For a landlord hiring a property manager is no small task, it takes work to find a company or person you trust and are willing to rely on when it comes to your investment and quite possibly yours and your tenant’s well being. To get some added peace of mind add the following elements to your property management contract.
Detail what you expect to be notified about and how you expect to receive that notification. It wouldn’t hurt to also specify a timeframe for notifications.
Your state will have some sort of laws regarding the accounting practices of property managers so you should familiarize yourself with the law and the minimums, but you may want to ask for a little more due diligence or information than is traditionally given. You may also want to break down financial obligations and establish procedures for dealing with the tenants and their finances as well.
Tenant responsibilities will be the primary responsibility of the property manager but you’ll want to specify exactly what those responsibilities are and how they will be processed.
And most importantly for both parties, you’ll want to try to protect yourself if the company does not fulfill your expectations. Trying to get out of a contract is often difficult so you will want to try to work in a clause that lets you terminate the contract if the property manager isn’t working out to your expectations.