Updated on May 15th, 2023
A Tennessee property management agreement outlines the terms by which an individual or firm agrees to manage a residential property for the owner. The contract will generally include a description of the property, a list of services the property manager needs to provide, the compensation they will receive, and the duration of the agreement. In addition to leasing the property and collecting rent, property managers will often be required to handle maintenance requests and ensure that the residence remains up to code and follows local regulations.
License Required? Yes. Licensing is generally required for property managers to operate in the state (§§ 62-13-301, 62-13-102(4)(B)). However, a resident manager or employee of a broker can manage an apartment, duplex, or residential complex without a license if their duties are limited to the following:
- Exhibiting the property
- Collecting security deposits
Unlicensed resident managers aren’t permitted to negotiate security deposit amounts or rental prices on behalf of the broker (§ 62-13-104 (a)(1)(E)).
Verify a Manager – verify.tn.gov