Kentucky Property Management Agreement | Commercial & Residential

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Updated September 19, 2023

A Kentucky property management agreement is a binding contract between an owner of real estate and the property manager or management company they have hired to maintain the property. The manager’s responsibilities, such as advertising and renting, maintaining and repairing, collecting rent/fees from tenants, responding to emergencies, and enforcing rules and regulations, will be outlined in this agreement. The owner retains overall power and will be responsible for making sure the manager has everything they need, including proper compensation for their work.

Laws

201 KAR 11:121 – Section 10

Requirements (§ 324.020(2)(a)) – Property management is recognized as a real estate brokerage act; therefore, a property manager must be a licensed real estate broker.

Verify a Property Manager – Kentucky Department of Professional Licensing