Property Management and Leasing Agreements: Key Provisions for Multi-Family, Office, Retail and Industrial Properties

Description

Property managers control the day-to-day operations of most commercial real estate. The management agreement should thoroughly delineate the manager’s responsibilities and address how various costs and liabilities will be allocated between the parties. Counsel must know key provisions to include in a property management agreement, and when an alternative management structure (such as a separate asset management agreement) might be appropriate.

Leasing authority will vary depending on property type. Multi-family property managers are typically authorized to enter into residential leases on a standard form. Property management agreements involving retail or office management may require owner approval of every lease, leases of a certain size, or leases that vary from an agreed form. The agreement may also address build-out or construction work.

Many states have licensing requirements for leasing activity. Counsel must address contingencies and licensing requirements based on the property type and the engagement.

Listen as our authoritative panel discusses the provisions commonly found in property management and leasing agreements, and how leasing, fees and commissions, build-out, early termination, staffing and other provisions might vary with the property type and the engagement. The panel will also discuss alternative management documents such as master leases and asset management agreements, and the circumstances in which they might be used. Finally, the panel will discuss the typical licensing requirements that may exist under state law.

Outline

1. Affiliated vs. unaffiliated property managers
2. Differences in property types
   1. Multi-family
   2. Retail
   3. Office/industrial
3. Standard provisions
   1. Manager’s day-to-day management authority
   2. Enforcement and compliance with leases
   3. Handling of security deposits
   4. Fees and commissions
   5. Allocation and reimbursement of expenses—budget approval, accounting
   6. Management fees and leasing commissions
   7. Insurance carried by owner and manager; indeminities
   8. Hiring and payment of onsite personnel
4. Early termination—obligations of parties after termination
5. Alternative management structures—master leases, asset management agreements
6. Licensing requirements associated with leasing and other activities

Benefits

The panelist will review these and other key issues:

• How do management responsibilities differ with different property types?
• What are the key provisions that should appear in any third-party management agreement?
• How are leasing activities determined and what are the licensing requirements?
• When is an early termination option desirable and what should the process be?
• When might a master lease or an asset management agreement be used?

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