Management agreement

For maintenance, the key lines are the approval limit, the emergency clause and how the owner is told about repairs.

Most agreements cover the management fee, leasing fees, how rent and expenses are handled, the owner’s reserve, insurance and how either side can end the agreement. The maintenance section decides how much you can spend without asking, what counts as an emergency, whether you can charge a markup or coordination fee on repairs, and how the owner hears about work.

An example

An agreement lets the manager approve repairs up to $500 without asking, requires owner approval above that, and allows emergency repairs of any size to protect people or the property, with the owner told within one business day. That one clause answers most of the calls a manager would otherwise make.

Maintenance lines to check

• The approval limit, per job or per month
• The emergency clause and how fast the owner is told
• Any markup or coordination fee on vendor invoices, written out in full
• Who chooses vendors, and whether the owner can name their own

How Now Ours handles it

You set the spend limit for each property to match the agreement. Owner approval links are included, and texts to property owners are off by default. When they are on, they go in your company’s name. Read more in maintenance markups and coordination fees.