Property Manager Agreement - Washington 2025

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  1. Click ‘Get Form’ to open the Property Manager Agreement in the editor.
  2. Begin by filling in the names of the Owner and Manager at the top of the document. Ensure accuracy as these are key parties in the agreement.
  3. In the section describing the Property, provide a detailed legal description to avoid any ambiguity regarding what is being managed.
  4. For Article 1, specify how rents will be collected and outline any necessary payment details. This ensures clarity on financial transactions.
  5. In Article 2, indicate any limits for improvements requiring Owner's consent. This protects both parties' interests regarding property modifications.
  6. Detail compensation arrangements for the Manager in Article 3, ensuring both parties agree on terms before signing.
  7. Review termination conditions outlined in Article 4 carefully. Fill in any specific notice periods required for termination.
  8. Complete Articles 5 and 6 by providing accurate addresses for both parties to ensure effective communication.
  9. Finally, sign and date the agreement at the bottom to make it legally binding. Ensure both parties have copies for their records.

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Real Estate is a regulated industry and you need DMIRS registration before you can work as a property manager. You need to have your certificate of course completion and your NPC before you can apply for registration with DMIRS. The DMIRS registration process is explained here.
In Washington State, property management fees generally range from 7% to 10% of the monthly rental income, though this can vary based on the propertys location, size, and the scope of services provided.
Property managers in Washington must have a real estate brokers license. This is because property management is considered a real estate brokerage activity. To obtain this license, managers need to fulfill the states education and exam requirements.
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.
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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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.

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