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Exclusive Management Agency Agreement Residential Nsw Form

If you`re looking to hire a management agency for your residential property in New South Wales (NSW), you may eventually come across an exclusive management agency agreement form. This type of agreement grants the agency exclusive rights to manage your property, meaning you cannot hire another agency or manage the property yourself during the term of the agreement. Here`s what you need to know about this type of agreement and how it can affect your property.

Firstly, it`s important to note that an exclusive management agency agreement is not the only option when hiring a property management agency. You may also choose a non-exclusive agreement, which allows you to hire multiple agencies or manage the property yourself alongside the agency. However, an exclusive agreement can offer benefits such as consistency and a deeper level of commitment from the agency.

When signing a management agency agreement of any kind, it`s crucial you understand the terms outlined in the document. Some key points to look out for in an exclusive agreement include:

– The term of the agreement: This is the length of time the agency will have exclusive rights to manage your property. This could be a matter of months or even years, depending on the agreement.

– Management fees: This outlines the fees you`ll pay the agency for their services. These could include a percentage of rent collected, a fixed monthly fee or a combination of both. Make sure you`re comfortable with the fees outlined before signing the agreement.

– Termination clauses: It`s important to understand the circumstances in which you can terminate the agreement early, such as if the agency breaches the agreement or fails to perform their duties to your satisfaction. Additionally, it`s important to know what happens when the term of the agreement ends – will it automatically renew? Will you need to hire a new agency or negotiate a new agreement?

– Duties of the agency: The agreement should detail what duties the agency will perform on your behalf, such as maintenance and repairs, tenant screening and selection, rent collection and more. Ensure you`re comfortable with the level of responsibility the agency will have over your property.

When considering an exclusive management agency agreement, it`s also important to research the agency you`re considering and ensure they`re reputable and experienced in managing residential properties. Check online reviews and ask for references from other clients they`ve worked with in the past.

In conclusion, an exclusive management agency agreement can offer benefits such as consistency and a deeper level of commitment from the agency. However, it`s important to carefully consider the terms outlined in the agreement and ensure you`re comfortable with the level of responsibility the agency will have over your property. Do your research on the agency before signing the agreement to ensure they`re reputable and experienced in managing residential properties in NSW.