Property Management Inquiry Virginia

[Julia Yels]

Does Virginia require that a property owner have a property manager for their rental property? Or, just a licensed agent that executes the lease and takes escrow payment? In other words, can I self manage?

[Alex Forest]

Hey Julia, I had not keyed into that provision before since I am in state. I recognize the language though. If you look up the Virginia Limited Liability Company legislation, you'll see almost identical language to the first part of what you posted in B. That is in reference to a registered agent, to have someone in state that they can serve notice to on behalf of the LLC, or in your case an out of state owner. There are a bunch of attorneys and entities that provide registered agent services. Maybe $200/year. And the last part of B you posted just looks to specify that agent must also be on the Lease (not that you can't prepare or execute the Lease..or manage), just that the tenant or their attorney would know where and what address to serve a legal notice. That's my very quick read on this, but like I said, I haven't seen this before, so maybe check with a local attorney to verify and see if they can serve this role and for how much.