Management Agreement Overview

Your management agreement is the contract that defines our partnership. It explains what Furlo Property Management will do for you, what we need from you, and how fees and responsibilities are handled.

This agreement protects both sides. When expectations are clear, you get consistent service, we can manage effectively, and tenants receive a better experience.

• Length & Termination: Lasts 1 year, then continues month-to-month. Either party can end it with 45 days’ written notice. Early termination in the first year requires a fee equal to ½ month’s rent.

• Furlo Property Management Responsibilities:

  • Tenant management (leasing, screening, collections, evictions)

  • maintenance coordination (we'll agree on an amount that requires approval)

  • inspections (90 days, then annually)

  • financial records (monthly statements, trust accounts)

• Owner Responsibilities: Maintain $1M liability insurance with Furlo Property Management as additional insured, fund repairs, follow landlord-tenant law, notify us if foreclosure risk.

• Owner Fees: Management (% of gross rent or minimum), setup fee ($50/unit), turnover ($175 res / $500 comm), major maintenance coordination (10%).

• Tenant Fees (retained by Furlo Property Management): Application, late rent, NSF checks, smoke detector tampering ($250), legal notices.

• Conflict Resolution: Binding arbitration, not court.

• We're happy to share our management agreement upon request.

• Owner Fees Explained – A breakdown of management, turnover, and other fees.

• Insurance Requirements for Owners – What coverage you need and why.

• Property Inspections – How often they happen and what they cover.