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A New York property management agreement is used to hire a manager and outline how they will care for an owner’s real estate. Whether managing commercial, multi-unit, or single-family property, an agreement should always be used to define the parties’ roles and protect their interests. The form will specify the agreement length, payment terms, communication requirements, and the services the manager will provide.
Laws
License Required? – Yes, a real estate license is required to perform many of a property manager’s responsibilities, such as offering property for rent, negotiating leases, and collecting monthly payments from tenants (RPL §§ 440(1) & 440-a).
Exceptions – Property managers do not need a license if their duties are limited to property maintenance, or if the manager is a tenant association or non-profit corporation authorized to manage city-owned residential property in New York City (RPL § 440-a).
Verify a Manager – eAccessNY