Residential Property Management Service Agreements and SLAs
The documents are designed for Property Management Companies managing tenanted residential properties on behalf of property owners. They include Service Agreements and Service Level Agreements tailored to different property management arrangements.
Service Agreements
Service Agreements for the management of a single property, either one occupied by a single tenant or a property containing a number of units (such as flats) let to different tenants. The Agreements contain detailed provisions setting out the obligations of each party and the payment structure.
These agreements provide a detailed and structured framework, including:
- the roles and responsibilities of each party;
- day-to-day management obligations; and
- fees and payment arrangements
Service Level Agreements (Multiple Properties)
The Service Level Agreements for managing multiple properties for the same owner. These Agreements are similar to the Service Agreements but support a long-term relationship between the parties and typically include:
- flexible terms to accommodate changing requirements;
- mechanisms for regular review; and
- provisions allowing updates and variations over time
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Frequently Asked Questions
I manage rented flats for a landlord. What agreement do I need with them? +
Use a residential property management service agreement. It sets out your day to day duties, rent collection, repairs, reporting and fees for managing one property, whether a single let or a block of flats. For several properties owned by the same landlord, a service level agreement suits a longer relationship. This sub-folder has both.
Do I need to join a redress scheme to manage residential property for a landlord? +
Yes. Since 1 October 2014 letting agents and property managers of residential property in England must belong to a government approved redress scheme, and failing to join risks a penalty of up to five thousand pounds. Membership must be in place before you trade. Your management agreement should reflect the standards you must meet.
I will hold rent and service charge money for the landlord. Is client money protection compulsory? +
Yes. In England, since 1 April 2019, property agents who hold client money must belong to an approved client money protection scheme and hold the money in a separate client account. The maximum penalty for not belonging is thirty thousand pounds. Set out how you hold and account for client money in the service agreement.
What is the difference between the service agreement and the service level agreement for residential work? +
The service agreement manages one property, whether a single let or a block of flats, and sets out duties, fees and the payment structure. The service level agreement suits managing several properties for the same owner over the long term, with flexible terms, regular review and provisions to update the arrangement. This sub-folder has both.
Who repairs the building, me or the landlord, under a management agreement? +
The agreement decides. Typically you arrange day to day repairs and maintenance within an agreed spending limit and refer larger works to the owner, appointing contractors as the owner's agent. Setting a clear repairs and authority limit avoids disputes. This sub-folder's agreements allocate management duties and the payment structure between you and the owner.
