Iowa Property Management Agreement

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Iowa Property Management Agreement

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Last updated May 24th, 2023

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An Iowa property management agreement is a legal document that outlines the terms by which a landlord agrees to hire a property manager. The contract includes important clauses like the duration of the agreement, how much the manager will be compensated, and the services they will provide. Their work usually involves property maintenance, rent and security deposit collection, and tenant selection

Laws

License Required? Yes. Per state law, any individual acting on behalf of an owner for compensation must have a broker’s license (§ 543B.3). One exception to this rule is a resident manager who lives in the building they manage (§ 543B.7(8)).

Agreement Requirements – In accordance with Iowa statutes, the following must be included in a property management agreement (§ 193E-15.1(1)(543B)):

  • Identification of the property
  • The date the agreement becomes effective
  • Amount the broker will be paid and when
  • Amount of security deposits and prepayment rentals the broker or owner will hold
  • Terms and conditions by which the agreement may be terminated
  • The authority given to the broker by the owner
  • Terms and conditions regarding how the property will be managed
  • How the broker will send property income to the owner, as well as statements of income and expenses
  • Which payments of property-related expenses are to be made by the broker to third parties
  • The signatures of both parties

Verify a Manager – https://iowaplb.force.com/LicenseSearchPage