered received when paid;
Tenant responsible for lawn care;
Owner to treat for pests (insects/rodents) within 30 days
after move-in, tenant is responsible after 30 days;
Owners can specify a preferred pet policy on Exhibit A.
Manager’s default policy says dogs, cats and small pets are
permitted with $250 pet deposit, except that large dogs and
dangerous breeds are not permitted, other animals subject
to approval;
4. Owner Responsibilities.
4.1 Property Condition. Owner will make the Property ready for occupancy.
Manager will recommend service providers upon request, but Owner will be
responsible for all costs to bring the Property to move-in ready condition,
Exhibit A
including mowing the grass, replacing light bulbs as necessary, and providing
functional smoke detectors.
4.2 Indemnification. Owner hereby agrees to indemnify and hold harmless
Manager from and against all claims, losses, liabilities, charges arising out
of or relating to the Property and/or the services provided pursuant to this
Agreement.
5. Miscellaneous.
5.1 Termination. Either party may terminate this Agreement by giving thirty (30)
days written notice. All fees due to either party under a terminated Agreement
are due promptly after receipt of the termination notice.
5.2 Notice. All notices and other communications under this Agreement may be
given by text message, email, or U.S. mail.
5.3 Counterparts. This Agreement may be executed in multiple counterparts. All
such counterparts (including electronic document formats, such as pdf) will be
considered an original document.
5.4 Liability. Manager assumes no responsibility for damages to the Property
caused by any tenant, or damages to Owner based on Tenant’s failure to pay
rent.
5.5 Amendment. This agreement may not be modified or amended except by a
writing signed by Owner and Manager.
5.6 Assignment and Successors. This agreement will binding on the successors
and assigns of Manager and the heirs, administrators, executors, successors
and assigns of Owner.
Executed as of the Effective Date:
Manager:
______________________
Jon Pitcher, Managing Broker - Two Doors Realty, LLC
Owner: ____________________________
Printed Name:_______________________
Owner: ____________________________
Printed Name:_______________________
Exhibit A
Exhibit A to Management Agreement
Owner’s Contact Info
Name:_____________________________________________________________
Address:___________________________________________________________
Best Contact Telephone #: _____________________________________________
Email address: ______________________________________________________
To Receive ACH Rent Payments
Routing Number:____________________________
Checking Account #:_________________________
Property Information
Address_____________________________________________________________
Beds________Baths________ SQFT______________
Rental Rate $___________
Date available______________________
Appliances that will stay with the Property:
a. Washer/Dryer ______
b. Refrigerator _______
c. Microwave ______
Allow Pets? _________________________
Exhibit A
Property Information
Address_____________________________________________________________
Beds________Baths________ SQFT______________
Rental Rate $___________
Date available______________________
Appliances that will stay with the Property:
a. Washer/Dryer ______
b. Refrigerator _______
c. Microwave ______
Allow Pets? _________________________
Property Information
Address_____________________________________________________________
Beds________Baths________ SQFT______________
Rental Rate $___________
Date available______________________
Appliances that will stay with the Property:
a. Washer/Dryer ______
b. Refrigerator _______
c. Microwave ______
Allow Pets? _________________________
