New York Property Management Agreement | Commercial & Residential

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Updated September 19, 2023

A New York property management agreement is created for the purpose of outlining the terms and conditions of an arrangement between a property manager and the owner of the property. The owner has hired the manager to take care of their property (or multiple properties), performing tasks such as renting out the property and handling tenants, performing repairs and routine maintenances, and marketing, advertising, and leasing the property. The property manager charges a fee for their services, most commonly in the form of a percentage of the rent received from tenants.

Laws

New York Real Estate License Law

Requirements (§ 440(1) and § 440-a) – Property managers must have a real estate broker’s license unless they are simply carrying out repair/maintenance tasks or salesman/secretarial duties.

Verify a Property Manager – eAccessNY