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Property Manager Agreement - New York 2026

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The document is a Property Management Agreement between an Owner and a Manager, outlining the terms for the management and operation of a specified property. It includes articles on rent collection, property maintenance, manager compensation, agreement term and termination conditions, notice requirements, applicable law, and severability. The agreement establishes the responsibilities of both parties in managing the property effectively.

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Click ‘Get Form’ to open it in the editor.
Begin by filling in the names of the Owner and Manager at the top of the agreement. Ensure accuracy as these are key parties involved.
In the section describing the Property, provide a detailed legal description to avoid any ambiguity regarding what is being managed.
For Article 1, specify how rents will be collected and outline any necessary payment details. This ensures clarity on financial responsibilities.
In Article 2, indicate how often inspections will occur and note any limits on improvements that require Owner's consent.
Detail compensation arrangements for the Manager in Article 3, ensuring both parties agree on terms.
Set forth the term and termination conditions in Article 4, including notice periods for both parties.
Complete Articles 5 through 7 by providing addresses for notices and confirming applicable laws governing this agreement.
Finally, ensure both parties sign and date the agreement at the bottom to make it effective.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What should be included in a management agreement?

Monthly Management Fees This service charge fee is usually a percentage of the collected monthly rent. Typical rates range from 8-12%, with 10% being most common. So, for example, if your rental property brings in $1,500 monthly rent, you would pay your property manager around $150 each month.

What do you typically pay a property manager?

A property managers first responsibility is to protect the owners investment while maintaining its profitability. Effective property management begins with preserving the physical condition of the property.

What should a property managers contract include?

Yes, in New York State, property managers must hold a real estate brokers license to manage rental properties. This includes tasks like renting, collecting rent, and leasing activities, which are considered real estate services under New York real estate licensing laws.

Do you need a license to be a property manager in New York state?

A New York standard residential lease agreement is a form that allows a landlord and tenant to enter into a legally binding arrangement for leasing residential space. The term standard means a fixed term that usually lasts one year.

What does a property management agreement normally include?

Here are some key components that are typically included in a Management Agreement: Introduction. Definition of Services. Term and Termination. Compensation and Fees. Duties and Responsibilities of the Manager. Duties and Responsibilities of the Owner. Accounting and Financial Records. Insurance.

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