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Property management agreements are essential documents that establish the relationship between a property owner or landlord and a property manager. These agreements outline the responsibilities of both parties and ensure that the property is well-maintained and managed. However, property management agreements do not deal with every aspect of property management. In this article, we will explore what property management agreements do not cover.

Legal Matters

Property management agreements typically do not cover legal matters related to the property. These include issues such as zoning laws, property taxes, and building codes. Property managers are not legal experts, and it is the responsibility of the property owner to ensure that all legal requirements are met. Therefore, any legal issues related to the property are the sole responsibility of the property owner.

Finances and Investments

While property management agreements cover the day-to-day operations of the property, they do not cover financial matters such as investments. Property managers are not financial advisors, and it is not their responsibility to advise property owners on investment decisions. It is the responsibility of the property owner to make investment decisions based on their financial goals and objectives.

Maintenance and Repairs

Property management agreements cover the maintenance and repairs required for the property to be kept in good condition. However, they do not cover major repairs or renovations that require significant capital investment. Property managers are not responsible for making decisions about major repairs or renovations, and it is the responsibility of the property owner to decide on such matters.

Tenant Screening and Selection

While property managers are responsible for finding and screening potential tenants, property management agreements do not provide details on the process. Property owners may have specific requirements for potential tenants, and it is their responsibility to communicate these requirements to the property manager. Property managers are responsible for screening potential tenants based on the criteria set by the property owner.

In conclusion, property management agreements play a crucial role in detailing the responsibilities of both parties involved in property management. However, it is important to note that they do not cover every aspect of property management. Property owners are responsible for legal matters, investments, major repairs, and tenant selection criteria. Property managers are hired to manage the day-to-day operations of the property and ensure that it is well-maintained and managed. By understanding what property management agreements do not cover, property owners can make informed decisions and ensure that their investments are well-managed.