Updated September 19, 2023
A 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.
Laws
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 Manager – https://elicensing.ri.gov/Lookup/LicenseLookup.aspx
Sample Agreement
Rhode Island Assoc. of Realtors
Download: PDF
Management Forms (4)
Download: PDF, MS Word, OpenDocument
Download: PDF, MS Word, OpenDocument
Rhode Island Listing Agreements
Download: PDF, MS Word, OpenDocument
Rhode Island Purchase Agreements
Download: PDF, MS Word, OpenDocument