Virginia Property Management Agreement | Commercial & Residential

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Updated September 19, 2023

A Virginia property management agreement is a document that relays the working relationship between an owner of commercial or residential real estate and the professional they’ve selected to oversee its rental/leasing. The contract, signed by both parties, relays the duties of the property manager (such as rent negotiation, tenant screening, rent collection) while providing a clear breakdown of the manner in which they will be compensated for their services. A thorough contract will also include the rights and responsibilities of the landlord. Both parties must sign for the agreement to be considered legally binding.

Laws – § 54.1-2135

Requirements (§ 54.1-2106.1) – If a property manager is to carry out any of the duties relayed under § 54.1-2100 including the rental of real estate, they are required to operate with a real estate license. Exemptions exist if the individual is an employee of the owner, the owner, or can be defined as any other individual listed under § 54.1-2103.

Verify a Property Manager – Department of Professional and Occupational Regulation