What should be done if there is a change in property management practices?

Updating the management agreement is an essential step when there is a change in property management practices. This document outlines the responsibilities and expectations of the property manager and the property owner, so any changes in practices need to be formally documented. By updating the management agreement, both parties ensure that they are aware of and agree to the new practices, maintaining clarity in their professional relationship.

While notifying clients, consulting with the commission, and disclosing changes during transactions are also important practices in property management, they do not take precedence over updating the management agreement. The management agreement serves as the legal framework guiding the relationship, and any alterations need to be formally integrated into this document to avoid potential misunderstandings or disputes in the future.