The Management Agreement is the most important document in property management. The agreement is required in law to be in writing and the approved form set by Government must be used. If there is no management agreement, there is no entitlement to commission at law plus the agency is placed at great risk. It is also imperative that the agreement is in fact completed correctly. Attention to detail is paramount in property management; particularly in regards to the management agreement.
If a lessor does not want to sign a management agreement or has not signed a management agreement, property managers must not carry out any tasks on their behalf. It is illegal to do so plus it is not sound risk management. Advise the lessor that it is against the law to carry out any services on their behalf without a management agreement in place
Part of Chapter 3 of PME - Property Management Excellence Procedures and Training Manual for Queensland Property Managers. For more information, visit www.realestateexcellence.com.au
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