Management Agreement Review Checklist

The Management Agreement Review Checklist walks you through the clauses owners usually need to read twice: monthly management fees, leasing or renewal fees, maintenance limits, cancellation terms, owner approval rules, trust accounting, reporting, and what services are actually included.

It is made for rental-property owners who want a calm, practical way to compare proposals side by side. If you own one unit or a small portfolio, or you live far from the property, this can save you from signing a contract you do not fully understand.

OwnerLedger is a free matching service, not a property management company, broker, attorney, or accountant. We do not manage property or review contracts for you; this checklist is general information only.

This download is for rental owners who want to hire a licensed, insured property manager and want to know what to ask before they commit. It is especially helpful if English is not your first language, if you are new to U.S. rental practice, or if you are managing from another state or country.

It can also help if you already have a manager and want to check whether the agreement matches the way your property is being run. You are not looking for a perfect contract; you are looking for clear terms, written duties, and a fee structure you can understand.

If the property is in a place with special local rules, confirm the details with the manager and, when needed, a licensed attorney or accountant. Landlord-tenant law, licensing, and tax rules vary by state and city.

Start by gathering the written proposal, fee sheet, and management agreement from each company you are considering. Then read the checklist line by line and mark each item as clear, unclear, included, extra-cost, or missing.

Look closely at the money terms. Common market ranges, depending on location and services, often include monthly management around 8–12% of collected rent, a leasing fee around 50–100% of one month’s rent, and possible renewal fees, setup fees, inspection fees, or maintenance markups. These are not quotes; the real number depends on the property, the market, and the services.

Ask for everything in writing before you sign. A good manager should explain how rent is collected, how maintenance approvals work, how owner statements are delivered, whether the company uses trust accounting, and what happens if you want to cancel.

A strong agreement should be plain enough that you can tell what you are paying for and what the manager must do. Be careful if the contract has vague fees, hidden maintenance markups, automatic renewals you did not expect, or short cancellation windows with penalties.

Also watch for missing written duties, no trust accounting language, pressure to sign on the spot, or promises that sound too certain. No one can guarantee occupancy, rent collection, or perfect tenant behavior. A manager should explain their screening process in a lawful, fair, and documented way, using the same criteria for every applicant.

If a clause is confusing, do not guess. Ask the manager to explain it in writing, and if needed, speak with a licensed attorney in your area.

When you use get matched or speak with managers, have basic property details ready: your name, phone, optional email, your role, property type, number of units, city, ZIP, and your preferred language. That is enough for matching; you do not need to share SSNs, bank account numbers, or tenant background-check data.

The more accurate your property details are, the easier it is to compare managers who handle your type of rental. If you want a broader overview of fees before you talk to companies, see property management fees.

You can also use this checklist together with our how to vet a property manager guide so you know what to ask during the first call and what to verify before you hire anyone.