Find Out How To Draw Up a Commercial Property Management Agreement

Standardized Legal Documents Find Out How To Draw Up a Commercial Property Management Agreement

A Guide to Creating a Commercial Property Management Agreement

Whether you’re a commercial property owner or a prospective property manager, signing a commercial property management agreement is essential if you want to protect your interests. If you don’t have an education in law but need to learn how to create the agreement properly, you’ll love our guide! Rely on DoNotPay to find out which sections your property management agreement should include.

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What Is a Commercial Property Management Agreement?

Since managing a commercial building with multiple businesses is challenging, landlords usually rely on property managers to help them run the place. A commercial property agreement is a document designed to protect the interests of a: 


  • Commercial building owner
  • Property manager—whether it’s an individual or a company—hired to manage the building on behalf of the owner

Some of the terms that a commercial property management agreement should outline are:

  • Property manager’s responsibilities and fees
  • Legal liabilities
  • Type of insurance that the landlord has to carry for his or her building
  • Termination notice time frame

While the agreement between an owner and a property manager can be verbal, written contracts are better. Should any dispute arise, a written commercial property management agreement will offer better protection to both signing parties. 

Another benefit of this contract is that it helps avoid misunderstandings that could be fatal for a business relationship. 

Which Information Should a Commercial Property Management Agreement Cover?

A properly written commercial property management agreement has to include some basic aspects. If you’re thinking about writing the agreement by yourself, consult the table below to see which sections to include:

Sections To Include

Description

Names of the signing parties Start the agreement with your and the other party’s personal information, such as:

  1. Names
  2. Addresses
  3. Contact info
Property description Record the property’s address, legal description, and similar
Contract length Include the start and the expiration date of the agreement. You can also add an “automatic extension” clause. This ensures that the agreement will extend automatically on a month-to-month basis unless one of the parties writes a timely notice of termination 
Services Discuss what the property manager’s duties are and which services aren’t covered
Fees Determine the cost of each service 
Property owner’s responsibilities & limitations Use this section to define:

  • The owner’s responsibilities (usually insurance coverage)
  • Fund allocations
  • The protocol for using the funds 
  • The owner’s limitations
Termination clause Include this clause to define:

  • Specific reasons that justify early termination of the agreement
  • Early termination fees
  • Acceptable termination notice time frame
Liability Indicate which party is liable in case of injury, a tenant’s breach of lease, and similar 

Should You Create a Commercial Property Management Agreement by Yourself?

Creating any type of legal document—including a commercial property management agreement—on your own carries certain risks. Drawing up contracts requires attention to detail and an excellent understanding of your state’s laws. Even the smallest mistake can annul the agreement and jeopardize your and the other signing party’s interests. 

You can try looking for contract templates online but note that those are pretty generic and won’t be perfect for everyone’s situation.

If you have the means to do so, you should consider hiring a lawyer to take care of your commercial property management agreement. While lawyers are expensive, they are usually the only ones who can help you create a legal document the right way. 

You’ll be glad to know that hiring a lawyer doesn’t have to be your only solution for other documents. DoNotPay is here to help you draw up various contracts for a small subscription fee!

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Complete the following instructions to write business, real estate, and other agreements stress-free:

  1. Log in to your DoNotPay account
  2. Enter the name of the document 
  3. Answer our chatbot’s questions

We will draft a personalized document that you can print or sign electronically. 

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