Arkansas Property Management Agreement | Commercial & Residential

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Updated September 19, 2023

An Arkansas property management agreement enables an owner of real estate to entrust managerial responsibilities of their property to another party. The powers assigned to the manager permit them to perform duties ranging from general property maintenance to the administration of rent payments and financial accounts. Property managers are often provided a monthly fee for their services but may also be compensated by a percentage of the monthly rent collected from each property under their supervision.

Laws

Statute – § 10.19

Requirements (§ 17-42-103(10)) – A broker’s license must be obtained by individuals who manage property on the behalf of another in exchange for a fee or other form of compensation.

Verify a Property Manager– Arkansas Real Estate Commission