Property management: defining the service agreement

“Property management” does not define the actual service. Ask whether it covers marketing, collection, maintenance and reporting, and who approves spending. Clear terms make overseas ownership easier to monitor and distinguish management fees from supplier expenses.

Practical steps

1. Specify reporting frequency and supporting evidence for expenses
2. Set approval thresholds and an emergency procedure
3. Review termination and transfer of keys, records and balances

General guidance. Consult qualified professionals on legal, financial and technical matters specific to your transaction.