Most property management companies have two specific forms that they commonly use in owner-tenant agreements.
Many parts of property management involve a variety of paperwork, and today I’ll be sharing an overview of the forms and documents we commonly use. These include:
1. Property management agreement: This is the most common and most important document we use, and as the name implies, it signifies an agreement between the owner and the property management company. It details what can and cannot be done by the company, lists rent percentages, and outlines the responsibilities of each party.
2. Residential lease: This is between the resident of the property, or tenant, and the property owner. The owner usually has the property management company working as a representative, so the company can sign on the owner’s behalf. This document details the security deposit, rent, and what the tenant and owner can and cannot do on the property.
You’ll typically see these documents as a promulgated form written by The Texas Real Estate Commission (TREC). Specifically, it’s written by six Realtors, six attorneys, and one common citizen of Texas. These forms are official. Some property management companies and individuals have attorneys write these forms as well, but I don’t typically recommend those.
A residential lease outlines what a tenant can or cannot do on a property.
Other common forms include the inventory and condition form and other agreements that companies might have with an owner. There is also a form for information about brokerage services, which talks about the relationship real estate professionals have with clients, customers, and tenants and how a Realtor represents them. Each person should receive this form upon their first conversation with the real estate professional.
If you have any questions about forms or what to do with something you were sent, feel free to reach out to me for some help. I look forward to hearing from you soon.
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