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A Virginia property management agreement is used to hire a professional manager or company to oversee a residential property for its owner. The document relays the services that the manager will have to provide and the compensation they will receive. Other important terms commonly included in the agreement are the duration of the contract, the owner’s obligations, liability protection, and a termination clause.
Laws
License Required? Yes. If the property manager is required to rent and make offers to rent or lease, they need to be licensed (§§ 54.1-2100, 54.1-2106.1, 54.1-2135).
Written Agreement Required? Yes. Property management agreements must be made in writing (§ 54.1-2135(E)).
Exceptions – The following parties and situations are exempt from the licensing requirement (§ 54.1-2103):
- The property owner or lessor
- An employee of the property owner or lessor
- An attorney signing a lease on behalf of the owner
- A corporation that owns and manages a property
- Tenants referring prospective renters
Verify a Manager – dpor.virginia.gov