Is your property management paperwork filled out correctly with the property management firm?

A recent question into the Realtor supported Friday Facts attorney, Annie Fitzsimmons, targeted the contracts between property owners and the management firms they hire to manage their properties. I hadn’t known this offhand because I work primarily in the purchase and sale of property, including rental property investment purchases, and I don’t do long term management agreements of rentals. But, since I work with many investors, I’m glad that I read this weekly notice because it’s a great source of additional education on the laws of real estate.

In the Q&A, the agent asked if it was absolutely necessary for the broker of the property management firm to sign all management contracts. The answer was an absolute “yes”. Apparently the state hasn’t been as good about compliance in the past on this issue, but they are cracking down on it now and requiring firms to get into compliance. No fines are currently being issued, but with budgets running low in many State and Local governments, don’t expect it to stay that way.

If you are a licensee working at a property management firm, or a brokerage that offers property management on top of sales/purchases of property – be proactive and make sure you fall into compliance. Otherwise you may end up with a violation on your licensing record.

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Is your property management paperwork filled out correctly with the property management firm?

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Is your property management paperwork filled out correctly with the property management firm?

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Need help? Call our award-winning team at (206) 457-2984.

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