Otter Property Management Agency Agreement v2026.7
This document is a comprehensive property management agency agreement between Otter Properties LLC, doing business as Otter Property Management (the "Agent"), and the property owner (the "Owner") as identified in the Onboarding Form. The agreement outlines the parties' identities, the portfolio definition, and the term of the contract. It grants the Agent exclusive authority to manage, lease, collect rents, handle security deposits, conduct maintenance, and perform legal actions on behalf of the Owner, while obligating the Owner to provide reserve funds, maintain habitability, comply with laws, and reimburse certain costs. Detailed maintenance limits are set ($500 for non‑emergency work, unlimited for emergencies). Compensation is tiered: a management fee of 5‑9% of gross receipts based on portfolio market rent, plus fees for in‑house maintenance, contractor coordination (10% of invoice), leasing (one month’s rent), lease renewal (10% of one month’s rent), late fees, extraordinary coordination, and a $150 per unit dormancy fee. A minimum rent of $1,000 per unit is used for percentage calculations. Liability is limited to gross negligence, and the Owner indemnifies the Agent for a broad range of claims, including false public statements ($1,000 penalty). The Owner must maintain general liability insurance of at least $500,000, naming the Agent as an additional insured, with primary non‑contributory coverage and a waiver of subrogation. The agreement also grants the Agent rights to place signage and watermarks, sets termination procedures (30‑day notice, $495 per unit early termination fee), and details notice methods, amendment rights, assignment provisions, and governing law (Pennsylvania). The signature block shows Kevin Moyer, Operations Manager, signing for the Agent.
Topics
Agreement Framework: Parties, Portfolio Definition, and Term
Defines the Agent and Owner, the scope of the Portfolio, and the effective date and duration of the agreement.