PROPERTY MANAGEMENT AGREEMENT
THIS AGREEMENT is made by and between ___________________________________________________________________________________
(hereinafter called "Property Owner") and EsKay
1-Stop Management Services, LLC (hereinafter called "Property
Manager" ), whereby the Property Owner
appoints the Property Manager as the exclusive agent for the purpose
of the management and operations of ________________________________________
_____________________________ (hereinafter called "Property"
Clause 1 : Term of Agreement:
This agreement shall be for a term of ____Year ____ Months beginning
1) Property Owner or Manager may amend or cancel this agreement prior
to the end of the term by giving thirty (30) days advance notice to
the other in writing.
2) Property Owner may not exercise his/her right of cancellation until
all invoices have been paid in full. Should there be such a cancellation,
reserves the right to hold any income from the property for a period
of thirty (30) days following the last day of management so as to cover
billings, insufficient rent checks, etc.
3) This agreement shall automatically renew for an additional like
period unless canceled as described above in writing.
Clause 2 : Leasing:
1) Property Owner agrees that leasing, at Property Manager's discretion,
may be accomplished through partner real estate brokers outside or affiliated
realtors that shall list & market the property for leasing.
2) Property Owner also agrees to reimburse Property Manager the cost
of any fees related to the "Marketing & Leasing" Services
, which are typically
equal to one full month's rent for each new lease and a lease renewal/extension
fee of $_______ for each lease renewed after the initial term.
3) Property Owner assumes full and sole responsibility to provide Property
Manager with a key to the property. If not received within 10 days of
contract date, Property Manager may rekey the property to for its access
to the property at Property Owner's expense.
Clause 3 : General Provisions:
Property Owner hereby grants Property Manager the sole and exclusive
i) To contract affiliated realtors or partner real estate brokers for
the rental of the property.
ii) To sign leases on behalf of the Property Owner, to determine rental
rates and to inspect the property at times as Property Manager deems
iii) To collect rent and pay expenses and then to remit, via U.S. Mail,
the balance of all rents and other funds that may be due to Property
iv) To issue receipts, to compromise and to settle security deposit
and other claims, to maintain and collect security deposits
v) To require releases from all parties in the event of a controversy
before disbursing trust funds, to terminate tenancies and to serve such
notices and to
help engage with legal agencies on behalf of Property Owner to institute
court eviction proceedings in the name of the Property Owner as Property
Manager deems necessary.
Clause 4 : Property Management Fees:
a) Property Owner has selected ___________ property management package
and Property Owner agrees to pay Manager a management fee
of $________ per unit / per month payable on the first day of each month
as service fees for the services as provided & listed in the PM
b) In order to facilitate efficiencies in the handling of repairs, Property
Manager is authorized to institute repairs, maintenance and renovations
property as a non-exclusive agent and independent general contractor
and may realize compensation by utilizing its own staff, sub-contractors
associate companies as needed.
c) Repairs, maintenance (including lawn maintenance) and renovations,
except of an emergency nature (determined by Property Manager) over
sum of $________, excluding taxes, per single repair item, shall not
be made only with the permission of the Property Owner.
d) Contracts for utilities may be executed by Property Manager when
e) Property Owner may not employ their own contractors or repairmen
to do the repairs in the property and will not provide access to the
without information to the Property Manager.
f) The Property Owners understand and agree that the property Owner
assumes all monitory responsibilities and liabilities related to all
The Property Manager only acts to execute the lease agreement on behalf
of the Property Owner assuming no liability or financial responsibilities
may arise during execution of the lease contract with the tenant.
Clause 5 : Cash Reserve:
a) Property Owner agrees to deposit a "minimum cash reserve"
of $_______ per property with Property Manager to be used to pay for
emergency repairs, and to advance other funds as necessary for higher
dollar repair items, etc., when requested.
b) All sums due to Property Manager by any provision of this agreement
may be deducted from funds held by Property Manager for benefit of
c) Property Manager may charge interest at the rate of 15% per month
on any unpaid balances after thirty (30) days from statement date.
