Rhode Island Property Management Agreement | Commercial & Residential

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The Rhode Island property management agreement binds a property owner and a real estate broker to certain terms by which the broker will manage the owner’s property for an agreed-upon compensation. In most cases, the manager is paid a percentage of the monthly rental income generated by the property in addition to fees for individual services performed. Property management involves ensuring that a property is kept in good working order and that free rental units are quickly filled. To accomplish this, the manager will need to prepare the spaces, place advertisements, and screen potential tenants.

Requirements (§ 5-20.5-1(5)§ 5-20.5-2(a)(1)) – Except for a property owner or their regular employee, an individual can only be compensated for property management if they have a real estate license.

Verify a Property Managerhttps://elicensing.ri.gov/Lookup/LicenseLookup.aspx

Sample Agreement

Rhode Island Assoc. of Realtors – Adobe PDF

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(Video) Rhode Island Property Management Agreement – EXPLAINED