Are you a property owner in Queensland? If so, you may be considering hiring a property management company to handle the day-to-day operations of your rental property. Before hiring a property manager, it is important to have a clear understanding of the terms and conditions outlined in the property management agreement.

A property management agreement is a contract between the property owner and the property management company that outlines the responsibilities and expectations of each party. In Queensland, property management agreements are governed by the Property Occupations Act 2014.

One of the key aspects of a property management agreement is the commission or fee structure. Property management companies typically charge a percentage of the rental income as their fee. It is important to carefully review the commission structure and ensure that it is competitive and reasonable.

The property management agreement should also clearly outline the responsibilities of the property management company. This may include tasks such as rent collection, advertising and marketing, maintenance and repairs, and tenant screening. It is important to ensure that the agreement includes specific details about each of these responsibilities and the timeline for completing them.

In addition to outlining the responsibilities of the property management company, the agreement should also address the termination process. This includes the circumstances under which either party can terminate the agreement and the notice period required. It is important to have a clear understanding of the termination process in case either party wishes to end the agreement.

Finally, it is important to ensure that the property management agreement complies with all relevant laws and regulations in Queensland. This includes adhering to the Residential Tenancies and Rooming Accommodation Act 2008, which outlines the rights and responsibilities of landlords and tenants in Queensland.

In conclusion, a property management agreement is a crucial document for property owners in Queensland who are considering hiring a property management company. It is important to carefully review the commission structure, responsibilities of the property management company, termination process, and compliance with relevant laws and regulations. By doing so, you can ensure a successful and smooth relationship with your property management company.