Adding a Property to an Existing Management Agreement

Often you will have a client with an ever growing list of properties to manage like builders, banks, large investors and REIT’s. We use to execute a new management agreement with each new property. That process was laborious, generated way too much paper and was certainly time consuming. Our attorney drafted a simple document that allows us to ‘add a new property to an existing management agreement’ and avoid all the duplication. This simplifies the process and saves you from over-documenting each transaction. Owners love it as it saves them from having to go through a completely new set of documents each time they give you a new property. You still need separate housekeeping documents, like lead paint and a features page, but you save time by just adding new properties to an existing document. I recommend just copying the original management agreement to the new file and attaching this addendum. You may want to add a special stipulation to the original management agreement that anticipates future additions like “this agreement will be sufficient for future properties to be added by the owner by the execution of a separate addendum.”