Property Manager Agreement - Virginia 2025

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  1. Click ‘Get Form’ to open the Property Manager Agreement - Virginia in the editor.
  2. Begin by filling in the names of the Owner and Manager at the top of the document. Ensure that both parties are clearly identified for legal purposes.
  3. In the section describing the Property, provide a detailed legal description to avoid any ambiguity regarding what is being managed.
  4. Proceed to Article 1, where you will outline how rents will be collected. Specify any necessary details about payment timelines and responsibilities.
  5. In Article 2, indicate how often inspections will occur and detail any limits on expenditures for property improvements requiring Owner consent.
  6. Article 3 requires you to state the compensation structure for the Manager. Clearly define whether it’s a commission, salary, or other arrangement.
  7. For Article 4, specify the term of agreement and conditions under which either party may terminate it. Be sure to include notice periods.
  8. Fill in Articles 5 through 7 with relevant addresses for notices and ensure compliance with applicable laws as stated.
  9. Finally, sign and date the agreement at the bottom to make it effective. Both parties should retain a copy for their records.

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In Virginia, property management itself does not require a specific license. However, many activities performed by property managers are considered real estate activities and require proper licensing. To perform licensed activities such as leasing or renting properties, you must obtain a real estate license.
Across Coastal Virginia, property managers typically charge: 8%20% of monthly rent for long-term rentals. 20%45% of monthly rent for short-term rentals (Airbnb, VRBO, vacation homes)
Managing property in Virginia comes with specific legal requirements that every property manager should know. In Virginia, individuals involved in leasing or renting properties must have a real estate brokers license to manage property legally.
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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