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A Nevada property management agreement is a binding contract between owner and manager that sets the term of their working relationship. It allows the parties to understand their role and responsibilities and ensure the property is managed effectively. The agreement covers the scope of the services to be provided, the manager’s compensation, and the type of reports the owner expects to receive.
Laws
License Required? Yes. Nevada law requires that individuals obtain both a license as a real estate broker, broker-salesperson, or salesperson, and a property management permit (§ 645.230(1)(b), § 646.6052(1)). The following individuals do not require a permit:
- Property owners or their employees, provided they do not engage in sales activities (§ 645.0445(1)(a)).
- The employee of a real estate broker who collect rent (§ 645.0445(1)(b)).
- Property managers of a sole property that have an office on the premises (§ 645.0445(1)(c)).
Agreement Required? Yes, an agreement with all of the following terms must be in place for a property management arrangement to be legal (§ 645.5056):
- The agreement term
- The agreement renewal terms
- A statement indicating how security deposits will be handled
- The property manager’s compensation details
- The scope of the property manager’s duties
- The agreement termination terms
- The asset management service terms (if applicable)
Verify a Manager – red.prod.secure.nv.gov