Iowa Property Management Agreement | Commercial & Residential

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Updated September 19, 2023

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 (§ 543B.3 & § 543B.7) – 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.

Verify a Property Manager– Iowa Professional Licensing