Iowa Property Management Agreement | Commercial & Residential

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Updated April 25, 2024

An Iowa property management agreement is a legal document that assigns rights to a property manager and allows them to perform real estate services on behalf of an owner. Common responsibilities of a property manager include drafting leases, paying property expenses, collecting security deposits, terminating tenancies, and preparing financial reports for submission to the owner. If the manager has a real estate license, as is often the case, the owner will generally provide payment in the form of a commission with additional fees for tasks such as tenant eviction and fitting rental units.

Laws

Requirements – The fundamental duties of a property manager are legally classified as real estate activity. As a result, property managers must have a broker’s license in order to operate lawfully in Iowa. Some exceptions to this rule apply such as when the property manager resides on the premises and is employed by the owner.^[1]^[2]

Verify a Property Manager– Iowa Professional Licensing