I want to get an understanding of what a typical contract between an OMC and an Agent should look like. On the surface, ours seems heavily weighted in the agent's favour but I've nothing to compare it to so any suggestions would be greatly appreciated.
Some additional queries - Are these terms typical?
Payment of the full agent fee before delivering any service.
The contract is for 3 years with 18 months notice required to exit.
Hourly fees to meet with the board.
Additional Annual fees for Company Secretary functions.
Additional Fees for Debt Recovery
Additional Fees for Title Queries
Payment in full before delivering a service is definitely not a typical term and the notice required to terminate the contract seems unduly long. Our managing agent does not charge extra fees to meet with the board once this is within office hours. One of the Owner Director acts as the company secretary so no fees required. Debt recovery does not incur additional fees unless the debt is referred to a debt collection agency or solicitor to instigate legal action. It is normal to charge extra for title queries but this is paid directly by the owner selling up to the managing agent. I suggest you contact the PSRA (property services regulatory authority) www.psr.ie. Request a sample copy of a managing agent's contract. If you are unhappy with the contract terms on offer from your current agent then put the contract out to tender once your existing contract expires. If you DM me I can give a recommendation of the managing agent we use who is honest and reliable.