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

Navigating Fees and Expenses, Agency, Property Improvements, Early Termination Provisions, Licensing Requirements, and More

Recording of a 90-minute premium CLE webinar with Q&A

Conducted on Wednesday, March 1, 2017

Recorded event now available

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Course Materials

This CLE course will review the key provisions found in property management and leasing agreements, focusing on issues particular to multi-family, retail, office and industrial properties. The panelist will discuss provisions on fees and commissions, leasing authority, insurance, tenant build-out obligations, staffing, early termination provisions, and more. The panelist will also highlight licensing requirements for property managers and when an asset manager or master lease might be included in the management structure.

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.

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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?

Faculty

Brooks, Scott
Scott D. Brooks
Partner
Cox Castle & Nicholson

Mr. Brooks has vast experience in all aspects of developer/owner representation, including leasing, acquisitions and...  |  Read More

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