Property Management Agreement Real Estate With Washington State
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FAQ
Yes. To become a property manager in Washington, you must first be licensed as either a real estate broker or managing broker.
It will include provisions common to all business contracts, such as the names of the parties, the effective date and duration of the contract, choice of law, arbitration of disputes, remedies for breach of the agreement, liability for attorney fees, prohibiting oral modification of the agreement, etc.
The names of the contracting parties, the address of the managed property, the amount the property manager will get paid, the start and end date of the agreement is the most inclusive list of necessary components to be included in the property management agreement.
A property manager's primary obligation is to the owner. A property manager who enters into a management agreement with an owner is usually a general agent.
License Required The Washington Administrative Code requires any person who seeks to manage property on a fee-basis to have a real estate broker's license. Because property management companies will be handling funds on behalf of their clients, management companies must be headed up by a designated broker.