Clause 6 : Financial Responsibilities & Reporting:
1) Property Manager will render a statement monthly showing all funds
collected and disbursed. Property Manager is directed to remit to
Property Owner all tenant receipts for rent and late charges minus the
cost of management fees, leasing fees, repairs, or any monies extended
on behalf of Property Owner, monthly, with each statement.
2) Property Owner agrees to reimburse Property Manager for any out
of pocket expenses including leasing fees, incurred in the operation
the property and to pay Property Manager for all repairs, renovations
and other costs incurred in operating the property if the current month's
rental payments are not sufficient to cover the full amount of those
3) Property Manager shall not be expected to advance his own funds on
behalf of Property Owner, therefore Property Owner agrees to
forward all funds invoiced by Property Manager and all funds for bid
jobs before they are due and payable by Property Manager.
4) Property Owner agrees that the ultimate responsibility to pay invoices
for the property lies with the Property Owner. Property Manager is
authorized to retain fifty percent of any late or other fees collected
from tenants in order to subsidize the fees of a collection specialist,
5) Property Manager is not responsible for making payment of any maintenance
or homeowner association fees, mortgage, insurance or tax
payments unless specifically agreed to in writing. Should Property Manager
assumes such responsibility, Property Manager will not make payment
unless sufficient funds are available to Property Manager after reimbursement
of all management fees, leasing fees and any other monies due to
Property Manager have been paid in full. There shall be an additional
charge of ten dollars per bank account per month if funds are separately
deposited by Property Manager in owner's bank account instead of being
mailed with statement to Property Owner. There shall be an additional
charge of ten dollars per month ($10) for every mortgage or other type
payment made on behalf of property owner, if Full-Service Property
Management (FPM) has not been opted by the Property Owner.
6) It is understood and agreed by Property Owners that Property Manager
shall not be liable for any unpaid rents, deposits, or other charges
that tenant fails to pay.
7) Property Manager is not at all responsible for vacancy if tenant
refuses to sign lease renewal upon annual lease expiration. Additionally,
understood that Property Manager is not liable for any financial losses
that may be incurred due to vandalism, tenant neglect, abuse to property
grounds, damage done to property by animals, insects, etc.
8) Property Owner is encouraged to carry adequate Home Owners' insurance
to protect against such mentioned losses.
Clause 7 : Indemnification:
Property Owner agrees to indemnify Property Manager, its officers, agents,
staffs, contractors , employees or any other assigned person from
all claims, lawsuits and charges that may arise out of the performance
of this agreement unless such is due to Property Manager's willful neglect
or gross negligence.
Clause 8 : Insurance:
Property Owner agrees to carry public liability insurance and other
applicable insurance policies and to name Property Manager as an additional
insured per said liability insurance policies. Each party hereto bind
their successors, assigns, heirs, administrators and executors.
Clause 9 : Law:
This agreement supersedes any prior solicitation, proposal or agreement.
Each party hereto bind their successors, assigns, heirs, administrators
and executors to this agreement. The laws of the State of Texas shall
apply to any claims or disputes arising out of this agreement. The parties
that exclusive jurisdiction and venue over any lawsuit arising out of
this agreement or any dealings between the parties shall exist in
Collin County, Texas exclusively.
Clause 10 : Sign up Incentives:
Any incentives to sign this agreement that may have been offered to
Property Owner are based upon twelve (12) months of paid
management fees. Should Property Owner or Property Manager terminate
this agreement prior to full payment of the above, the referenced
incentives may be reversed by Property Manager.
Clause 11 : Special Terms :
AGREED TO, Signed and made effective this, the ____day of ___________
Property Owner :
Agreed to by: ___________________________________________ (Property
___________________________________________ (Property Owner)
Mailing address :______________________________________________________
Email address: ______________________________________________
Phone : ( ) ______/ __________ (H) , ( ) ______/ __________ (Cell)
Fax : ( ) ______/ __________
Property Manager :
Signed By & For : ___________________________________
( President )
EsKay 1-Stop Management Services, LLC.
8609 Lancome Dr, Plano, TX, 75025
Fax: (866) 428-0313