Property Management Agreement

SHORT TERM RENTAL PROPERTY MANAGEMENT AGREEMENT

Date

1. FACTS

1.1 Parties

This vacation rental agreement is entered into by Chady PM LLC, as the Manager, and:

Owner:

1.2 Property

The subject of this agreement is a residential unit located at:

Owner holds vested title to the Unit or is a co-owner with authority to enter into this agreement on behalf of all other vested owners.

1.3 Agreement Term

This agreement shall commence on:

and shall expire on the first occurrence of the following events:

• Termination of ownership by Owner
• Expiration of a written 90-day notice of termination from Owner to Manager
• Expiration of a written 90-day notice of termination from Manager to Owner

Terminations under subparagraphs “a” and “b” are subject to the conditions in Section 1.4.

1.4 Existing Reservations After Termination

If reservations exist beyond the termination date:

• Manager shall attempt to transfer reservations to another unit
• If reservations cannot be transferred, the agreement remains effective for those reservations
• Manager will be paid all management fees outlined in Section 2.4

1.5 Conditions Upon Termination

• Owner remains responsible for any outstanding balances or reimbursements owed to Manager
• Manager has no obligation to market or operate the Unit after termination except for existing reservations
• Any Owner funds held will be reconciled and disbursed accordingly
• Owner must cooperate in transferring vendor accounts and guest access within five (5) business days
• If Owner terminates early without 90-day notice, Owner will owe management fees equal to the average monthly revenue from the previous three months for the remaining notice period

2. EMPLOYMENT OF MANAGER

2.1 Exclusive Management

Owner grants Chady PM LLC the exclusive right to manage the Unit as a vacation or rental property.

2.2 Reservations

Manager is authorized to:

• Enter occupancy agreements
• Collect rents, deposits, and taxes
• Coordinate guest services

2.3 Manager Responsibilities

Manager agrees to perform services diligently and professionally.

2.4 Management Fees

Short-Term Rentals (Under 30 Nights)

20% of the net rent collected from guests

Mid-Term Rentals (30+ Nights)

15% of the net rent collected

Long-Term Rentals (12+ Month Lease)

10% of monthly rent collected

PLUS

Tenant placement fee equal to 50% of the first month’s rent

The placement fee covers:

• Marketing
• Tenant screening
• Lease preparation
• Tenant onboarding

Net Rent Definition

Net rent is defined in Section 4.5.

2.5 Fee Disbursement

Manager may disburse compensation from rents received.

2.6 Escrow

All funds will be deposited in an escrow account maintained by Manager.

2.7 Taxes

Manager will collect and remit applicable lodging taxes when required.

3. POSSESSION OF UNIT

Manager is authorized to:

• Show the Unit to prospective guests
• Enter the Unit for management purposes
• Transfer occupancy to guests

Owner may occupy the property provided no reservations exist.

Owner must give 14 days written notice before occupying the property.

Owner may not disturb guests during reservations.

4. RENTS

4.1 Rental Rates

Rental rates will be determined by Manager based on:

• Market conditions
• Seasonal demand
• Availability
• Length of stay

4.2 Rent Collection

All rent must be collected before guest occupancy.

4.3 Unit Transfers

If guests move to another unit during a stay, rent will be prorated based on nights stayed.

4.4 Guest Disputes

If rent reductions occur due to disputes, the adjusted amount becomes the collected rent.

4.5 Gross Rent Definition

Gross rent consists of rental revenue collected from guests.

Gross rent does NOT include:

• Taxes
• Cleaning fees
• Security deposits
• Other service charges

Manager may deduct:

• Credit card fees
• Booking platform commissions

Remaining funds become net rent.

After deducting management fees, the balance is paid to Owner.

4.6 Security Deposits

Security deposits may be collected to cover damages.

4.7 Deposit Returns

Deposits may be returned after guest departure minus damages or cleaning costs.

4.8 Guest Refunds

Manager may refund guests when necessary to resolve disputes.

4.9 Collections

Eviction or collections costs are the Owner’s responsibility.

4.10 Collection Agencies

Collection fees will be deducted from Owner proceeds.

4.11 Rental Income Disclaimer

Manager makes no guarantees regarding rental income.

4.12 Minimum Administrative Fee

If the property generates less than $125 in monthly commissions, a $125 administrative fee will apply.

5. MANAGER SERVICES

Manager will provide:

• Guest check-in and check-out
• Reservation management
• Bookkeeping and reporting
• Property inspections
• Guest communication

5.2 Cleaning and Linen Services

Cleaning and linens will be provided using guest-paid cleaning fees.

5.3 Additional Services

Additional cleaning or services may be billed separately.

5.4 Monthly Statements

Owner statements will be delivered by the 15th of each month.

5.5 Guest Liaison

Manager may assist with dispute resolution between guests and Owner.

5.6 Supplies

Manager will restock guest consumables including:

• Toilet paper
• Paper towels
• Trash bags
• Soap
• Linens

Costs may be billed to Owner.

6. OWNER RESPONSIBILITIES

Owner agrees to:

• Provide quality furnishings
• Maintain property condition
• Pay utilities and taxes
• Maintain pest control
• Provide keys and access

Manager may coordinate repairs if Owner fails to maintain the property.
Repair coordination includes a 20% service markup.

Pool / Spa Requirements

Owner must maintain professional pool or hot tub service when applicable.

7. DAMAGES OR MISSING PROPERTY

Manager will attempt to recover damages from guests.

Owner remains responsible for:

• Repairs not covered by deposits
• Replacement of missing items
• Maintaining inventory

Repairs under $200 may be completed automatically.

8. FAIR HOUSING COMPLIANCE

Manager will comply with the Fair Housing Act and all applicable anti-discrimination laws.

9. NON-DISPARAGEMENT

Owner agrees not to make public statements that harm the reputation of Chady PM LLC during the agreement term.

10. DEFAMATION

Owner agrees not to publish harmful feedback about Chady PM LLC during the agreement or for one year following termination.

11. ASSIGNMENT

Manager may transfer or assign this agreement without Owner consent.

12. CONFIDENTIALITY

Owner agrees not to disclose proprietary or confidential information belonging to Manager.

13. NONSOLICITATION

Owner agrees not to solicit clients or subcontractors of Chady PM LLC for two years following termination.

14. MISCELLANEOUS CONDITIONS

Property Sale

Owner must provide 30 days notice before listing property for sale.

Marketing

Manager may market the property through:

• Listing platforms
• Advertising
• Travel agencies
• Marketing campaigns

All marketing materials remain property of Manager.

Liability Insurance

Owner must maintain liability insurance of at least:

$1,000,000 per occurrence

Chady PM LLC must be listed as an additional insured.

Governing Law

This agreement shall be governed by the laws of the state where the property is located.

Manager Contact

Chady PM LLC
1200 Clinton St., Suite 212
Nashville TN 37203

Phone: 615-307-0716
Email: propertyowners@chadypm.com