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Updated on May 8th, 2023
A North Carolina property management agreement is a document that establishes the relationship between a property owner and an individual or company hired to manage their real estate. This agreement states each service the manager is expected to provide, including all maintenance, administrative, and tenant-related responsibilities. It also outlines terms for the manager’s compensation. How the manager will get paid will vary depending on the contract, with some agreements giving them a percentage of the monthly rent and others providing fixed fees.
Laws
License Required? – Yes. Property managers must have a real estate broker’s license if they’re paid to sell or lease property for someone else (§ 93A-1, § 93A-2(a)).
Exceptions – The following are exceptions to the licensing requirement (§ 93A-2(c)):
- An owner who sells or leases their own property
- A housing authority (and its employees) that sells, leases, or sublets property
- The salaried employees of a broker whose responsibilities are limited to:
- Showing units to prospective tenants
- Providing prospective tenants with information about a rental unit
- Accepting rental applications
- Executing preprinted leases
- Accepting security deposits and rent payments made out to the owner or their broker
Verify a Manager – license.ncrec.gov
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