Your Management Agreement with PPM
Your Management Agreement is the governing contract between you and PPM. It authorizes us to act as your property manager and outlines the scope of our services, our fees, and your rights and responsibilities as an owner.
Key Terms to Know
Management Fee — a percentage of monthly collected rent, specified in your agreement
Leasing Fee — a one-time fee charged when a new tenant is placed, typically equal to one month's rent or a percentage thereof
Maintenance Authorization Threshold — the dollar amount below which PPM can approve and dispatch repairs without your prior approval (typically $500). Repairs above this amount require your authorization unless it's an emergency.
Term — the duration of the management agreement and the notice period required to terminate
Termination — the notice period required from either party to end the agreement (typically 30–60 days written notice)
What You're Authorizing
By signing the Management Agreement, you authorize PPM to:
Advertise and lease your property
Collect rent and security deposits on your behalf
Enter your property for inspections, repairs, and showings with appropriate notice
Hire vendors and authorize repairs up to your maintenance threshold
Enforce the lease terms with tenants
Represent you in communications with tenants
Your Obligations
Maintain adequate property insurance (landlord/dwelling policy)
Keep a maintenance reserve fund on account with PPM for repairs
Respond promptly to approval requests for repairs above your threshold
Notify PPM of any changes to your ownership, banking, or contact information
Questions About Your Agreement?
Contact us at [email protected] or (973) 646-4422.